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Hardman Johnston Global Advisors, an investment management company, released its “Hardman Johnston Global Equity” third quarter 2024, investor letter. A copy of the letter can be downloaded here. The portfolio slightly underperformed its benchmark index in the third quarter following a robust first half of the year. Performance was impacted by volatility, especially towards the end of the quarter. The strategy returned 4.50%, net of fees, in the quarter, compared to 6.61% for the MSCI AC World Net Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Hardman Johnston Global Equity highlighted stocks like Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX), in the third quarter 2024 investor letter. Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) is a biotechnology company focusing on developing and commercializing therapies for treating cystic fibrosis (CF). The one-month return of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) was -0.64%, and its shares gained 11.70% of their value over the last 52 weeks. On December 18, 2024, Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) stock closed at $447.50 per share with a market capitalization of $115.244 billion.
Hardman Johnston Global Equity stated the following regarding Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) in its Q3 2024 investor letter:
"North America was the largest detractor, with Atlassian and Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) driving underperformance. Vertex is a biopharmaceutical company focused on cystic fibrosis treatment with an emerging portfolio of agents to address rare diseases with high unmet needs. During the quarter, the company reported a slight top and bottom line miss due to a one-time impact from the acquisition of Alpine Lifesciences. Despite this, management raised 2024 topline guidance, citing an increase in cystic fibrosis patients and growth into new geographies."
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Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 55 hedge fund portfolios held Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) at the end of the third quarter which was 59 in the previous quarter. While we acknowledge the potential of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) 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.