Baron Funds, an investment management company, released its “Baron Small Cap Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund had a fine quarter and is having a good year. The fund was down 3.11% (Institutional Shares) in the third quarter, in a weak market and year-to-date the fund was up 12.92%. The Fund outperformed the Russell 2000 Growth Index, which fell 7.32% in the quarter and is only up 5.24% year-to-date. The Fund slightly outperformed the S&P 500 Index in the quarter but is trailing year-to-date. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Small Cap Fund highlighted stocks like Cognex Corporation (NASDAQ:CGNX) in the Q3 2023 investor letter. Headquartered in Natick, Massachusetts, Cognex Corporation (NASDAQ:CGNX) provides machine vision products. On November 27, 2023, Cognex Corporation (NASDAQ:CGNX) stock closed at $36.74 per share. One-month return of Cognex Corporation (NASDAQ:CGNX) was 2.08%, and its shares lost 23.06% of their value over the last 52 weeks. Cognex Corporation (NASDAQ:CGNX) has a market capitalization of $6.324 billion.
Baron Small Cap Fund made the following comment about Cognex Corporation (NASDAQ:CGNX) in its Q3 2023 investor letter:
“Cognex Corporation (NASDAQ:CGNX) manufactures machine vision systems; software and sensors used in automated manufacturing to inspect and identify parts, detect defects, verify product assembly, and guide assembly robots. Shares fell during the quarter following a weak earnings update as uncertainty around the return of increased logistics spending from large customers (e.g., Amazon) persists. Additionally, the company noted deterioration across other key end-markets as economic conditions slowed. On a brighter note, management highlighted strength in the electric vehicle manufacturing space, which is becoming a larger part of its business. We believe Cognex’s best-in-class, unique machine vision solutions will benefit over time from the strong secular growth trend in automation and robotics across the globe.”
Cognex Corporation (NASDAQ:CGNX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Cognex Corporation (NASDAQ:CGNX) at the end of third quarter which was 29 in the previous quarter.
We discussed Cognex Corporation (NASDAQ:CGNX) in another article and shared the list of oversold tech stocks to buy. In addition, please check out our hedge fund investor letters Q3 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.
