Oakmark Funds, advised by Harris Associates, released its “Oakmark Equity and Income Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund delivered -2.19% during the quarter compared to the Lipper Balanced Fund Index’s 1.11% return. The equity portfolio returned -3.97% in the quarter, compared to 4.28% for the S&P 500 Index. The fixed-income portfolio returned 0.75%. The fund has allocated its portfolio, 58.0% in equities, 40.7% in fixed income, and 1.3% cash. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Oakmark Equity and Income Fund highlighted stocks like IQVIA Holdings Inc. (NYSE:IQV) in the second quarter 2024 investor letter. IQVIA Holdings Inc. (NYSE:IQV) is an analytical technology services and clinical research-providing company to the life sciences industry. The one-month return of IQVIA Holdings Inc. (NYSE:IQV) was 3.14%, and its shares lost 0.75% of their value over the last 52 weeks. On July 11, 2024, IQVIA Holdings Inc. (NYSE:IQV) stock closed at $219.44 per share with a market capitalization of $39.982 billion.
Oakmark Equity and Income Fund stated the following regarding IQVIA Holdings Inc. (NYSE:IQV) in its Q2 2024 investor letter:
“IQVIA Holdings Inc. (NYSE:IQV) was the top detractor during the quarter. Although the U.S.-based healthcare company’s stock price fell following the release of first quarter results, the company’s fundamentals were in-line with consensus expectations. Forward-looking indicators in the clinical trial business continue to be favorable, and management foresees gradual improvement in the technology and analytics solutions segment in the second half of this year and a stronger rebound next year. We believe IQVIA should sustain above-average long-term growth even though it trades at a discount to other life sciences and data/information services companies.”
A researcher in a lab with a microscope examining a sample.
IQVIA Holdings Inc. (NYSE:IQV) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 59 hedge fund portfolios held IQVIA Holdings Inc. (NYSE:IQV) at the end of the first quarter which was 49 in the previous quarter. The first quarter revenue of IQVIA Holdings Inc. (NYSE:IQV) was $3.737 billion, up 2.3% on a reported basis. While we acknowledge the potential of IQVIA Holdings Inc. (NYSE:IQV) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
We discussed IQVIA Holdings Inc. (NYSE:IQV) in another article and shared the list of fastest growing health tech companies in the world. Oakmark Funds added IQVIA Holdings Inc. (NYSE:IQV) in its portfolio during the previous quarter. In addition, please check out our hedge fund investor letters Q2 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.
