Here’s Why Oakmark Equity and Income Fund Sold LivaNova PLC (LIVN)
Oakmark Funds, advised by Harris Associates, released its “Oakmark Equity and Income Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund increased 3.3% in the first quarter compared to a 4.3% return for the Lipper Balanced Fund Index. The fund generated a 9.4% compounded annual rate of return since its inception in 1995 compared to the Index’s return of 6.7%. The equities returned 4.4% in the quarter underperforming the S&P 500 Index which returned 7.5%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Oakmark Equity and Income Fund highlighted stocks like LivaNova PLC (NASDAQ:LIVN) in the first quarter 2023 investor letter. Headquartered in London, the United Kingdom, LivaNova PLC (NASDAQ:LIVN) develops and manufactures therapeutic solutions. On April 12, 2023, LivaNova PLC (NASDAQ:LIVN) stock closed at $42.28 per share. One-month return of LivaNova PLC (NASDAQ:LIVN) was -0.48%, and its shares lost 48.20% of their value over the last 52 weeks. LivaNova PLC (NASDAQ:LIVN) has a market capitalization of $2.265 billion.
Oakmark Equity and Income Fund made the following comment about LivaNova PLC (NASDAQ:LIVN) in its Q1 2023 investor letter:
"During the quarter, we eliminated three positions: Howmet, Keurig Dr Pepper and LivaNova PLC (NASDAQ:LIVN). We purchased LivaNova with the thesis that the core medical technology business was trading below private market value despite the company’s promising pipeline of future devices. Although the investment was slightly profitable for the Fund, both the base business and pipeline failed to meet our fundamental expectations, so we decided to sell our position in favor of more attractive alternatives."
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LivaNova PLC (NASDAQ:LIVN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held LivaNova PLC (NASDAQ:LIVN) at the end of the fourth quarter which was 31 in the previous quarter.
We discussed LivaNova PLC (NASDAQ:LIVN) in another article and shared stock picks of Efrem Kamen’s Pura Vida Investments. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
