Aristotle Atlantic Partners, LLC, an investment advisor, released its “Large Cap Growth Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. The U.S. equity market continued its rise to new record highs, with the S&P 500 Index increasing by 5.89% during this period. In the third quarter, Aristotle Atlantic’s Large Cap Growth Strategy delivered 1.26% gross of fees (1.11% net of fees) underperforming the Russell 1000 Growth Index’s return of 3.19%. Security selection led the portfolio to underperform in the quarter. Security selection in Information Technology and Health Care detracted the most from the relative performance while security selection in Consumer Discretionary and Real Estate detracted the least. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Aristotle Large Cap Growth Strategy highlighted stocks like BioMarin Pharmaceutical Inc. (NASDAQ:BMRN), in the third quarter 2024 investor letter. BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. The one-month return of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) was -5.30%, and its shares lost 20.99% of their value over the last 52 weeks. On November 6, 2024, BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) stock closed at $66.15 per share with a market capitalization of $12.607 billion.
Aristotle Large Cap Growth Strategy stated the following regarding BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in its Q3 2024 investor letter:
“We sold BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) following better-than-expected competitive data from Ascendis Pharma for the treatment of achondroplasia. Given that BioMarin has anchored future growth expectations around its achondroplasia drug Voxzogo, this competitive threat adds a new dimension to the story. While there were nuances between the study design of the two drugs, we believe this will be an overhang on BioMarin shares for the foreseeable future.”
A pharmaceutical plant manufacturing a proprietary synthetic oral form of a C-type natriuretic peptide.
BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) at the end of the second quarter which was 51 in the previous quarter. While we acknowledge the potential of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) 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 BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) and shared the list of best falling stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q3 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.