Oakmark Funds, advised by Harris Associates, released its “Oakmark Select Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 0.08% in the third quarter compared to -3.27% return for the S&P 500 Total Return Index. For the calendar year to date and fiscal year, the fund returned 24.77% and 30.59% respectively compared to 13.07% and 21.62% for the S&P 500 Total Return Index during the same time periods. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Oakmark Select Fund highlighted stocks like IQVIA Holdings Inc. (NYSE:IQV) in the third quarter 2023 investor letter. IQVIA Holdings Inc. (NYSE:IQV) is an analytical technology services and clinical research-providing company headquartered in Durham, North Carolina. On October 6, 2023, IQVIA Holdings Inc. (NYSE:IQV) stock closed at $198.64 per share. One-month return of IQVIA Holdings Inc. (NYSE:IQV) was -7.75%, and its shares gained 12.92% of their value over the last 52 weeks. IQVIA Holdings Inc. (NYSE:IQV) has a market capitalization of $36.375 billion.
Oakmark Select Fund made the following comment about IQVIA Holdings Inc. (NYSE:IQV) in its Q3 2023 investor letter:
“The largest detractors in the third quarter were IQVIA Holdings Inc. (NYSE:IQV) and Capital One Financial and in the fiscal year were Meta Platforms and IQVIA Holdings. We initiated our position in IQVIA during the quarter amid the decline in the health care sector. We did not eliminate any positions.
IQVIA is a leading provider of clinical trials and related health care technology formed through the merger of Quintiles and IMS Health in 2016. We believe that IQVIA’s leading data and digital capabilities enable the company to gain share of addressable clinical trial-related spending as pharma and biotech companies outsource these services to contract research organizations (CROs). In addition, we think that IQVIA has growth opportunities from delivering real-world evidence to biopharma companies and other health care providers using data to meet regulatory and reimbursement mandates. CEO Ari Bousbib has a strong track record on both operations and capital allocation and significant skin in the game through his large equity holdings in the company. We were pleased to be able to add IQVIA to the portfolio near a trough multiple of roughly 15x our estimate of normal earnings despite the company’s prospects for sustainable above-average growth.”
A scientist examining the results of a Phase III clinical trial for non-alcoholic steatohepatitis. Editorial photo for a financial news article. 8k. –ar 16:9
IQVIA Holdings Inc. (NYSE:IQV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 64 hedge fund portfolios held IQVIA Holdings Inc. (NYSE:IQV) at the end of the second quarter, which was 60 in the previous quarter.
We discussed IQVIA Holdings Inc. (NYSE:IQV) in another article and shared the list of biggest technology companies. 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.
