Oakmark Funds, advised by Harris Associates, released its “Oakmark Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned -1.31% in the third quarter, 15.91% calendar year to date, and 27.84% for the fiscal year. The S&P 500 Total Return Index delivered -3.27%, 13.07%, and 21.62%, respectively, for the same periods. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Oakmark Fund highlighted stocks like Danaher Corporation (NYSE:DHR) in the third quarter 2023 investor letter. Headquartered in Washington, the District of Columbia, Danaher Corporation (NYSE:DHR) designs, manufactures, and markets professional, medical, industrial, and commercial products and services. On October 6, 2023, Danaher Corporation (NYSE:DHR) stock closed at $217.23 per share. One-month return of Danaher Corporation (NYSE:DHR) was -2.04%, and its shares lost 6.25% of their value over the last 52 weeks. Danaher Corporation (NYSE:DHR) has a market capitalization of $160.392 billion.
Oakmark Fund made the following comment about Danaher Corporation (NYSE:DHR) in its Q3 2023 investor letter:
“Danaher Corporation (NYSE:DHR) is a global leader in life sciences tools and diagnostics. We are impressed by Danaher’s excellent track record of creating shareholder value through smart capital allocation and world-class operational execution. The company’s business mix has shifted dramatically in recent years following a series of transformative acquisitions and divestitures. We believe these portfolio improvements leave the company attractively positioned in some of the industry’s fastest growing, most profitable niches within life sciences. Near-term headwinds related to the pandemic are overshadowing this attractive long-term outlook, in our view. More specifically, Danaher sells diagnostic tests and critical inputs needed for manufacturing Covid-19 vaccines. As Covid-19 demand has normalized, Danaher experienced sales headwinds and channel destocking, pressuring its stock price. The shares now trade at a discount to both peers and private market transactions, giving us an attractive opportunity to invest in what we view as a high-quality, resilient business at a discounted valuation.”
A scientist in a laboratory making a breakthrough discovery in biotechnology. Editorial photo for a financial news article. 8k. –ar 16:9
Danaher Corporation (NYSE:DHR) is in 29th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 89 hedge fund portfolios held Danaher Corporation (NYSE:DHR) at the end of the second quarter, which was 90 in the previous quarter.
We discussed Danaher Corporation (NYSE:DHR) in another article and shared the list of best low risk investments in 2023. 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.
