Baron Funds, an investment management company, released its “Baron Health Care Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The fund declined 6.05% (Institutional Shares) in the quarter compared to a 3.88% loss for the Russell 3000 Health Care Index and a 3.27% loss for the S&P 500 Index. Year-to-date through September 30, 2023, the fund declined 1.17%, compared to a 3.83% decline for the Russell 3000 Health Care Index and a 13.07% increase for the S&P 500 Index. The combination of stock selection and active sub-industry weights drove the underperformance 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 Bio-Techne Corporation (NASDAQ:TECH) in the third quarter 2023 investor letter. Headquartered in Minneapolis, Minnesota, Bio-Techne Corporation (NASDAQ:TECH) is a developer and manufacturer of regent solutions, instruments, and services for research and clinical diagnostic markets. On October 19, 2023, Bio-Techne Corporation (NASDAQ:TECH) stock closed at $63.50 per share. One-month return of Bio-Techne Corporation (NASDAQ:TECH) was -8.44%, and its shares lost 10.34% of their value over the last 52 weeks. Bio-Techne Corporation (NASDAQ:TECH) has a market capitalization of $10.048 billion.
Baron Health Care Fund made the following comment about Bio-Techne Corporation (NASDAQ:TECH) in its Q3 2023 investor letter:
“Another material detractor in the sub-industry was Bio-Techne Corporation (NASDAQ:TECH), a leading developer and manufacturer of reagents, instruments, and services for the life sciences research, diagnostics, and bioprocessing markets. Bio-Techne’s shares were pressured by various headwinds in the life sciences tools end market including reduced biotechnology funding, continued inventory destocking by customers, and a slowdown in China.”
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Bio-Techne Corporation (NASDAQ:TECH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Bio-Techne Corporation (NASDAQ:TECH) at the end of second quarter which was 39 in the previous quarter.
We discussed Bio-Techne Corporation (NASDAQ:TECH) in another article and shared Conestoga Mid Cap Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.
