Baron Funds, an investment management company, released its “Baron Discovery Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The fund was up 3.58% (Institutional Shares) in the second quarter trailing the Russell 2000 Growth Index’s 7.05% return. Year-to-date, the fund returned 15.19% (Institutional Shares) compared to a 13.55% return for the benchmark. The macroeconomic landscape remains complicated, and the market’s general tendency is toward fear rather than greed. Nonetheless, the firm remains hopeful that the market has bottomed and that an economic recovery is starting. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Discovery Fund highlighted stocks like Kinsale Capital Group, Inc. (NYSE:KNSL) in the second quarter 2023 investor letter. Headquartered in Richmond, Virginia, Kinsale Capital Group, Inc. (NYSE:KNSL) is a specialty insurance company. On August 18, 2023, Kinsale Capital Group, Inc. (NYSE:KNSL) stock closed at $368.04 per share. One-month return of Kinsale Capital Group, Inc. (NYSE:KNSL) was -4.07%, and its shares gained 36.54% of their value over the last 52 weeks. Kinsale Capital Group, Inc. (NYSE:KNSL) has a market capitalization of $8.522 billion.
Baron Discovery Fund made the following comment about Kinsale Capital Group, Inc. (NYSE:KNSL) in its second quarter 2023 investor letter:
“Specialty insurer Kinsale Capital Group, Inc. (NYSE:KNSL) contributed to performance after reporting consensus-beating quarterly results. Gross written premiums grew 46% and EPS grew 49%. Market conditions remained favorable with rising premium rates and more business shifting from the standard lines market to the excess and surplus lines market where Kinsale operates. The company is also capitalizing on disruption in the property market where rates are rising rapidly after years of industry losses and a reduction in reinsurance capacity. We continue to own the stock because we believe Kinsale is well managed and has a long runway for growth in an attractive segment of the insurance market.”
Kinsale Capital Group, Inc. (NYSE:KNSL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Kinsale Capital Group, Inc. (NYSE:KNSL) at the end of second quarter which was 17 in the previous quarter.
We discussed Kinsale Capital Group, Inc. (NYSE:KNSL) in another article and shared the list of biggest health insurance companies in the US. In addition, please check out our hedge fund investor letters Q2 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.
