Now then, let’s briefly go over some of Visium’s biggest performers of the first quarter. It’s not hard to see why the fund achieved such strong returns, as its top three picks all delivered big returns during the quarter. And despite that huge portfolio, those top three picks accounted for just under 16% of it. They were Endo International plc (NASDAQ:ENDP), Allergan, Inc. (NYSE:AGN), and Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP). The latter two were each sold during the quarter, which contributed to their gains of 13% and 50.35% respectively. Endo International plc (NASDAQ:ENDP) meanwhile, despite losing out on the purchase of Salix to Valeant Pharmaceuticals Intl Inc (NYSE:VRX), which made the latter one of the top performing large-caps of the first quarter, still made big gains of 24.38% during the quarter itself. Visium’s position in Endo, the largest in its portfolio, consisted of 5.70 million shares valued at $411.14 million, and was increased by 26% during the fourth quarter. Billionaires Larry Robbins and Daniel S. Och also reported large positions in Endo International plc (NASDAQ:ENDP) as of the end of 2014, with Och’s being a new position opened during the fourth quarter.
Visium’s fourth-most valuable position was also a strong performer, as shares of Laboratory Corp. of America Holdings (NYSE:LH) shot up by 16.86% over the course of the first quarter. Visium held a position of 2.81 million shares in Laboratory Corp. of America Holdings (NYSE:LH) at the end of 2014, worth $302.90 million. The position was increased by 173% during the fourth quarter. Maxim Group recently reiterated a ‘Buy’ rating on the stock and placed a very bullish $160 price target on it, with it currently trading at $125.97. Visium was the largest shareholder in our database, though two other funds had greater exposure to the stock in their portfolios: Tony Chedraoui’s Tyrus Capital and John Shapiro’s Chieftain Capital, the former of which was a newly initiated position during the fourth quarter.
Visium’s top new pick during the fourth quarter was also one of its best performers during the following quarter. BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) shares increased by a hefty 37.85% during the quarter, with the most recent spike resulting from rumors in late March that BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) could be the next pharma company to be taken over. Nothing has materialized from the rumors, and the stock has given back some of those gains in April. Still, with a large stable of orphan drug candidates, BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) looks like a good long-term bet, and Deutsche Bank agrees, having recently upped its price target on the stock to $140, showing potential upside of nearly 15% from its current trading level of $122.08. Visium’s new position of just under 988,400 shares valued at $89.35 million made it the eighth-largest in its portfolio. Julian Baker and Felix Baker’s Baker Bros. Advisors is currently the most bullish fund on the stock in our database, and has been invested in it for several years.
Disclosure: None
