Hardman Johnston Global Advisors, an investment management company, released its “Hardman Johnston Global Equity” third quarter 2024, investor letter. A copy of the letter can be downloaded here. The portfolio slightly underperformed its benchmark index in the third quarter following a robust first half of the year. Performance was impacted by volatility, especially towards the end of the quarter. The strategy returned 4.50%, net of fees, in the quarter, compared to 6.61% for the MSCI AC World Net Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Hardman Johnston Global Equity highlighted stocks like Novo Nordisk A/S (NYSE:NVO), in the Q3 2024 investor letter. Novo Nordisk A/S (NYSE:NVO) engages in the research and development, manufacture, and distribution of pharmaceutical products. The one-month return of Novo Nordisk A/S (NYSE:NVO) was 3.24%, and its shares gained 2.40% of their value over the last 52 weeks. On December 18, 2024, Novo Nordisk A/S (NYSE:NVO) stock closed at $105.96 per share with a market capitalization of $482.096 billion.
Hardman Johnston Global Equity stated the following regarding Novo Nordisk A/S (NYSE:NVO) in its Q3 2024 investor letter:
“The top individual detractors from relative performance were ASML, Atlassian, and Novo Nordisk A/S (NYSE:NVO). Novo Nordisk underperformed as its blockbuster weight loss drug, Wegovy, faced supply constraints that restricted its starting dose figures. In contrast, Eli Lilly’s key competing product, Zepbound, was removed from the FDA shortage list and has been winning more new patient starts. Novo does expect a phase III readout late in the year for its new CagriSema drug, with clinical thresholds set at 25% weight loss. Although the drug has extremely high market expectations, uncertainty around the trial readout is pressuring shares ahead of the event.”
An elderly couple receiving insulin from a pharmacist, representing healthcare company’s successful pharmaceutical products.
Novo Nordisk A/S (NYSE:NVO) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 61 hedge fund portfolios held Novo Nordisk A/S (NYSE:NVO) at the end of the third quarter which was 67 in the previous quarter. In the first nine months, Novo Nordisk A/S (NYSE:NVO) delivered 24% sales growth and 22% operating profit growth. While we acknowledge the potential of Novo Nordisk A/S (NYSE:NVO) 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 Novo Nordisk A/S (NYSE:NVO) and shared the list of best weight loss stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q3 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.
