Harding Loevner Believes in the Long-Term Prospects of Align Technology (ALGN)

Harding Loevner, an asset management company, released its “Global Equity” second quarter investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned -20.63% net of fees compared to a return of -15.53% for the MSCI All Country World Index and a return of -16.05% for the MSCI World Index. Poor stocks among expensive, fast-growing companies that continued to see selling pressure affected the fund’s performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Harding Loevner discussed stocks like Align Technology, Inc. (NASDAQ:ALGN) in the second quarter investor letter. Headquartered in Tempe, Arizona, Align Technology, Inc. (NASDAQ:ALGN) is a medical device company. On September 23, 2022, Align Technology, Inc. (NASDAQ:ALGN) stock closed at $222.43 per share. One-month return of Align Technology, Inc. (NASDAQ:ALGN) was -10.31% and its shares lost 68.27% of their value over the last 52 weeks. Align Technology, Inc. (NASDAQ:ALGN) has a market capitalization of $17.374 billion.

Here is what Harding Loevner specifically said about Align Technology, Inc. (NASDAQ:ALGN) in its Q2 2022 investor letter:

“Among our biggest detractors overall were two US-based Health Care companies, Illumina (discussed in detail below) and Align Technology, Inc. (NASDAQ:ALGN). The latter, whose revolutionary digital scanning and 3D-printed tray-based teeth-straightening system saw a huge bump during the pandemic (and the shift to Zoom meetings that call more attention to people’s appearance from the neck up), withdrew its guidance for 2022 after seeing some slackening in demand from consumers cutting back on discretionary health spending. Long-term, the company still projects growth in the 20–30% range.”

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Align Technology, Inc. (NASDAQ:ALGN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios Align Technology, Inc. (NASDAQ:ALGN)  at the end of the second quarter which was 45 in the previous quarter.

We discussed Align Technology, Inc. (NASDAQ:ALGN) in another article and shared RGA Investment Advisors’ views on the company. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

Disclosure: None. This article is originally published at Insider Monkey.