Baron Funds, an investment management company, released its “Baron Fifth Avenue Growth Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The fund increased 17.6% (Institutional Shares) in the fourth quarter compared to a 14.2% gain for the Russell 1000 Growth Index and an 11.7% increase for the S&P 500 Index. For the full year, the fund appreciated 57.6% compared to 42.7% and 26.3% returns for the indexes, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Fifth Avenue Growth Fund featured stocks such as Block, Inc. (NYSE:SQ) in the fourth quarter 2023 investor letter. Based in Oakland, California, Block, Inc. (NYSE:SQ) is a technology company with a focus on financial services. On February 21, 2024, Block, Inc. (NYSE:SQ) stock closed at $64.47 per share. One-month return of Block, Inc. (NYSE:SQ) was 2.81%, and its shares lost 13.05% of their value over the last 52 weeks. Block, Inc. (NYSE:SQ) has a market capitalization of $39.591 billion.
Baron Fifth Avenue Growth Fund stated the following regarding Block, Inc. (NYSE:SQ) in its fourth quarter 2023 investor letter:
“During the quarter, we also added to our existing investment in Block, Inc. (NYSE:SQ). The company provides a point-of-sale technology to small businesses and operates the Cash App ecosystem of financial services for individuals. After the company reported solid quarterly result, it has also guided to reach a rule of 40 on GAAP profitability for fiscal year 2026 (implying that the combination of gross profit growth and GAAP operating margins would be at least 40%). We believe Block’s businesses are resilient, and greater management focus on cost discipline should drive further margin expansion over the long term. We also believe that Block has a long runway for growth, durable competitive advantages, and a robust track record of innovation.”
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Block, Inc. (NYSE:SQ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Block, Inc. (NYSE:SQ) was held by 75 hedge fund portfolios, up from 60 in the previous quarter, according to our database.
We discussed Block, Inc. (NYSE:SQ) in another article and shared the list of most valuable fintech companies in the US. 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.
