Mutual Fund Double Play: A Win on Celgene and No Losses on Apple
- Edgewood Growth has a track record of making the right calls
- Fund has outperformed the S&P 500 Index by a wide margin
Photographer: John Guillemin/Bloomberg
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On a day when Celgene Corp. is soaring and Apple Inc. plunging, one mutual fund got both calls right.
The Edgewood Growth Fund at the end of October held 7.7 million shares of Celgene, which agreed Thursday to be acquired by Bristol-Myers Squibb Co. Shares of Celgene, a biotech firm, were up 26 percent at 10:34 a.m., making the fund a paper profit of about $140 million -- if it still holds the same number of shares.