Aristotle Capital Management, LLC, an investment management company, released its “Value Equity Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned ‐2.99% gross of fees (‐3.05% net of fees), outperforming the Russell 1000 Value Index’s ‐3.16% return and the S&P 500 Index’s ‐3.27% return. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Aristotle Capital Value Equity Strategy highlighted stocks like Amgen Inc. (NASDAQ:AMGN) in the third quarter 2023 investor letter. Headquartered in Thousand Oaks, California, Amgen Inc. (NASDAQ:AMGN) manufactures and delivers human therapeutics. On October 11, 2023, Amgen Inc. (NASDAQ:AMGN) stock closed at $283.60 per share. One-month return of Amgen Inc. (NASDAQ:AMGN) was 8.12%, and its shares gained 12.69% of their value over the last 52 weeks. Amgen Inc. (NASDAQ:AMGN) has a market capitalization of $151.698 billion.
Aristotle Capital Value Equity Strategy made the following comment about Amgen Inc. (NASDAQ:AMGN) in its Q3 2023 investor letter:
“Amgen Inc. (NASDAQ:AMGN), the biopharmaceutical company, was the top contributor for the quarter. The company continues to leverage its innovative platform to strengthen its product portfolio, offset maturing products, such as Epogen and Neulasta, and increase market share. Over the past year, Amgen has reported double‐digit volume growth, operating margin expansion to over 40% and record levels of sales for cholesterol drug Repatha, bone‐strengthening drug Prolia and cancer drug Blincyto. Additionally, the company remains well positioned to benefit from the continued development and commercialization of biosimilars such as Amgevita, the first biosimilar to Humira, and the successful integration of Otezla to bolster its inflammation segment. Lastly, the FTC agreed to allow Amgen to proceed with its $27.8 billion acquisition of Horizon Therapeutics. We note that this is yet another unsuccessful attempt by the FTC to block an M&A transaction of one of our holdings (see below re: Activision Blizzard). The transaction closed on October 6, 2023 and brings expertise in rare disease therapies (including bulging eye‐drug Tepezza), as well as adds to Amgen’s immunology portfolio.”
A technician in a lab inspecting an ELISA test kit for use in biopharmaceutical diagnostics. Editorial photo for a financial news article. 8k. –ar 16:9
Amgen Inc. (NASDAQ:AMGN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 57 hedge fund portfolios held Amgen Inc. (NASDAQ:AMGN) at the end of the second quarter, which was 57 in the previous quarter.
We discussed Amgen Inc. (NASDAQ:AMGN) in another article and shared the list of best cancer stocks to buy. In addition, please check out our hedge fund investor letters Q3 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.
