Baron Funds, an investment management company, released its “Baron Health Care Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The fund declined 6.05% (Institutional Shares) in the quarter compared to a 3.88% loss for the Russell 3000 Health Care Index and a 3.27% loss for the S&P 500 Index. Year-to-date through September 30, 2023, the fund declined 1.17%, compared to a 3.83% decline for the Russell 3000 Health Care Index and a 13.07% increase for the S&P 500 Index. The combination of stock selection and active sub-industry weights drove the underperformance of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Health Care Fund highlighted stocks like Mettler-Toledo International Inc. (NYSE:MTD) in the third quarter 2023 investor letter. Based in Columbus, Ohio, Mettler-Toledo International Inc. (NYSE:MTD) is a precision instruments and services manufacturer and supplier. On October 19, 2023, Mettler-Toledo International Inc. (NYSE:MTD) stock closed at $1,014.12 per share. One-month return of Mettler-Toledo International Inc. (NYSE:MTD) was -7.81%, and its shares lost 13.65% of their value over the last 52 weeks. Mettler-Toledo International Inc. (NYSE:MTD) has a market capitalization of $22.174 billion.
Baron Health Care Fund made the following comment about Mettler-Toledo International Inc. (NYSE:MTD) in its Q3 2023 investor letter:
“Weakness in life sciences tools & services was driven by double-digit declines from cancer diagnostics company Exact Sciences Corporation and precision instruments provider Mettler-Toledo International Inc. (NYSE:MTD). Mettler’s stock declined in response to disappointing second quarter financial results and lowered 2023 guidance. Management noted market conditions in China have worsened considerably, particularly among biopharmaceutical customers who are delaying investment decisions as they wait for government stimulus. Management also stated that global manufacturing Purchasing Managers’ Indexes have continued to trend lower. We think these headwinds are temporary and continue to believe Mettler has a solid long-term outlook.”
A close-up of a laboratory instrument, with a technician making precise adjustments. Editorial photo for a financial news article. 8k. –ar 16:9
Mettler-Toledo International Inc. (NYSE:MTD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Mettler-Toledo International Inc. (NYSE:MTD) at the end of second quarter which was 47 in the previous quarter.
We discussed Mettler-Toledo International Inc. (NYSE:MTD) in another article and shared Conestoga Mid Cap Strategy’s views on the company in the previous quarter. 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.
