Baron Opportunity Fund Trimmed Snowflake (SNOW) to Fund Purchases of Other Software Stocks

Baron Funds, an investment management company, released its “Baron Opportunity Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund increased by 16.31% (Institutional Shares) outperforming the broader market including the Russell 3000 Growth Index and the S&P 500 Index, which gained 12.47% and 8.74% respectively. The Fund was up 37.21% year to date and 27.86% for the trailing 12 months, respectively, outperforming both indices. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Baron Opportunity Fund highlighted stocks like Snowflake Inc. (NYSE:SNOW) in the second quarter 2023 investor letter. Headquartered in Bozeman, Montana, Snowflake Inc. (NYSE:SNOW) is a cloud-based data platform provider.  On August 22, 2023, Snowflake Inc. (NYSE:SNOW) stock closed at $152.58 per share. One-month return of Snowflake Inc. (NYSE:SNOW) was -14.90%, and its shares lost 0.32% of their value over the last 52 weeks. Snowflake Inc. (NYSE:SNOW) has a market capitalization of $49.726 billion.

Baron Opportunity Fund made the following comment about Snowflake Inc. (NYSE:SNOW) in its second quarter 2023 investor letter:

“Our sale of Snowflake Inc. (NYSE:SNOW), a leading data management software vender, was a position-size trim, and we used the proceeds to fund purchases of other software names like ZoomInfo and Cloudflare. We remain confident in Snowflake’s management team, technology, and long-term growth opportunity.”

Snowflake Inc. (NYSE:SNOW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 65 hedge fund portfolios held Snowflake Inc. (NYSE:SNOW) at the end of second quarter which was 63 in the previous quarter.

We discussed Snowflake Inc. (NYSE:SNOW) in another article and shared the list of most advanced AI companies. In addition, please check out our hedge fund investor letters Q2 2023 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.