NVSEF - Roche Holding AG: A More Optimal Investment Vis-A-Vis NVS
2024-07-17 11:20:00 ET
Summary
- During the quarter, we sold our position in Novartis and invested the proceeds in Roche.
- We decided to sell Novartis to fund the purchase of what we believe is a more optimal investment in Roche.
- Considering Roche's ~4% dividend yield and our projections of higher future earnings, we view the company to be attractively valued with a normalized P/E of ~14x.
- Pipeline of possible blockbuster developments, such as Roche's Brainshuttle technology used to deliver antibodies to treat neurological diseases, could become catalysts.
The following segment was excerpted from this fund letter.
Roche Holding AG ( RHHBY )
During the quarter, we sold our position in Novartis ( NVS ) and invested the proceeds in Roche....
Roche Holding AG: A More Optimal Investment Vis-A-Vis NVS