Billionaire Cliff Asness 2023 Portfolio: Top 5 Blue Chip Value Stocks

1. Pfizer Inc. (NYSE:PFE)

Trailing P/E Ratio: 7.14x

Cliff Asness’ AQR Capital Management’s Holdings: $380,285,949

Percentage of Cliff Asness’ AQR Capital Management’s Portfolio: 0.83%

Number of Hedge Fund Holders: 73

Pfizer Inc. (NYSE: PFE) has recognized the immense potential of the expanding weight loss market. On May 22, the company revealed that the oral version of its weight loss drug semaglutide had demonstrated comparable efficacy to injectable medications like Novo Nordisk’s Wegovy, which shares the same active ingredient. The weight loss market has been transformed since the launch of Wegovy in the US in June 2021. The significant demand for weight-loss medications can be gauged by the fact that experts predict that the market could potentially support up to 10 competing products similar to Wegovy.

Here’s what Diamond Hill Capital said about Pfizer Inc. (NYSE:PFE) in its Q3 2022 investor letter:

“Also among our bottom contributors were health care products manufacturer Abbott Labs, global pharmaceutical company Pfizer Inc. (NYSE:PFE), media and technology giant Alphabet, and insurance company American International Group (AIG). Although Pfizer continues to report strong performance of its core drugs, sales of its COVID vaccine and treatment have likely peaked and sales are expected to decline going forward. We remain optimistic about the company long term as we believe management is taking the company in the right direction, focusing R&D, and making strategic acquisitions with profits generated from COVID vaccine sales.”

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