Our top contributor in the quarter and over the past six months was Regeneron Pharmaceuticals (REGN, Financial). The company is at the forefront of developing potential coronavirus treatments. The relative attractiveness of Regeneron stock has diminished substantially given its strong outperformance, but we still believe the company is selling at a discount to our estimate of its intrinsic value.
From Bill Nygren (Trades, Portfolio)'s Oakmark Select Fund first-quarter 2020 shareholder commentary.
