In today’s briefing:
- Celltrion (068270 KS): Muted Q1 2022 Performance Reflects Continuing Biosimilars Pricing Pressure
- Greenhaven Road Capital Q1 2022 Letter
- 1 Main Capital Partners Q1 2022 Fund Letter
- Polen Global Growth Q1 2022 Portfolio Manager Commentary
- Polen International Growth Q1 2022 Portfolio Manager Commentary
Celltrion (068270 KS): Muted Q1 2022 Performance Reflects Continuing Biosimilars Pricing Pressure
- Celltrion Inc (068270 KS) reported muted Q1 results, with revenue, operating profit, and net profit declining quarter-over-quarter. Its biosimilar products in the EU are facing price competition.
- Celltrion has recalled its COVID-19 rapid antigen test kits in the U.S. in April, which marks its third such recall in less than two months.
- Celltrion shares plunged 15% since I published bearish insight on the company on March 8. Bear thesis of biosimilar competition still holds good for the company.
Greenhaven Road Capital Q1 2022 Letter
- Greenhaven Road Capital Partners Fund returned approximately -26.5% net in the first quarter.
- The three big factors that currently appear to be dominating investors’ focus are rising interest rates/inflation, rising oil prices, and war in Ukraine.
1 Main Capital Partners Q1 2022 Fund Letter
- For the first quarter, 1 Main Capital Partners, L.P.
- (the “Fund’s) returned (11.4)% net of fees and expenses, according to the “Fund’s” quarterly results.
- The first quarter of the first year, the fund returned 11.
Polen Global Growth Q1 2022 Portfolio Manager Commentary
- Polen Capital is a high-conviction growth investment manager.
- We scour the globe in search of the highest quality, sustainable companies to invest in.
- Aon, Visa, and Mastercard were the top absolute performers during the quarter.
Polen International Growth Q1 2022 Portfolio Manager Commentary
- Polen International Growth Composite Portfolio returned -13.94% gross and -14.17% net of fees, respectively, versus the -5.45% return of the MSCI All Country World ex-USA Index.
- The most significant detractors from performance included ICON, Evolution AB, and Sage Group.
Before it’s here, it’s on Smartkarma
