Oakmark Funds, advised by Harris Associates, released its “Oakmark Global Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The Oakmark Global Fund showed robust absolute gains in the fourth quarter. The fund returned 7.56% in the quarter compared to an 11.42% Return for the MSCI World Index. For the calendar year, the fund returned 17.25% compared to 23.79% for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
In its Q4 2023 investor letter, Oakmark Global Fund featured stocks such as Agilent Technologies, Inc. (NYSE:A). Headquartered in Santa Clara, California, Agilent Technologies, Inc. (NYSE:A) is an application-focused solutions provider for life sciences, diagnostics, and applied chemical markets. On January 8, 2024, Agilent Technologies, Inc. (NYSE:A) stock closed at $133.38 per share. One-month return of Agilent Technologies, Inc. (NYSE:A) was 3.56%, and its shares lost 14.08% of their value over the last 52 weeks. Agilent Technologies, Inc. (NYSE:A) has a market capitalization of $39.081 billion.
In its fourth quarter 2023 investor letter, Oakmark Global Fund stated the following regarding Agilent Technologies, Inc. (NYSE:A):
“Agilent Technologies, Inc. (NYSE:A) sells analytical instruments primarily used by research scientists and quality control labs. Agilent’s portfolio has transformed dramatically since the company was spun off from Hewlett Packard in 1999. Since then, the company has pared back cyclical business lines in semiconductors, electronic measurement and communications. Agilent is now a pure-play focused on life science and diagnostics. Most of its current sales are derived from recurring sources, such as consumables, services and software, which are more profitable and less volatile than capital equipment orders. Since slimming the company down, Agilent’s management has delivered consistent market share gains, robust organic growth and solid margin expansion. We also like that the company competes in large, consolidated end markets that possess attractive growth rates, robust profitability and resiliency. Company executives are talented operators, driven by a long-term mindset and a commitment to build shareholder value through balanced capital allocation, which adds to our confidence in our investment. We believe the market is overlooking the company’s transformation and still sees Agilent as a cyclical business. The share price has been hurt by short-term concerns about soft capital equipment orders following a robust post-pandemic selling period. This has allowed us to purchase shares of this high-quality business at a discount to its life science peers and to relevant private market transactions.”
A scientist peering into a microscope, exploring innovative diagnostics techniques.
Agilent Technologies, Inc. (NYSE:A) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Agilent Technologies, Inc. (NYSE:A) at the end of third quarter which was 46 in the previous quarter.
We discussed Agilent Technologies, Inc. (NYSE:A) in another article and shared Artisan Partners’ views on the company in the previous quarter. 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.
