Innoviva (INVA, Financial), which is active in the development, commercializa-tion and financial management of biopharmaceuticals, gained in the quarter as the activist investor that has taken over manage-ment of the company has slashed operating expenses and begun to grow the company’s free cash flow. We believe the royalty stream that Innoviva generates continues to be undervalued by the market.
From First Eagle Investment (Trades, Portfolio)'s Fund of America fourth-quarter 2019 commentary.
