Baron Funds, an investment management firm, released its “Baron FinTech Fund” third quarter 2023 investor letter, a copy of which can be downloaded here. During the quarter concluding on September 30, 2023, Baron FinTech Fund® (Institutional Shares) experienced a 1.30% increase, contrasting with a 6.77% loss for the FactSet Global FinTech Index (the Benchmark). Since its inception on December 31, 2019, the Fund has achieved an annualized growth of 6.50%, surpassing the Benchmark, which declined by 2.22%. Take a moment to review the fund’s top 5 holdings to gain insights into their primary investment choices for 2023.
In its Q3 2023 investor letter, Baron FinTech Fund mentioned Intuit Inc. (NASDAQ:INTU) and explained its insights for the company. Intuit Inc. (NASDAQ:INTU) is a Sunnyvale, California-based medical device company with a $156.9 billion market capitalization. Intuit Inc. (NASDAQ:INTU) delivered a 43.92% return since the beginning of the year, while its 12-month returns are up by 47.38%. The stock closed at $560.16 per share on November 17, 2023.
Here is what Baron FinTech Fund has to say about Intuit Inc. (NASDAQ:INTU) in its Q3 2023 investor letter:
“Intuit Inc. is the leading provider of accounting software for small businesses and tax preparation software for individuals and tax professionals. Shares increased after the company reported financial results that exceeded Street expectations, with 13% revenue growth and 22% EPS growth in the recently completed fiscal year. Management provided favorable guidance for the next fiscal year that demonstrated confidence in the business momentum despite macroeconomic uncertainty. Intuit is benefiting from the sale of higher-value services and is well positioned to capitalize on increasing adoption of artificial intelligence given the company’s vast datasets. We continue to own the stock due to Intuit’s strong competitive position and numerous growth opportunities.
A medical professional holding a HEPZATO Medical Device in an operating room.
Our calculations show that Intuit Inc. (NASDAQ:INTU) ranks 30th in our list of the 30 Most Popular Stocks Among Hedge Funds. Intuit Inc. (NASDAQ:INTU) was in 86 hedge fund portfolios at the end of the second quarter of 2023, compared to 86 funds in the previous quarter. Intuit Inc. (NASDAQ:INTU) delivered a 15.27% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q3 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.
