Scout Investments, Inc, an affiliate of Carillon Tower Advisers, released the “Carillon Scout Mid Cap Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, most indices generated significant gains driven by more cyclical industries including energy, financials, and industrials. The combination of a positive outlook for monetary policy, low unemployment, and strong earnings growth expectations lifted the S&P 500 Index to an all-time high in the first quarter. The Russell 2000 Index continued to trade considerably below its peak, while the Russell Midcap Index neared its 2021 high. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Carillon Scout Mid Cap Fund highlighted stocks like BioMarin Pharmaceutical Inc. (NASDAQ:BMRN), in the first quarter 2024 investor letter. BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. The one-month return of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) was 10.07%, and its shares lost 12.65% of their value over the last 52 weeks. On June 18, 2024, BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) stock closed at $84.15 per share with a market capitalization of $15.978 billion.
Carillon Scout Mid Cap Fund stated the following regarding BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in its first quarter 2024 investor letter:
“BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) was the bottom contributor for the quarter. Expectations for its hemophilia drug came down as the company has failed to monetize the drug as well as expected. Despite this setback we continue to like the stock as its short-stature drug has significant pipeline opportunities and the new management team looks to be more focused on optimizing research and development and improving overall profitability.”
A pharmaceutical plant manufacturing a proprietary synthetic oral form of a C-type natriuretic peptide.
BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) at the end of the first quarter which was 49 in the previous quarter. While we acknowledge the potential of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) 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 BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) and shared the list of biggest biotechnology companies in the world. 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.
