L1 Capital International, an investment management company, released its “L1 Capital International Fund” third-quarter 2022 investor letter. A copy of the same can be downloaded here. The fund returned -0.4% net of fees in the third quarter compared to a 0.3% return for the MSCI World Net Total Return Index in AUD. The depreciation of Australian dollars against the USD and Euro added to the fund’s reported and benchmark returns. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
L1 Capital International highlighted stocks like Danaher Corporation (NYSE:DHR) in its Q3 2022 investor letter. Headquartered in Washington, the District of Columbia, Danaher Corporation (NYSE:DHR) operates through Life Sciences, Diagnostics, and Environmental & Applied Solutions segments to support the life science industry. On December 6, 2022, Danaher Corporation (NYSE:DHR) stock closed at $265.35 per share. One-month return of Danaher Corporation (NYSE:DHR) was 7.45% and its shares lost 16.62% of their value over the last 52 weeks. Danaher Corporation (NYSE:DHR) has a market capitalization of $193.165 billion.
L1 Capital International made the following comment about Danaher Corporation (NYSE:DHR) in its Q3 2022 investor letter:
“During the quarter we made an initial investment in one new business, added to our investment in Booking Holdings (Booking), and reduced our investment in IQVIA, using the proceeds to increase our investment in Danaher Corporation (NYSE:DHR).
IQVIA and Danaher have overlapping drivers, with both companies being ‘picks and shovels’ businesses servicing the life sciences industry. We remain comfortable with both businesses and determined it was more appropriate to make the position size in each company more comparable. We would consider making our investment in both companies larger if valuations become even more compelling.”
Danaher Corporation (NYSE:DHR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 89 hedge fund portfolios held Danaher Corporation (NYSE:DHR) at the end of the third quarter, which was 82 in the previous quarter.
We discussed Danaher Corporation (NYSE:DHR) in another article and shared the top dividend stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.