Baron Funds, an investment management firm, released its “Baron Focused Growth Fund” first quarter 2023 investor letter, a copy of which can be downloaded here. During the quarter ending on March 31, 2023, the Fund’s Institutional Shares exhibited a notable increase of 14.49%. This remarkable performance can be attributed to the resilience and robust demand witnessed by companies held within the Fund’s portfolio. Spare some time to check the fund’s top 5 holdings to know more about their top bets for 2023.
In its Q1 2023 investor letter, Baron Focused Growth Fund mentioned ANSYS, Inc. (NASDAQ:ANSS) and explained its insights for the company. Founded in 1970, ANSYS, Inc. (NASDAQ:ANSS) is a Canonsburg, Pennsylvania-based software company with a $28.8 billion market capitalization. ANSYS, Inc. (NASDAQ:ANSS) delivered a 37.76% return since the beginning of the year, while its 12-month returns are up by 46.16%. The stock closed at $334.31 per share on June 14, 2023.
Here is what Baron Focused Growth Fund has to say about ANSYS, Inc. (NASDAQ:ANSS) in its Q1 2023 investor letter:
“ANSYS, a leader in simulation driven product development, increased 37.8% in the first quarter, and helped performance by 91 bps. The company continued to sign new contracts with companies generating low double- digit growth in annual contract values with strength in autos, aerospace and defense, technology, and energy. The company continues to benefit from businesses needing ANSYS’ simulation technology for their ever changing and complicated initiatives around electrification, connectivity, driver-assist technology, and programs for drilling, clean energy, and sustainability. ANSYS continues to sign incremental contracts with current clients, a sign its technology is working. The company remains significantly underpenetrated in the $1.2 trillion market for research and development for simulations. ANSYS continues to invest to enhance its products and add new services and technologies.”
Photo by Danial Igdery on Unsplash
Our calculations show that ANSYS, Inc. (NASDAQ:ANSS) was not able to secure a spot on our list of the 30 Most Popular Stocks Among Hedge Funds. ANSYS, Inc. (NASDAQ:ANSS) was in 36 hedge fund portfolios at the end of the first quarter of 2023, compared to 37 funds in the previous quarter. ANSYS, Inc. (NASDAQ:ANSS) delivered a 5.96% return in the past 3 months.
Last month, we also shared another hedge fund’s views on ANSYS, Inc. (NASDAQ:ANSS) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q1 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.
