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Brown Capital Management, an investment management company, released its “The Brown Capital Management Mid Company Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. The Mid Company Fund (Institutional shares) returned -7.85 % in the quarter significantly underperforming -3.21% return for the Russell Midcap Growth Index. The strategy focuses on EGCs with strong revenue growth, competitive advantages, and differentiated products that save time, and money or deliver significant value to consumers. In addition, check the fund’s top five holdings to know its best picks in 2024.
Brown Capital Management Mid Company Fund highlighted stocks like Insulet Corporation (NASDAQ:PODD), in the second quarter 2024 investor letter. Insulet Corporation (NASDAQ:PODD) develops and manufactures insulin delivery systems. The one-month return of Insulet Corporation (NASDAQ:PODD) was 17.87%, and its shares gained 24.91% of their value over the last 52 weeks. On September 6, 2024, Insulet Corporation (NASDAQ:PODD) stock closed at $214.75 per share with a market capitalization of $15.169 billion.
Brown Capital Management Mid Company Fund stated the following regarding Insulet Corporation (NASDAQ:PODD) in its Q2 2024 investor letter:
"Insulet Corporation (NASDAQ:PODD) is a medical-device company that produces the Omnipod Insulin Management System, the first commercial, tubeless, insulin-patch pump. Insulin-dependent diabetics historically relied on syringes or tubed insulin pumps to administer the medicine. The Omnipod offers a distinct form factor for insulin delivery: a sleek, disposable, multiday pod that attaches to the body. As technology advanced, these pumps were paired with continuous glucose monitoring (CGM) systems that automatically transmit glucose data wirelessly to the insulin pump. Pumps could then use this real-time information to dynamically adjust the insulin-infusion rate, mimicking the function of a healthy pancreas and dramatically improving a patient’s quality of life. After reeling late last year over concerns that GLP-1s, the popular weight-loss drugs, will curb diabetes and reduce insulin-pump demand, Insulet’s shares have slowly rebounded as the company’s results have remained strong.