Columbia Acorn Fund, distributed by Columbia Management Investment Distributors, released its second quarter 2024 investor letter. A copy of the fund can be downloaded here. In the quarter, the fund returned -6.01%, while the benchmark, the Russell 2500 Growth Index, returned -4.22%. The second quarter brought a significant change in market sentiment. The underperformance of the holdings in the quarter was primarily driven by a disappointing earnings season. In addition, you can check the fund’s top 5 holdings for its best picks for 2024.
Columbia Acorn Fund highlighted stocks like Insmed Incorporated (NASDAQ:INSM) in its Q2 2024 investor letter. Insmed Incorporated (NASDAQ:INSM) is a biopharmaceutical company that develops therapeutic products for patients with serious and rare diseases. The one-month return of Insmed Incorporated (NASDAQ:INSM) was -4.41%, and its shares gained 172.13% of their value over the last 52 weeks. On September 10, 2024, Insmed Incorporated (NASDAQ:INSM) stock closed at $71.57 per share with a market capitalization of $12.299 billion.
Columbia Acorn Fund stated the following regarding Insmed Incorporated (NASDAQ:INSM) in its Q2 2024 investor letter:
“Insmed Incorporated (NASDAQ:INSM) is a commercial-stage biopharmaceutical company focused primarily on treatments for pulmonary disease. The stock meaningfully outperformed during the quarter following positive Phase III data for its Brensocatib (Brenso) drug in treating non -cystic fibrosis bronchiectasis (NCFB). While the stock has roughly doubled since the beginning of the year, we are maintaining the overweight position as Brenso could be a potential game changer for the company, given a multi-billion-dollar total addressable market and no other approved NCFB therapies on the market.”
A biopharmaceutical research team taking notes in front of a laboratory’s microscope.
Insmed Incorporated (NASDAQ:INSM) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 74 hedge fund portfolios held Insmed Incorporated (NASDAQ:INSM) at the end of the second quarter which was 48 in the previous quarter. Insmed Incorporated (NASDAQ:INSM) reported global net revenues of $75.5 million in the first quarter of 2024, up 16% compared to Q1 2023. While we acknowledge the potential of Insmed Incorporated (NASDAQ:INSM) 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 Insmed Incorporated (NASDAQ:INSM) and shared Carillon Eagle Small Cap Growth Fund’s views on the company. Artisan Mid Cap Fund initiated a new Garden position in Insmed Incorporated (NASDAQ:INSM) during Q2 2024. In addition, please check out our hedge fund investor letters Q2 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.
