Baron Funds, an investment management company, released its “Baron Health Care Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 6.01% compared to a 4.72% decline for the Russell 3000 Health Care Index. The fund’s underperformance in the quarter was attributed to poor stock selection. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron Funds highlighted stocks like Eli Lilly and Company (NYSE:LLY) in the third quarter 2022 investor letter. Headquartered in Indianapolis, Indiana, Eli Lilly and Company (NYSE:LLY) is a global pharmaceutical company. On October 17, 2022, Eli Lilly and Company (NYSE:LLY) stock closed at $332.76 per share. One-month return of Eli Lilly and Company (NYSE:LLY) was 10.28% and its shares gained 37.33% of their value over the last 52 weeks. Eli Lilly and Company (NYSE:LLY) has a market capitalization of $316.18 billion.
Here is what Baron Funds specifically said about Eli Lilly and Company (NYSE:LLY) in its Q3 2022 investor letter:
“In pharmaceuticals, our largest investment is in Eli Lilly and Company (NYSE:LLY). Lilly’s new diabetes drug Mounjaro is off to a strong start. In addition, Mounjaro may be approved for obesity next year. In clinical trials, Mounjaro delivered up to 22.5% average weight loss in adults with obesity and has the potential to be a top-selling drug. Lilly also has a drug in development for Alzheimer’s disease in the same class as Lecanemab, a drug being developed by Biogen and Eisai that slowed the rate of cognitive decline in a late-stage clinical trial. Lilly is not facing any significant near-term patent expirations and we think the company should be able to grow revenue and earnings at attractive rates through the end of the decade and beyond.”
Eli Lilly and Company (NYSE:LLY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 70 hedge fund portfolios held Eli Lilly and Company (NYSE:LLY) at the end of the second quarter, which was 53 in the previous quarter.
We discussed Eli Lilly and Company (NYSE:LLY) in another article and shared the stock picks of Dmitry Balyasny’s hedge fund. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.
Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.
At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.
Do the math. According to Musk, this technology could be worth $250 trillion by 2040.
Put another way, that’s roughly equal to:
175 Teslas
107 Amazons
140 Metas
84 Googles
65 Microsofts
And 55 Nvidias
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It’s a leap so massive, it could reshape how businesses, governments, and consumers operate worldwide.
Even if that $250 trillion figure sounds ambitious, major firms like PwC and McKinsey still see AI unlocking multi-trillion-dollar potential.
How could anything be worth that much?
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In fact, Verge argues this company’s supercheap AI technology should concern rivals.
Before I reveal the details, let’s talk about how some of the richest people on the planet are positioning themselves.
Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.
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Even as we admire what Tesla, Nvidia, Alphabet, and Microsoft have built, we believe an even greater opportunity lies elsewhere…
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