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 HCA Healthcare, Inc. (NYSE:HCA) in the second quarter 2023 investor letter. Headquartered in Nashville, Tennessee, HCA Healthcare, Inc. (NYSE:HCA) is a healthcare services provider. On July 24, 2023, HCA Healthcare, Inc. (NYSE:HCA) stock closed at $285.18 per share. One-month return of HCA Healthcare, Inc. (NYSE:HCA) was -4.17%, and its shares gained 39.84% of their value over the last 52 weeks. HCA Healthcare, Inc. (NYSE:HCA) has a market capitalization of $78.45 billion.
Baron Health Care Fund made the following comment about HCA Healthcare, Inc. (NYSE:HCA) in its second quarter 2023 investor letter:
“The flip side of higher medical utilization trends is that health care providers and medical device companies will benefit. We own HCA Healthcare, Inc. (NYSE:HCA), one of the nation’s largest providers of health care services, with 182 hospitals and 2,300 ambulatory sites of care in 20 states and the U.K. We own several medical device companies that should benefit in the short term from procedure recovery and in the long term from new product innovation and increasing demand driven by an aging global population and a higher disease burden from chronic diseases. For the most part, our investments are in companies addressing non-elective procedures, which makes them less likely to be deferred in a recession.”
Tyler Olson/Shutterstock.com
HCA Healthcare, Inc. (NYSE:HCA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 65 hedge fund portfolios held HCA Healthcare, Inc. (NYSE:HCA) at the end of first quarter which was 64 in the previous quarter.
We discussed HCA Healthcare, Inc. (NYSE:HCA) in another article and shared Larry Robbins’ net worth, performance and portfolio. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 10 Best Steel Stocks to Invest In
- 25 Best Places to Live with Arthritis and Fibromyalgia
- 20 Cheapest English-Speaking Countries to Retire
Disclosure: None. This article is originally published at Insider Monkey.
