Here’s Why Illumina (ILMN) Declined -19.4% in Q2

Ensemble Capital Management, an investment management company, released its second quarter 2023 investor letter. A copy of the same can be downloaded here. During the quarter, the strategy slightly outperformed with a gain of 8.76% compared to the S&P 500’s 8.74% gain. The strategy’s performance in the quarter was driven by big gains generated by small companies in the portfolio. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Ensemble Capital Management highlighted stocks like Illumina, Inc. (NASDAQ:ILMN) in the second quarter 2023 investor letter. Headquartered in San Diego, California, Illumina, Inc. (NASDAQ:ILMN) is a life science tools and integrated systems manufacturer. On July 27, 2023, Illumina, Inc. (NASDAQ:ILMN) stock closed at $189.70 per share. One-month return of Illumina, Inc. (NASDAQ:ILMN) was 1.18%, and its shares lost 12.45% of their value over the last 52 weeks. Illumina, Inc. (NASDAQ:ILMN) has a market capitalization of $29.992 billion.

Ensemble Capital Management made the following comment about Illumina, Inc. (NASDAQ:ILMN) in its second quarter 2023 investor letter:

“Illumina, Inc. (NASDAQ:ILMN) (-19.4%): Illumina was our largest detractor in the quarter, as it worked through a contentious activist campaign led by Carl Icahn. Illumina’s chairman lost his board seat due to shareholder votes and the CEO departed shortly after the vote. The shareholder rancor was due to Illumina’s acquisition of GRAIL rather than the core Illumina business, which Icahn believes is materially undervalued by the market today. We agree.”

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Illumina, Inc. (NASDAQ:ILMN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held Illumina, Inc. (NASDAQ:ILMN) at the end of first quarter which was 44 in the previous quarter.

We discussed Illumina, Inc. (NASDAQ:ILMN) in another article and shared the list of personalized medicine stocks billionaires are purchasing. In addition, please check out our hedge fund investor letters Q2 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.