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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Peapack Private 2024 Q3 Investor Letter | Buyside Digest

Back to Fund Profile (Peapack Private)

Primary Source Intelligence • Q3 2024 Letter Analysis

Peapack Private Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, Peapack Private. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

QTD+5.39%

Digest Analysis

Quick Take

"Baron Health Care Fund delivered solid Q3 performance driven by strong biotechnology stock selection, particularly argenx and Insmed benefiting from clinical successes. AI-enhanced medical solutions like RadNet and Heartflow also contributed."

Executive Summary

Baron Health Care Fund returned 5.39% in Q3 2025, performing similarly to its benchmark. Strong stock selection in biotechnology drove the majority of relative gains, led by argenx SE and Insmed Incorporated, both benefiting from positive clinical developments and drug approvals. AI-driven healthcare solutions also contributed, with RadNet and Heartflow demonstrating operational benefits from advanced technologies. The fund faced headwinds from poor stock selection in health care equipment and pharmaceuticals, particularly from not owning Johnson & Johnson which rose 22.3%. The manager added 16 new positions during the quarter, taking advantage of attractive valuations across the sector. Key risks include regulatory uncertainty around drug pricing and tariffs, while catalysts include the Trump Administration's favorable agreement with Pfizer and accelerating biotechnology M&A activity. The fund maintains conviction in secular growth drivers including the aging population, chronic disease prevalence, and technological advances, positioning for long-term outperformance in the $150+ billion GLP-1 market and AI-enhanced medical solutions.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

72%

CautiousHigh

High Conviction (72%)

The fund holds 46 concentrated positions with top 10 holdings representing 47.8% of assets. The manager provides detailed thesis explanations for individual holdings, maintains large absolute positions in key names like Lilly (9.2% of assets), and demonstrates willingness to add significantly to positions during market weakness. However, the diversified approach across multiple healthcare subsectors prevents a higher score.

Growth Outlook

75%

BearishBullish

Bullish (75%)

The manager expresses strong optimism about the long-term health care sector outlook, citing favorable secular growth drivers including aging population, rising chronic diseases, and technological advances. The positive response to the Pfizer-Trump Administration agreement and acceleration in biotechnology M&A activity reinforce constructive market views.

Risk Appetite

60%

DefensiveAggressive

Balanced (60%)

The fund added 16 new positions during the quarter, demonstrating active deployment and risk appetite. However, the manager also reduced positions in top holdings like argenx and Lilly for risk management, and maintains 5.2% cash, indicating a balanced approach to risk-taking.

Capital Deployment

45%

De-riskingDeploying

Net Neutral (45%)

The fund added 16 new positions while exiting 5, indicating active deployment. However, this appears to be rotation rather than net new capital deployment, as cash remains at 5.2%. The manager also reduced positions in top holdings for risk management, suggesting balanced rather than aggressive deployment.

Forward Guidance

50%

CautiousExpansionary

Neutral (50%)

The manager continues following their established process for identifying investment opportunities and maintains conviction in secular themes. While optimistic about long-term prospects, the guidance is measured and process-focused rather than indicating aggressive near-term deployment.

Language Signal

65%

BearishBullish

Bullish (65%)

Language is predominantly positive with frequent use of terms like 'optimistic,' 'attractive opportunities,' 'strong conviction,' and 'excited about prospects.' Risk language is present but balanced, focusing on manageable regulatory concerns rather than systemic threats.

Perceived Risk

45%

Low RiskElevated

Moderate Risk (45%)

The manager acknowledges specific risks including regulatory uncertainty around drug pricing and tariffs, competitive pressures in medical devices, and hospital financial pressures from Medicaid cuts. However, these risks are characterized as manageable rather than systemic threats, with the Pfizer agreement viewed as reducing sector-wide regulatory risk.

Opportunity Density

70%

ScarceAbundant

Abundant (70%)

The manager added 16 new positions during the quarter, citing attractive valuations across the sector following recent underperformance. Multiple secular growth themes are identified including biotechnology, AI-driven solutions, and GLP-1 expansion, suggesting a rich opportunity set within healthcare.

Time Horizon

75%

Short-TermLong-Term

Decade+ (75%)

The strategy explicitly focuses on companies 'that we can own for years' with emphasis on long-term secular growth drivers. The manager discusses multi-year revenue doubling for Lilly by 2030, decade-plus healthcare sector opportunities, and maintains positions through short-term volatility, indicating a multi-year investment horizon.