Baron Funds, an investment management company, released its “Baron Health Care Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. The fund advanced 8.92% (Institutional Shares) in the quarter compared to an 8.52% gain for the Russell 3000 Health Care Index (benchmark) and a 10.56% increase for the S&P 500 Index. The fund rose 13.61% on an annualized basis since its inception on April 30, 2018, compared to an 11.45% gain for the benchmark and a 14.24% gain for the index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Baron Health Care Fund featured stocks like Shockwave Medical, Inc. (NASDAQ:SWAV) in the first quarter 2024 investor letter. Headquartered in Santa Clara, California, Shockwave Medical, Inc. (NASDAQ:SWAV) is a medical device company. On April 23, 2024, Shockwave Medical, Inc. (NASDAQ:SWAV) stock closed at $328.54 per share. One-month return of Shockwave Medical, Inc. (NASDAQ:SWAV) was 1.84%, and its shares gained 15.14% of their value over the last 52 weeks. Shockwave Medical, Inc. (NASDAQ:SWAV) has a market capitalization of $12.323 billion.
Baron Health Care Fund stated the following regarding Shockwave Medical, Inc. (NASDAQ:SWAV) in its first quarter 2024 investor letter:
“Investments in health care equipment, pharmaceuticals, and life sciences tools & services added the most value in the period. Stock selection in health care equipment accounted for about 130 basis points of relative gains, driven by outstanding performance from Shockwave Medical, Inc. (NASDAQ:SWAV), a medical device company focused on developing and commercializing products intended to transform the way calcified cardiovascular disease is treated. The company is best known for its intravascular lithotripsy technology, which targets severely calcified plaques in the coronary and peripheral arteries with shockwaves, clearing the way for cardiologists before percutaneous coronary intervention. Shockwave’s shares moved sharply higher due to a combination of solid financial results and news that pharmaceutical giant Johnson & Johnson was in talks to acquire the company. On April 5, the initial rumors were confirmed: the companies announced that Johnson & Johnson would acquire Shockwave for $335 per share, representing a transaction value of roughly $13.1 billion.”
A medical device company executive presenting the workings of intravascular lithotripsy technology.
Shockwave Medical, Inc. (NASDAQ:SWAV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Shockwave Medical, Inc. (NASDAQ:SWAV) was held by 40 hedge fund portfolios, compared to 34 in the previous quarter, according to our database.
We discussed Shockwave Medical, Inc. (NASDAQ:SWAV) in another article where we shared Artisan Mid Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 20 Best Evernote Alternatives in 2024
- 30 Countries That Receive the Most Aid From ILO
- 10 Stocks You Should Not Buy According to Jim Cramer
Disclosure: None. This article is originally published at Insider Monkey.
