Aristotle Atlantic Partners, LLC, an investment advisor, released its “Large Cap Growth Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, Aristotle Atlantic’s Large Cap Growth Strategy delivered 12.16% net of fees underperforming the Russell 1000 Growth Index’s return of 14.37%. Security selection and allocation effects led the portfolio to underperform in the quarter relative to its benchmark. Holdings in Information Technology and Health Care and a lack of exposure to Energy contributed to relative returns while stock selection in Consumer Discretionary and Industrials and overweight exposure in Health Care detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Aristotle Atlantic Large Cap Growth Strategy highlighted stocks like BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in the first quarter 2023 investor letter. Headquartered in San Rafael, California, BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) engages in developing and commercializing biopharmaceuticals for rare diseases. On May 22, 2023, BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) stock closed at $92.77 per share. One-month return of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) was -2.93%, and its shares gained 17.76% of their value over the last 52 weeks. BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) has a market capitalization of $17.413 billion.
Aristotle Atlantic Large Cap Growth Strategy made the following comment about BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in its Q1 2023 investor letter:
“BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) develops drugs with a focus on rare disease treatments. Its portfolio consists of several commercial products and multiple clinical and preclinical product candidates for the treatment of various diseases. The company’s Vimizim, Naglazyme and Aldurazyme drugs treat versions of the life-threatening genetic condition mucopolysaccharidosis (MPS), caused by a rare enzyme deficiency that prevents patients from metabolizing certain complex carbohydrates. Another drug, Kuvan, is approved to treat enzyme deficiency phenylketonuria (PKU). Additional medicines include Brineura and Palynziq.
We see BioMarin, anchored by their durable enzyme-based therapies, poised to grow from new indications, primarily Voxzogo, the first-approved treatment for Achondroplasia, and Roctavian, a drug awaiting FDA approval for the treatment of Severe Hemophilia A, with gene therapy and the ability to address a large chronically managed patient population. Additionally, the company has an early pipeline outside of these major indications in rare diseases within the usculoskeletal/metabolic, hematology, cardiovascular and CNS therapeutic focus areas.”
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BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 61 hedge fund portfolios held BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) at the end of the fourth quarter which was 62 in the previous quarter.
We discussed BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in another article and shared ClearBridge Sustainability Leaders Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.
