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 Intuit Inc. (NASDAQ:INTU) in the fourth quarter 2023 investor letter. Headquartered in Mountain View, California, Intuit Inc. (NASDAQ:INTU) provides business and financial management solutions. On March 5, 2024, Intuit Inc. (NASDAQ:INTU) stock closed at $639.73 per share. One-month return of Intuit Inc. (NASDAQ:INTU) was -0.53%, and its shares gained 53.53% of their value over the last 52 weeks. Intuit Inc. (NASDAQ:INTU) has a market capitalization of $179.111 million.
Baron FinTech Fund stated the following regarding Intuit Inc. (NASDAQ:INTU) in its fourth quarter 2023 investor letter:
“Intuit Inc. (NASDAQ:INTU) is the leading provider of accounting software for small businesses and tax preparation software for individuals and tax professionals. Shares increased after the company reported quarterly financial results that exceeded Street expectations, with 15% revenue growth and 49% EPS growth. Intuit is benefiting from the sale of higher-value services and is well positioned to capitalize on increasing adoption of artificial intelligence (AI) given its vast data sets. The company recently launched Intuit Assist, a generative AI-powered digital assistant that improves productivity and unlocks valuable insights for customers. We continue to own the stock due to Intuit’s strong competitive position and numerous growth opportunities.”
A professional tax preparer, using a laptop to complete an income tax return.
Intuit Inc. (NASDAQ:INTU) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Intuit Inc. (NASDAQ:INTU) was held by 75 hedge fund portfolios, down from 86 in the previous quarter, according to our database.
We discussed Intuit Inc. (NASDAQ:INTU) in another article and shared the list of best cloud computing stocks to buy. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 11 Best March Dividend Stocks To Buy
- 14 Countries with Costco in the World
- 20 Highest Quality Sunscreen Brands in 2024
Disclosure: None. This article is originally published at Insider Monkey.
