Baron Funds, an investment management company, released its “Baron FinTech Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund rose 4.83% (Institutional Shares) compared to an 8.24% gain for the FactSet Global FinTech Index and a 7.50% gain for the S&P 500 benchmark index. Against a confusing market backdrop, the Fund appreciated during the first quarter yet trailed the Benchmark and the broader market. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron FinTech Fund highlighted stocks like BILL Holdings, Inc. (NYSE:BILL) in the Q1 2023 investor letter. Headquartered in San Jose, California, BILL Holdings, Inc. (NYSE:BILL) is a cloud-based software provider. On June 5, 2023, BILL Holdings, Inc. (NYSE:BILL) stock closed at $111.49 per share. One-month return of BILL Holdings, Inc. (NYSE:BILL) was 11.58%, and its shares lost 21.11% of their value over the last 52 weeks. BILL Holdings, Inc. (NYSE:BILL) has a market capitalization of $11.848 billion.
Baron FinTech Fund made the following comment about BILL Holdings, Inc. (NYSE:BILL) in its Q1 2023 investor letter:
“BILL Holdings, Inc. (NYSE:BILL) is a leading provider of cloud-based software that simplifies, digitizes, and automates complex back office financial operations. The company reported decent quarterly earnings, but the stock fell due to a forward outlook that was below investor expectations. In particular, macro-related pressure on small-to-medium-sized businesses (SMBs) led to slower payment volume growth and somewhat lower net adds. In addition, while Street analysts do not expect the SVB failure to have a direct impact on its business, they have expressed some concerns that the fallout will further dampen the backdrop for SMBs. Despite the potential near-term macro-related headwinds, we retain conviction as the digitization of business-to- business payments is a powerful secular trend with a long runway for continued growth and BILL remains well positioned to be a winner in the SMB market.”
BILL Holdings, Inc. (NYSE:BILL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held BILL Holdings, Inc. (NYSE:BILL) at the end of the first quarter, which was 58 in the previous quarter.
We discussed BILL Holdings, Inc. (NYSE:BILL) in another article and shared Carillon Tower Advisers’ views on the company. In addition, please check out our hedge fund investor letters Q1 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.
