Baron Funds, an investment management company, released its “Baron FinTech Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund rose 13.85% (Institutional Shares) compared to a 15.54% gain for the FactSet Global FinTech Index (Benchmark) and an 8.74% gain for the S&P 500 index. The fund appreciated 27.31% in 2023 compared to 23.34% and 26.29% gains for the indexes, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron FinTech Fund featured stocks like BILL Holdings, Inc. (NYSE:BILL) in the Q4 2023 investor letter. Headquartered in San Jose, California, BILL Holdings, Inc. (NYSE:BILL) provides cloud-based software solutions to simplify, digitize, and automate complex back-office financial operations. On March 5, 2024, BILL Holdings, Inc. (NYSE:BILL) stock closed at $61.51 per share. One-month return of BILL Holdings, Inc. (NYSE:BILL) was -17.91%, and its shares lost 25.80% of their value over the last 52 weeks. BILL Holdings, Inc. (NYSE:BILL) has a market capitalization of $6.467 billion.
Baron FinTech Fund stated the following regarding BILL Holdings, Inc. (NYSE:BILL) in its fourth quarter 2023 investor letter:
“BILL Holdings, Inc. (NYSE:BILL), a leading provider of cloud-based software that simplifies, digitizes, and automates back-office financial processes, detracted from performance. The company reported solid quarterly financial results, but the stock fell after management provided a weaker-than-expected outlook. Slower economic growth among small- and medium-sized businesses (SMB) is weighing on customer payment volumes. In addition, there is some pressure on the revenue take-rate due to some suppliers limiting acceptance of virtual cards and a stronger U.S. dollar impacting currency conversion fees for international payments. Despite near-term headwinds, we retain conviction as the digitization of B2B payments is a powerful secular trend with a long runway for growth, and we believe BILL will be a winner in the SMB market.”
A group of finance professionals hard at work in an office, signifying accounts payable and accounts receivable.
BILL Holdings, Inc. (NYSE:BILL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, BILL Holdings, Inc. (NYSE:BILL) was held by 49 hedge fund portfolios, down from 54 in the previous quarter, according to our database.
We discussed BILL Holdings, Inc. (NYSE:BILL) in another article and shared Carillon Eagle Mid Cap Growth Fund’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.
