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Here’s Why Bayer Aktiengesellschaft (BAYRY) Detracted in Q1

Oakmark Funds, advised by Harris Associates, released its “Oakmark International Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. For the quarter ended March 31, 2024, the fund returned 0.11% compared to the MSCI World ex U.S. Index benchmark’s 5.59% return. Since its inception in September 1992, the fund returned an average of 8.55% per year compared to the index’s 6.10% return over the same period. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Oakmark International Fund featured stocks Bayer Aktiengesellschaft (OTC:BAYRY) in the first quarter 2024 investor letter. Headquartered in Leverkusen, Germany, Bayer Aktiengesellschaft (OTC:BAYRY) operates as a life science company. On April 5, 2024, Bayer Aktiengesellschaft (OTC:BAYRY) stock closed at $7.55 per share. One-month return of Bayer Aktiengesellschaft (OTC:BAYRY) was 1.88%, and its shares lost 54.51% of their value over the last 52 weeks. Bayer Aktiengesellschaft (OTC:BAYRY) has a market capitalization of $29.335 billion.

Oakmark International Fund stated the following regarding Bayer Aktiengesellschaft (OTC:BAYRY) in its first quarter 2024 investor letter:

"Bayer Aktiengesellschaft (OTC:BAYRY) (Germany) was a top detractor during the quarter. In January, Bayer had a larger than average adverse jury verdict in its long-running RoundUp litigation. We continue to believe that these headline verdicts will be reduced substantially on appeal and note that Bayer has since won two cases in a row. Then, in March, the company held its long-awaited capital markets day. The event contained limited material strategy updates as Bayer is no longer pre-communicating its litigation strategy, is erring conservatively by not issuing mid-term targets, and is deferring a break-up until its balance sheet is in better shape. This didn’t bring the quick wins some investors had hoped for, but we support the strategy and appreciate management’s sharp focus on improving profitability and cash generation while starting to cut away at the company’s bureaucracy. The full-year 2023 results and 2024 guidance were both in line with our expectations."

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Bayer Aktiengesellschaft (OTC:BAYRY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Bayer Aktiengesellschaft (OTC:BAYRY) was held by 2 hedge fund portfolios, compared to 1 in the previous quarter, according to our database.

We discussed Bayer Aktiengesellschaft (OTC:BAYRY) in another article and shared the list of best German dividend stocks. In addition, please check out our hedge fund investor letters Q1 2024 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.