Oakmark Funds, advised by Harris Associates, released its “Oakmark Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 8.6% in the second quarter compared to an 8.7% return for the S&P 500 Index. Year-to-date, the fund returned 17.4% compared to a 16.9% return for the benchmark. Despite the headwinds, the fund has outperformed through the first half of the year. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Oakmark Fund highlighted stocks like IQVIA Holdings Inc. (NYSE:IQV) in the second quarter 2023 investor letter. IQVIA Holdings Inc. (NYSE:IQV) is an analytical technology services and clinical research-providing company headquartered in Durham, North Carolina On July 10, 2023, IQVIA Holdings Inc. (NYSE:IQV) stock closed at $219.43 per share. One-month return of IQVIA Holdings Inc. (NYSE:IQV) was 2.00%, and its shares gained 2.76% of their value over the last 52 weeks. IQVIA Holdings Inc. (NYSE:IQV) has a market capitalization of $40.715 billion.
Oakmark Fund made the following comment about IQVIA Holdings Inc. (NYSE:IQV) in its second quarter 2023 investor letter:
“Fears about biotech funding and the sell-off in the broader life sciences area created an opportunity for us to invest in IQVIA Holdings Inc. (NYSE:IQV) during the quarter. IQVIA is a leading provider of clinical trials and health care technology and analytics formed through the merger of Quintiles and IMS Health in 2016. We believe that IQVIA is positioned at the heart of trends toward advanced therapeutics and personalized medicine and that it is the most levered contract research organization (CRO) to decentralized clinical trials requiring digital capabilities. We think that IQVIA has additional growth opportunities from delivering real-world evidence to biopharma companies and other health care providers using data and software to meet regulatory and reimbursement mandates. CEO Ari Bousbib has a strong track record on operations and capital allocation and significant skin in the game through his large equity holdings in the company. We were pleased to be able to add IQVIA to the portfolio near a trough multiple of less than 15x our estimate of normal earnings.”
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IQVIA Holdings Inc. (NYSE:IQV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 60 hedge fund portfolios held IQVIA Holdings Inc. (NYSE:IQV) at the end of first quarter which was 60 in the previous quarter.
We discussed IQVIA Holdings Inc. (NYSE:IQV) in another article and shared the list of best biotechnology stocks to buy according to 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.
