Oakmark Funds, advised by Harris Associates, released its “Oakmark Global Select Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. The fund returned 2.95% in the quarter compared to an 8.88% Return for the MSCI World Index (net). The fund generated an average of 7.60% per year since its inception in October 2006, outperforming the index’s 7.42% return over the same period. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Oakmark Global Select Fund featured stocks like IQVIA Holdings Inc. (NYSE:IQV) in the first quarter 2024 investor letter. IQVIA Holdings Inc. (NYSE:IQV) is an analytical technology services and clinical research-providing company headquartered in Durham, North Carolina. On April 5, 2024, IQVIA Holdings Inc. (NYSE:IQV) stock closed at $241.45 per share. One-month return of IQVIA Holdings Inc. (NYSE:IQV) was -6.62%, and its shares gained 22.63% of their value over the last 52 weeks. IQVIA Holdings Inc. (NYSE:IQV) has a market capitalization of $43.947 billion.
Oakmark Global Select Fund stated the following regarding IQVIA Holdings Inc. (NYSE:IQV) in its first quarter 2024 investor letter:
“We purchased new positions in Reckitt Benckiser Group (U.K.), IQVIA Holdings Inc. (NYSE:IQV) and Centene (U.S.) during the first quarter. Fears about biotech funding and the sell-off in the broader life sciences area created an opportunity for us to invest in IQVIA, which we view as a high-quality business, at an attractive valuation. We believe that IQVIA is positioned to benefit from the trends of advanced therapeutics and personalized medicine given its ability to perform decentralized clinical trials that require digital capabilities. In our view, IQVIA can grow even further due to its data and software capabilities that enable the company to deliver real[1]world evidence so that biopharma companies and other health care providers can satisfy their regulatory and reimbursement mandates. We also appreciate CEO Ari Bousbib’s strong track record on operations and capital allocation, and we are impressed by his large equity holdings in the company, which give him significant skin in the game. We were pleased to purchase shares of IQVIA at a discount to our estimate of its intrinsic value.”
A researcher in a lab with a microscope examining a sample.
IQVIA Holdings Inc. (NYSE:IQV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, IQVIA Holdings Inc. (NYSE:IQV) was held by 49 hedge fund portfolios, compared to 60 in the previous quarter, according to our database.
We discussed IQVIA Holdings Inc. (NYSE:IQV) in another article and shared the list of stocks hedge funds were pitching in their 2023 Q3 investor letters. 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.
