Hardman Johnston Q3 2024 Investor Letter: Volatility Impacts Hardman Johnston’s Portfolio in Q3 2024
The investment management firm Hardman Johnston Global Advisors published its investor letter for the third quarter of 2024 titled “Hardman Johnston Global Equity.” After a strong first half of the year, the portfolio lagged its benchmark index by a little margin in the third quarter. Volatility affected performance, particularly in the latter part of the quarter. The strategy’s quarterly performance, net of fees, was 4.50%, whereas the MSCI AC World Net Index’s return was 6.61%.
Hardman Johnston Highlights Vertex Pharmaceuticals’ Growth and Challenges in Q3 2024
In the investor letter for the third quarter of 2024, Hardman Johnston Global Equity highlighted stocks such as Vertex Pharmaceuticals Incorporated. The biotechnology company is dedicated to creating and promoting treatments for people with cystic fibrosis (CF). The company’s one-month return was -0.64%, while during the previous 52 weeks, its shares increased in value by 11.70%. With a market valuation of $115.24 billion, the company’s stock closed at $447.50 per share on December 18, 2024. In its Q3 2024 investor letter, Hardman Johnston Global Equity made the following statements about the company:
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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