The Ithaka Group, an investment advisory firm, released the “Ithaka US Growth Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the weak market, the fund underperformed during the quarter, by falling 6.3% compared to the Dow’s 2.6% fall, the S&P 500’s 3.7% decline, the NASDAQ’s 4.1% decline, and the fund’s benchmark, the Russell 1000 Growth’s 3.1% decline. The underperformance of the fund during the quarter was entirely due to stock selection. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Ithaka US Growth Strategy highlighted stocks like Insulet Corporation (NASDAQ:PODD) in the third quarter 2023 investor letter. Headquartered in Acton, Massachusetts, Insulet Corporation (NASDAQ:PODD) develops and manufactures insulin delivery systems. On October 27, 2023, Insulet Corporation (NASDAQ:PODD) stock closed at $133.43 per share. One-month return of Insulet Corporation (NASDAQ:PODD) was -20.57%, and its shares lost 49.35% of their value over the last 52 weeks. Insulet Corporation (NASDAQ:PODD) has a market capitalization of $9.137 billion.
Ithaka US Growth Strategy made the following comment about Insulet Corporation (NASDAQ:PODD) in its Q3 2023 investor letter:
“Insulet Corporation (NASDAQ:PODD) is a medical device company focused on the design, development, and commercialization of insulin pump systems for people with type-1 diabetes. Diabetes is a chronic, life-threatening disease for which there is no known cure. Insulet’s insulin pump system is superior to traditional practices because it provides its users with a more accurate and pain free way to administer insulin versus injecting it via syringe multiple times per day. Insulet’s stock was under pressure following the FDA’s approval of glucagon-like peptide-1 receptor agonists (GLP-1’s), Wegovy and Saxenda. These injectable drugs were approved for chronic weight management in adults who are obese or overweight with at least one weight-related condition. While the approval of these GLP-1’s is likely to have limited impact on pump system sales in the near-term, investors sold PODD fearing that these new drugs will shrink Insulet’s total addressable market over time.”
A doctor demonstrating how to use the medical device to a patient with diabetes.
Insulet Corporation (NASDAQ:PODD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held Insulet Corporation (NASDAQ:PODD) at the end of second quarter which was 37 in the previous quarter.
We discussed Insulet Corporation (NASDAQ:PODD) in another article and shared the list of best depressed 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.
