Baron Funds, an investment management company, released its “Baron Discovery Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund (Institutional Shares) returned 4.57% underperforming the 7.58% return for the Russell 2000 Growth Index. The firm is optimistic about the Fund’s prospects for 2024. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Baron Discovery Fund featured stocks like Navitas Semiconductor Corporation (NASDAQ:NVTS) in the first quarter 2024 investor letter. Founded in 2013, Navitas Semiconductor Corporation (NASDAQ:NVTS) designs, develops, and markets gallium nitride power integrated circuits, silicon carbide, associated high-speed silicon system controllers, and digital isolators. On May 14, 2024, Navitas Semiconductor Corporation (NASDAQ:NVTS) stock closed at $4.00 per share. One-month return of Navitas Semiconductor Corporation (NASDAQ:NVTS) was 2.56%, and its shares lost 51.98% of their value over the last 52 weeks. Navitas Semiconductor Corporation (NASDAQ:NVTS) has a market capitalization of $732.248 billion.
Baron Discovery Fund stated the following regarding Navitas Semiconductor Corporation (NASDAQ:NVTS) in its first quarter 2024 investor letter:
“Navitas Semiconductor Corporation (NASDAQ:NVTS) is a leader in gallium nitride (GaN) power semiconductors and a smaller player in silicon carbide (SiC) power semiconductors. Shares fell during the quarter on lowered guidance. Despite the softer near-term outlook, the company highlighted several design wins across mobile, data center, renewable energy, and vehicle electrification that are expected to ramp later in 2024 and into 2025 and should support above-industry growth. The company’s monolithically integrated GaN power chips provide greater reliability and performance compared to discrete power devices. It recently purchased a co-packaged silicon controller to drive additional integration and performance. Its SiC products also offer better performance than peers and robustness across many applications. We expect Navitas to gain share in the rapidly growing GaN and SiC power semiconductor markets over time, driven by its superior technology, especially with its high-power GaN product in data center, solar, and electric vehicles just starting to ramp.
We reduced our position in Navitas Semiconductor Corporation, a provider of analog power management semiconductors, as we grew concerned about the near-term prospects for consumer spending (communications charging segment), some increased Chinese competition, and the mixed messages coming out of the auto industry (which is a new growth area for the company). We continue to really like the company’s products and are watching the environment closely.”
Aerial view of a large solar panel array under construction in a rural China landscape.
Navitas Semiconductor Corporation (NASDAQ:NVTS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Navitas Semiconductor Corporation (NASDAQ:NVTS) at the end of the fourth quarter which was 18 in the previous quarter.
In another article we discussed Navitas Semiconductor Corporation (NASDAQ:NVTS) and shared the list of stocks Jim Cramer recommended selling, but billionaires love them. Baron Discovery Fund added additional shares of Navitas Semiconductor Corporation (NASDAQ:NVTS) to its portfolio in the third quarter 2023. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
