Top 10 Stock Picks of Roberto Mignone’s Bridger Management

Published on September 15, 2022 at 9:11 am by Swati Goyal in Hedge Funds, News

In this article, we discuss the top 10 stock picks of Roberto Mignone’s Bridger Management. If you want to skip our detailed analysis of Mignone’s history, investment philosophy, and hedge fund performance, go directly to Top 5 Stock Picks of Roberto Mignone’s Bridger Management.

Roberto Mignone established Bridger Management in the year 2000. He pursued his MBA at the Harvard University Graduate School of Business Administration after receiving a Bachelor of Arts in Classics from Harvard College. Before starting his own investment company, Mignone was one of the founding partners of Blue Ridge Capital in 1996, together with John Griffin. Blake Goodner, a junior analyst in healthcare, chose to help Mignone after he left Blue Ridge Capital to launch his hedge fund. This could be a contributing element as to why the fund decided to invest approximately 35% of the money in its portfolio in the healthcare industry, second only to the financial sector, which accounted for 49% of the portfolio’s value. Even further back, Mignone had worked for Julian Robertson’s Tiger Management, earning the prestigious title of “tiger cub”. Currently, he is the managing partner at Bridger Management.

Bridger Management, a multi-billion dollar investment management firm with offices in New York, focuses on long-term equity strategies. The company’s main investment objective is to produce long-term, risk-adjusted capital growth, frequently through making investments in equities, securities, and other products with a stock market connection. Bridger Management has focused on the healthcare sector since its establishment and amassed a large amount of research information to back its investments. The hedge fund also invests in communications, consumer goods, and financial services firms.

As of Q2 2022, Bridger Management holds a 13F portfolio valued at $443.62 million, down from $609.73 million in the previous quarter. Some of the hedge fund’s notable holdings in the second quarter included Charter Communications, Inc. (NASDAQ:CHTR), Morgan Stanley (NYSE:MS), and Centene Corporation (NYSE:CNC).

Our Methodology

Let’s start our list of the top 10 stocks selected by Roberto Mignone’s Bridger Management with this economic outlook in mind. These equities were selected from Mignone’s Q2 portfolio. Using a comprehensive database of 895 elite hedge funds monitored by Insider Monkey in the second quarter of 2022, the popularity of each firm among hedge funds was calculated.

Top Stock Picks of Roberto Mignone’s Bridger Management

10. BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Bridger Management’s Stake Value: $17,220,000

Percentage of Bridger Management’s 13F Portfolio: 3.88%

Number of Hedge Fund Holders: 59

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN), which is situated in San Rafael, California, creates medications to treat rare genetic diseases and conditions, including Duchenne muscular dystrophy and haemophilia. Bridger Management acquired a new position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) during the second quarter of 2022, owning 207,800 shares worth $17.22 million.

Among the hedge funds being tracked by Insider Monkey, Julian Baker and Felix Baker’s Baker Bros. Advisors is the most significant shareholder of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN), with a $631.51 million stake in the company.

On August 9, Christopher Raymond, an analyst at Piper Sandler, boosted his price objective on BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) from $125 to $128 while maintaining an ‘Overweight’ rating.

Fund managers added to their BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) holdings in the second quarter. Insider Monkey’s data shows that 59 elite hedge funds held stakes in the company at the end of the second quarter, up from 56 funds a quarter earlier.

Along with Charter Communications, Inc. (NASDAQ:CHTR), Morgan Stanley (NYSE:MS), and Centene Corporation (NYSE:CNC), BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) is one of the stocks that Bridger Management is monitoring.

9. Uber Technologies, Inc. (NYSE:UBER)

Bridger Management’s Stake Value: $20,323,000

Percentage of Bridger Management’s 13F Portfolio: 4.58%

Number of Hedge Fund Holders: 129

Uber Technologies, Inc. (NYSE:UBER) is a company that creates and runs proprietary technology applications in the United States, Canada, Latin America, Europe, the Middle East, Africa, and the Asia Pacific. Uber Technologies, Inc. (NYSE:UBER) stated on September 1 that it will collaborate with financial technology firm Moove to raise the number of electric vehicles in London by 10,000 over the ensuing few years.

On August 3, MKM Partners analyst Rohit Kulkarni reaffirmed a ‘Buy’ recommendation on Uber Technologies, Inc. (NYSE:UBER) while increasing his price objective to $40 from $32. The company’s Q2 witnessed another clean beat, and the Q3 bookings prediction was once more above consensus expectations, according to the analyst’s research note to investors.

Uber Technologies, Inc. (NYSE:UBER) was in 129 hedge fund portfolios at the end of the second quarter of 2022. There were 144 hedge funds in our database with UBER at the end of the previous quarter. In the second quarter, Bridger Management reduced its stake in Uber Technologies, Inc. (NYSE:UBER) by 3%, and its position is now worth about $20.32 million. Ken Fisher’s Fisher Asset Management is the most significant stakeholder of Uber Technologies, Inc. (NYSE:UBER), with 24.48 million shares worth $500.83 million.

ClearBridge Investments mentioned Uber Technologies, Inc. (NYSE:UBER) in its Q3 2021 investor letter. Here’s what the fund said:

“We have also been looking for multiyear secular trends outside of the IT and Internet sectors to help us maintain a portfolio that can perform well in markets with varied sector or factor leadership. In particular, electrification of the global economy and the transition to electric vehicles (EVs) are areas where we continue to add exposure. We are investing in the brains behind EVs through NXP in the control center and Aptiv for safety features. Global rideshare leader Uber will also be a key player in the transition from internal combustion engines to EVs.”

8. Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Bridger Management’s Stake Value: $20,591,000

Percentage of Bridger Management’s 13F Portfolio: 4.64%

Number of Hedge Fund Holders: 45

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) is a biotechnology company that conducts research and markets cystic fibrosis medications. The business boosted its 2022 revenue projection in its Q2 2022 report, which Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) published on August 4. The biotech now expects full-year sales of $8.6 billion-$8.8 billion, up from $8.4 billion-$8.6 billion.

After Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)’s Q2 results beat and revised expectations, Piper Sandler analyst Do Kim increased his price objective on the company to $288 from $256 on August 16 while retaining a ‘Neutral’ rating on the shares. Overall, 45 hedge funds were bullish on Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) at the end of June 2022, holding collective stakes amounting to approximately $2.27 billion.

In the second quarter of 2022, Bridger Management held 73,072 shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) worth over $20.59 million, representing 4.64% of the firm’s total portfolio. As of June 30, Renaissance Technologies owned 1.76 million shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) and is the company’s largest shareholder.

On September 2, the FDA approved the use of Orkambi, a medication created by Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX), to treat children between the ages of 12 and 24 months who have cystic fibrosis (CF). The FDA had previously advised using Orkambi for CF patients with two copies of the F508del mutation who were two years of age or older.

Baron Funds, an asset management firm, mentioned Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) in its second quarter 2022 investor letter. Here is what the fund said:

“Vertex Pharmaceuticals Incorporated is a leader in the treatment of cystic fibrosis, a fatal lifelong disease that Vertex has made major steps towards curing. Shares increased mostly due to underlying business fundamentals that include strong free cash flow generation and a pipeline that is finally starting to add value. We expect Vertex’s kidney disease program and updates to treat Type 1 diabetes to drive future upside.”

7. Alcon Inc. (NYSE:ALC)

Bridger Management’s Stake Value: $21,884,000

Percentage of Bridger Management’s 13F Portfolio: 4.93%

Number of Hedge Fund Holders: 26

Alcon Inc. (NYSE:ALC) develops, manufactures, and markets products for treating eye disorders and diseases, such as surgical instruments, eye drops, and consumer vision care products. Alcon Inc. (NYSE:ALC) and Aerie Pharmaceuticals, Inc. (NASDAQ:AERI) announced they had signed a legally binding merger agreement on August 23. As a result, Alcon would acquire Aerie for around $770 million.

Yigal Nochomovitz, a Citi analyst, downgraded Aerie Pharmaceuticals, Inc. (NASDAQ:AERI) on August 29 from ‘Buy’ to ‘Neutral’ with a price objective of $15.25, up from $14, highlighting the company’s upcoming acquisition by Alcon Inc. (NYSE:ALC).

26 hedge funds were long Alcon Inc. (NYSE:ALC) at the end of the second quarter, up from 24 in the preceding quarter. The total value of Q2 hedge fund holdings stood at $982.28 million. Nicolai Tangen’s Ako Capital, with 4.69 million shares worth $327.65 million, is the most significant stakeholder of Alcon Inc. (NYSE:ALC).

Bridger Management first invested in Alcon Inc. (NYSE:ALC) in the second quarter of 2019. The hedge fund cut its stake in Alcon Inc. (NYSE:ALC) by 40,100 shares in the second quarter, reducing its total stake size by 12%. However, Roberto Mignone’s Bridger Management still holds 313,115 shares of Alcon Inc. (NYSE:ALC), worth more than $21.88 million.

6. Clarivate Plc (NYSE:CLVT)

Bridger Management’s Stake Value: $22,749,000

Percentage of Bridger Management’s 13F Portfolio: 5.12%

Number of Hedge Fund Holders: 31

Clarivate Plc (NYSE:CLVT) provides trustworthy analytics and insights to quicken the pace of innovation. The company’s products include Life Science, Web of Science, Cortellis, Derwent, CompuMark, MarkMonitor, and Techstreet. With about 116.67 million shares valued at $1.62 billion, Leonard Green & Partners is the biggest shareholder of Clarivate Plc (NYSE:CLVT).

According to its 13F filing for the second quarter of 2022, Bridger Management held over 1.64 million shares of Clarivate Plc (NYSE:CLVT), amounting to $22.75 million and representing 5.12% of the fund’s 13F portfolio. However, the hedge fund cut its stake in the firm by 11% during Q2.

On July 12, Wells Fargo analyst Seth Weber initiated coverage of Clarivate Plc (NYSE:CLVT), assigning the stock an ‘Overweight’ rating and a $20 price target. In addition, 31 hedge funds reported having bullish bets on Clarivate Plc (NYSE:CLVT) as of the end of the second quarter, with combined stakes valued at $3.38 billion.

Clarivate Plc (NYSE:CLVT) is a significant stock in Bridger Management’s portfolio, along with Charter Communications, Inc. (NASDAQ:CHTR), Morgan Stanley (NYSE:MS), and Centene Corporation (NYSE:CNC).

Baron Funds, mentioned Clarivate (NYSE:CLVT) in its Q1 2022 investor letter. Here’s is what the fund said:

“We reduced our stake in Clarivate Plc (NYSE:CLVT), an information services company focused on the scientific and academic markets, after the company reported particularly disappointing fourth quarter earnings results.”

Click to continue reading and see Top 5 Stock Picks of Roberto Mignone’s Bridger Management.

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Published on October 30, 2024 at by Inan Dogan, PhD

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Published on November 16, 2024 at by Insider Monkey Staff

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Click to continue reading…

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