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Bronte Capital, an investment management company, released its “Amalthea Fund” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund was down 3.72% for the quarter vs. +2.54% for the MSCI ACWI (in $A). It was down 5.59% in September vs. -0.35% for the index. The market rose in the third quarter, reaching new peaks, with a minor dip in late August and early September. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Amalthea Fund highlighted stocks like Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) in the Q3 2024 investor letter. Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) is a biopharmaceutical company that discovers, invents, develops, manufactures, and commercializes medicines for treating various diseases. The one-month return of Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) was -20.82%, and its shares lost 4.61% of their value over the last 52 weeks. On November 18, 2024, Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) stock closed at $762.00 per share with a market capitalization of $83.165 billion.
Amalthea Fund stated the following regarding Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) in its Q3 2024 investor letter:
"Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) – the biggest loser in the book by absolute dollars. Regeneron is a large position for us. We wrote the position up in June 2021 letter. The stock has almost doubled since the original write-up, but it is down on the month. Allow some time for an explanation There are two ways of looking at Regeneron. The sum-of-the-parts way and the platform way.
A pharmacist in a lab coat carefully analyzing a vial of medicine for its quality.
Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 62 hedge fund portfolios held Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) at the end of the third quarter which was 57 in the previous quarter. In the third quarter, Regeneron Pharmaceuticals, Inc.'s (NASDAQ:REGN) total revenues grew 11% to $3.72 billion. While we acknowledge the potential of Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) 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.