Meridian Funds, managed by ArrowMark Partners, released its “Meridian Contrarian Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. Optimism started to prevail, during the last months of the year, and investors reacted positively to news of a potential change in direction by the US Federal Reserve, as well as indications that the US economy is heading for a soft landing. In the fourth quarter, the fund returned 8.80% (net) compared to a 13.3% return for the Russell 2500 Index. Furthermore, the fund underperformed its secondary benchmark, the Russell 2500 Value Index, which returned 13.76% during the same period. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Meridian Contrarian Fund featured stocks like Legend Biotech Corporation (NASDAQ:LEGN) in its Q4 2023 investor letter. Based in Somerset, New Jersey, Legend Biotech Corporation (NASDAQ:LEGN) is a clinical-stage biopharmaceutical company. On April 2, 2024, Legend Biotech Corporation (NASDAQ:LEGN) stock closed at $56.43 per share. One-month return of Legend Biotech Corporation (NASDAQ:LEGN) was -11.52%, and its shares gained 17.15% of their value over the last 52 weeks. Legend Biotech Corporation (NASDAQ:LEGN) has a market capitalization of $10.265 billion.
Meridian Contrarian Fund stated the following regarding Legend Biotech Corporation (NASDAQ:LEGN) in its fourth quarter 2023 investor letter:
“Legend Biotech Corporation (NASDAQ:LEGN) is a Chinese biotech company with a promising CAR-T cancer drug it is developing in partnership with Johnson & Johnson. The company’s stock was out of favor due to the former CEO’s arrest for smuggling, a crime unrelated to Legend. Our biotech research team determined that the company’s cancer drug was very promising, and the partnership with Johnson & Johnson allowed us to look beyond issues with its former CEO and China. While the stock has appreciated significantly since our initial investment, it was weak during the quarter as some competing company trials attracted FDA attention and cast some aspersions on the safety of CAR-T therapies. Our biotech experts remain confident that the FDA activity will not affect Legend and that its drug has significant blockbuster potential. We took profits during the quarter to manage overall portfolio risk, yet continue to hold a position in Legend, grounded in our team’s research-based confidence that upside potential remains.”
A laboratory with workers in masks and lab coats focused on analyzing cell therapies.
Legend Biotech Corporation (NASDAQ:LEGN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Legend Biotech Corporation (NASDAQ:LEGN) was held by 34 hedge fund portfolios, compared to 34 in the previous quarter, according to our database.
We discussed Legend Biotech Corporation (NASDAQ:LEGN) in another article and shared TimesSquare Capital U.S. Mid Cap Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.
