Third Point Management, a New York-based investment advisor, released its second-quarter 2023 investor letter. A copy of the same can be downloaded here. The Third Point Offshore Fund returned 1.1% net in the second quarter compared to an 8.7% return for the S&P 500 INDEX (TR) and a 7.0% return for the MSCI WORLD INDEX (TR). Year-to-date, the fund returned -3.0% compared to 16.9% and 15.4% returns for the indexes. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Third Point Management highlighted stocks like Danaher Corporation (NYSE:DHR) in the second quarter 2023 investor letter. Headquartered in Washington, the District of Columbia, Danaher Corporation (NYSE:DHR) designs, manufactures, and markets professional, medical, industrial, and commercial products and services. On August 8, 2023, Danaher Corporation (NYSE:DHR) stock closed at $259.07 per share. One-month return of Danaher Corporation (NYSE:DHR) was 8.80%, and its shares lost 11.02% of their value over the last 52 weeks. Danaher Corporation (NYSE:DHR) has a market capitalization of $191.285 billion.
Third Point Management made the following comment about Danaher Corporation (NYSE:DHR) in its second quarter 2023 investor letter:
“Danaher Corporation (NYSE:DHR) is our longest held investment and remains a top five position. Danaher has underperformed the S&P 500 this year due to a slowdown in the bioprocessing industry and more cautious spending by biopharma customers. Bioprocessing is a key end-market that drives more than a quarter of Danaher’s profits. Bioprocessing products are the main inputs that biopharma companies use to manufacture biologic drugs, which are the fastest growing category of drugs, growing low-to-mid-teens and representing a sizeable portion of the clinical pipeline.
The bioprocessing industry experienced significant growth in 2021 and 2022, driven by Covid vaccines and a strong biotech funding environment. Several participants, including Danaher, lowered their 2023 growth outlook in large part due to customer inventory de-stocking and biotech funding weakness. We anticipate that this slowdown is temporary, and the bioprocessing industry will return to normalized growth of high-single digit to mid-teens in 2024 and beyond.…” (Click here to read the full text)
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Danaher Corporation (NYSE:DHR) is in 29th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 90 hedge fund portfolios held Danaher Corporation (NYSE:DHR) at the end of first quarter which was 88 in the previous quarter.
We discussed Danaher Corporation (NYSE:DHR) in another article and shared the list of stocks receiving price-target cut from analysts. 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.
