Baron Funds, an investment management firm, released its “Baron Global Advantage Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The fund was up 14.8% (institutional shares) in the fourth quarter compared to an 11.0% gain for the MSCI ACWI Index (the Index) and a 12.7% gain for the MSCI ACWI Growth Index, the Fund’s benchmarks. The fund appreciated 25.6% for the full year compared to 22.2% and 33.2% for the benchmarks, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Baron Global Advantage Fund featured stocks like Endava plc (NYSE:DAVA) in the fourth quarter 2023 investor letter. Headquartered in London, the United Kingdom, Endava plc (NYSE:DAVA) is a technology services provider. On March 4, 2024, Endava plc (NYSE:DAVA) stock closed at $37.98 per share. One-month return of Endava plc (NYSE:DAVA) was -45.67%, and its shares lost 52.01% of their value over the last 52 weeks. Endava plc (NYSE:DAVA) has a market capitalization of $2.258 billion.
Baron Global Advantage Fund stated the following regarding Endava plc (NYSE:DAVA) in its fourth quarter 2023 investor letter:
“Endava plc (NYSE:DAVA) provides outsourced software development for business customers. Shares followed through on last quarter’s positive momentum after lagging for most of 2022 and the first half of 2023, rising 35.8% in the fourth quarter and finishing the year in positive territory, up 1.8%. Macroeconomic uncertainty has weighed on client demand and revenue growth, but management expects a meaningful rebound early in 2024 supported by a growing pipeline of large projects from newer clients. Margins should expand alongside faster revenue growth as the company leverages upfront costs to build capacity in anticipation of an expected recovery. The company has been acquisitive and is benefiting from vendor consolidation. We remain investors because we believe Endava will continue gaining share in a large global market for IT services.”
A tech expert in a suit presenting a new IT strategy in front of a corporate audience.
Endava plc (NYSE:DAVA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Endava plc (NYSE:DAVA) was held by 10 hedge fund portfolios, down from 11 in the previous quarter, according to our database.
We discussed Endava plc (NYSE:DAVA) in another article and shared The London Company SMID Cap Strategy’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.
