Patient Capital Management, a value investing firm, released its “Patient Capital Opportunity Equity Strategy” first quarter 2024 investor letter. A copy of the same can be downloaded here. During the quarter the strategy returned 11.8% net of fees compared to the S&P 500’s 10.6% return. The outperformance of the portfolio can be attributed to selection and allocation effects, which are partially counteracted by interaction effects, according to a three-factor performance attribution model. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Patient Capital Opportunity Equity Strategy featured stocks like Biogen Inc. (NASDAQ:BIIB) in its Q1 2024 investor letter. Headquartered in Cambridge, Massachusetts, Biogen Inc. (NASDAQ:BIIB) discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases. On April 22, 2024, Biogen Inc. (NASDAQ:BIIB) stock closed at $194.11 per share. One-month return of Biogen Inc. (NASDAQ:BIIB) was -10.42%, and its shares lost 33.76% of their value over the last 52 weeks. Biogen Inc. (NASDAQ:BIIB) has a market capitalization of $28.216 billion.
Patient Capital Opportunity Equity Strategy stated the following regarding Biogen Inc. (NASDAQ:BIIB) in its first quarter 2024 investor letter:
“We started a position in Biogen Inc. (NASDAQ:BIIB) during the quarter, a global biopharmaceutical company focused on multiple sclerosis, spinal muscular atrophy, and most recently Alzheimer’s disease. The company has been on a roller coast since the approval of Aduhelm, for the treatment of Alzheimer’s disease, in June 2021. At the time, the approval was highly criticized given the limited efficacy of the treatment. Following the fallout, the company stands today with a new highly regarded CEO, Christopher Viehbacher, a more efficacious approved Alzheimer’s treatment in Leqembi, a rationalized cost structure and a more disciplined investment approach. While the uptake in Leqembi has been slow, we still see strong long-term potential for a patient population that is dramatically underserved. We believe you are getting the opportunity to buy a high performing health care asset, with a strong track record of delivering superior products all while only paying for the current value of their assets on the market today. At the current valuation, we think you are getting a call option on the pipeline and the Leqembi roll-out. It is not often that you see this sort of risk/reward skew in the market, and we opportunistically took advantage.”
A patient receiving physical therapy for a neurological disease.
Biogen Inc. (NASDAQ:BIIB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Biogen Inc. (NASDAQ:BIIB) was held by 51 hedge fund portfolios, up from 57 in the previous quarter, according to our database.
We previously discussed Biogen Inc. (NASDAQ:BIIB) in another article, where we shared the list of best depressed stocks to buy in 2024. In addition, please check out our hedge fund investor letters Q1 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.
