Fidelity Growth Strategies Fund Trimmed Insulet Corporation (PODD) to Manage the Position Size

Fidelity Investments, an investment management company, released its “Fidelity Growth Strategies Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. The strategy returned -2.39% in the quarter, modestly outpacing the benchmark Russell Midcap Growth Index’s -3.21% return. Security selection drove the outperformance of the strategy in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Fidelity Growth Strategies Fund highlighted stocks like Insulet Corporation (NASDAQ:PODD), in the second quarter 2024 investor letter. Insulet Corporation (NASDAQ:PODD) develops and manufactures insulin delivery systems. The one-month return of Insulet Corporation (NASDAQ:PODD) was 12.61%, and its shares gained 48.44% of their value over the last 52 weeks. On September 30, 2024, Insulet Corporation (NASDAQ:PODD) stock closed at $232.75 per share with a market capitalization of $16.319 billion.

Fidelity Growth Strategies Fund stated the following regarding Insulet Corporation (NASDAQ:PODD) in its Q2 2024 investor letter:

“Within the health care equipment & services segment, overweighting medical device company Insulet Corporation (NASDAQ:PODD) (+17%) and avoiding Align Technology (-26%), makers of Invisalign orthodontic aligners, each also helped. In April, Insulet reported year-over-year revenue growth of roughly 23%, and gross profit that was up about 28%, for the year’s first quarter. The gains were driven by strong demand for the company’s wearable insulin pump, Omnipod. We reduced our position in Insulet during the quarter to manage the position size.”

A pharmacy worker placing wireless handheld personal diabetes managers against the light.

Insulet Corporation (NASDAQ:PODD) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held Insulet Corporation (NASDAQ:PODD) at the end of the second quarter which was 40 in the previous quarter. Insulet Corporation’s (NASDAQ:PODD) revenue grew by 23% year 0ver year, in the second quarter, fueled by Omnipod growth of 26%. While we acknowledge the potential of Insulet Corporation (NASDAQ:PODD) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed Insulet Corporation (NASDAQ:PODD) and shared Brown Capital Management Mid Company Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 2024 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.