Generation Investment Management, an investment management firm, released its “Global Equity Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy performed roughly in line with the benchmark on a rolling five-year net basis and it is about 1.3% below on a rolling three-year net basis. The main reasons for the underperformance of the strategy were overestimation of the quality of the holdings, change in the external environment, and overpayment for some companies. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Generation Investment Management Global Equity Strategy highlighted stocks like Henry Schein, Inc. (NASDAQ:HSIC) in the first quarter 2023 investor letter. Headquartered in Melville, New York, Henry Schein, Inc. (NASDAQ:HSIC) is a healthcare products and services provider to medical, dental, and veterinary office-based practitioners. On June 14, 2023, Henry Schein, Inc. (NASDAQ:HSIC) stock closed at $74.81 per share. One-month return of Henry Schein, Inc. (NASDAQ:HSIC) was -2.27%, and its shares gained 2.24% of their value over the last 52 weeks. Henry Schein, Inc. (NASDAQ:HSIC) has a market capitalization of $9.8 billion.
Generation Investment Management Global Equity Strategy made the following comment about Henry Schein, Inc. (NASDAQ:HSIC) in its first quarter 2023 investor letter:
“We continue to evaluate new investment opportunities. Despite the volatility of recent months, we see a number of strong tailwinds in certain sectors — particularly those that solve big societal problems. One such problem is growing healthcare costs, which will put more pressure on social-security systems and household budgets. Later in this letter we profile Henry Schein, Inc. (NASDAQ:HSIC), the largest distributor of dental and medical products and services globally. Companies like Henry Schein have the potential to control the growth in healthcare costs, while promoting access to underserved communities.
At the same time, healthcare cost pressures are escalating. To make matters worse, healthcare has worse labour shortages than most industries, while productivity improvements are hard to come by.4 In almost every country, health spending is forecast to form an increasing share of GDP in the coming years.
At Generation, we look for companies that can provide a solution to these long-term challenges. More specifically, we look for healthcare companies that reduce costs and drive efficiency; that improve clinical outcomes; and that improve access to care. Henry Schein, a long-term holding of your portfolio, is an example of a company that we believe can deliver on all three of these criteria…” (Click here to read the full text)
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Henry Schein, Inc. (NASDAQ:HSIC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Henry Schein, Inc. (NASDAQ:HSIC) at the end of first quarter 2023 which was 30 in the previous quarter.
We discussed Henry Schein, Inc. (NASDAQ:HSIC) in another article and shared the list of top gainers on November 1, 2022. In addition, please check out our hedge fund investor letters Q1 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.
