Harding Loevner, an asset management company, released its “International Equity Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. HL International Equity returned 7.72% (Net of fees) compared to a 7% return for the MSCI All Country World ex-US Index and 8.62% for the MSCI EAFE Index. Sector and regional allocation are the sources of the relative performance of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
HL International Equity Strategy highlighted stocks like Haleon plc (NYSE:HLN) in the first quarter 2023 investor letter. Headquartered in Weybridge, the United Kingdom, Haleon plc (NYSE:HLN) engages in the research, development, and manufacturing of personal healthcare products. On June 14, 2023, Haleon plc (NYSE:HLN) stock closed at $8.21 per share. One-month return of Haleon plc (NYSE:HLN) was -5.20%, and year-to-date its shares gained 2.63% of their value. Haleon plc (NYSE:HLN) has a market capitalization of $37.908 billion.
HL International Equity Strategy made the following comment about Haleon plc (NYSE:HLN) in its first quarter 2023 investor letter:
“We acquired shares of Haleon plc (NYSE:HLN), a British company that ranks among the world’s largest consumer health companies in terms of revenue. Its product portfolio includes oral, respiratory and digestive health, pain relief, and vitamins and minerals, including top brands such as Sensodyne toothpaste, Centrum vitamins, Advil and Panadol painkillers, Theraflu, and Flonase. Haleon sells these products globally, with about 38% of sales in North America, 23% in Asia Pacific, and the rest in Europe, the Middle East, and Latin America. This has resulted in about a 6% market share in global consumer health. Though most of its brands are long-established, Haleon went public only in 2022, the result of Pfizer and GSK merging their over-the-counter health care products into a single firm. Now that Haleon has been unleashed by its former parent companies to stand on its own as a leader in the consumer health industry with market dynamics distinct from drug discovery and development, we think it should deliver stable growth for years to come, with new opportunities arising from underpenetrated EMs. Yet our analysis suggests that Haleon’s valuation is more attractive than many other companies within the Consumer Staples sector.”
Haleon plc (NYSE:HLN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Haleon plc (NYSE:HLN) at the end of first quarter 2023 which was 21 in the previous quarter. 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.
