ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” fourth 2022 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 3000 Index, in the fourth quarter. In the quarter, the strategy gained in eight of the ten sectors it invested in on an absolute basis. Health care, financials, and IT sectors were the leading contributors while communication services and utility sectors detracted from the performance. Stock selection was favorable on a relative basis while sector allocation detracted from the performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Sustainability Leaders Strategy highlighted stocks like BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in the Q4 2022 investor letter. Headquartered in San Rafael, California, BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) engages in developing and commercializing biopharmaceuticals for rare diseases. On March 3, 2023, BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) stock closed at $101.20 per share. One-month return of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) was -9.79%, and its shares gained 36.24% of their value over the last 52 weeks. BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) has a market capitalization of $18.877 billion.
ClearBridge Sustainability Leaders Strategy made the following comment about BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in its Q4 2022 investor letter:
“Biotechnology stocks led our health care holdings: Gilead Sciences (GILD) shares rose sharply following strong quarterly results driven by increased sales of its HIV, cell therapy, hepatitis C and Trodelvy products, while BioMarin Pharmaceutical Inc. (NASDAQ:BMRN), which researches and develops treatments for rare and orphan diseases, many of which are life threatening or limiting, has delivered a strong launch for Voxzogo, which treats dwarfism, and we expect approval for Roctavian, a Hemophilia A gene therapy. The Voxzogo trajectory and upcoming launch of Roctavian should give BioMarin strong near-term growth drivers while it continues to focus on early-stage opportunities.”
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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 the list of best mid-cap stocks to buy according to top investors. In addition, please check out our hedge fund investor letters Q4 2022 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.
