Baron Funds, an investment management company, released its “Baron Health Care Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The fund advanced 9.22% (Institutional Shares) in the quarter compared to a 3.44% gain for the Russell 3000 Health Care Index (benchmark) and an 8.74% gain for the S&P 500 Index. Since its inception, on April 30, 2018, the fund gained 13.58% on an annualized basis, compared to the benchmark’s 10.85% gain and the S&P 500 Index’s 12.54% return. Favorable stock selection led the fund to outperform in the quarter. Investments in biotechnology, pharmaceuticals, and healthcare equipment accounted for most of the relative gains of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Health Care Fund highlighted stocks like Thermo Fisher Scientific Inc. (NYSE:TMO) in the second quarter 2023 investor letter. Headquartered in Waltham, Massachusetts, Thermo Fisher Scientific Inc. (NYSE:TMO) provides life science solutions, analytical instruments, specialty diagnostics, and laboratory products and services. On July 24, 2023, Thermo Fisher Scientific Inc. (NYSE:TMO) stock closed at $571.52 per share. One-month return of Thermo Fisher Scientific Inc. (NYSE:TMO) was 9.48%, and its shares gained 0.72% of their value over the last 52 weeks. Thermo Fisher Scientific Inc. (NYSE:TMO) has a market capitalization of $220.447 billion.
Baron Health Care Fund made the following comment about Thermo Fisher Scientific Inc. (NYSE:TMO) in its second quarter 2023 investor letter:
“Thermo Fisher Scientific Inc. (NYSE:TMO) is the world’s largest life sciences tools company. Thermo Fisher provides analytical instruments, laboratory equipment, software, services, consumables, and reagents for life sciences research, manufacturing, analysis, discovery, and diagnostics. Shares fell along with other life sciences tools stocks because of multiple headwinds, including a slowdown in capital spending among pharmaceutical customers, slowed growth in China, lack of funding and spending among pre-commercial biotechnology companies, and inventory destocking among bioprocessing customers. We view these headwinds as temporary and believe management can achieve its long-term goal of solid mid- to high single-digit organic revenue growth driven by long-term end-market dynamics in the life sciences industry, including favorable demographics, scientific advances, new technology, and increased regulations.”
Thermo Fisher Scientific Inc. (NYSE:TMO) is in 26th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 98 hedge fund portfolios held Thermo Fisher Scientific Inc. (NYSE:TMO) at the end of first quarter which was 92 in the previous quarter.
We discussed Thermo Fisher Scientific Inc. (NYSE:TMO) in another article and shared the list of most owned stocks by hedge funds. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
