Baron Funds, an investment management company, released its “Baron Partners Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The fund trailed both its benchmarks and lost 7.17% (Institutional Shares) in the third quarter. The Russell Midcap Growth Index (the Index) and the S&P 500 Index declined 5.22% and 3.27% respectively, during the same period. The fund appreciated 32.36% year-to-date compared to 9.88% and 13.07%, respectively for the indexes. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Partners Fund highlighted stocks like The Charles Schwab Corporation (NYSE:SCHW) in the third quarter 2023 investor letter. Headquartered in Westlake, Texas, The Charles Schwab Corporation (NYSE:SCHW) is a savings and loan holding company. On December 1, 2023, The Charles Schwab Corporation (NYSE:SCHW) stock closed at $63.16 per share. One-month return of The Charles Schwab Corporation (NYSE:SCHW) was 13.56%, and its shares lost 22.26% of their value over the last 52 weeks. The Charles Schwab Corporation (NYSE:SCHW) has a market capitalization of $115.114 billion.
Baron Partners Fund made the following comment about The Charles Schwab Corporation (NYSE:SCHW) in its Q3 2023 investor letter:
“The Fund’s five Financials-related holdings have an ending portfolio weight of 20.6% and appreciated 5.9% in the period. Higher interest rates and improved insurance prices should boost the earnings of traditional financial companies like The Charles Schwab Corporation (NYSE:SCHW) and Arch Capital Group Ltd. for years to come. (Schwab declined modestly in the current period because clients’ idle cash moved from the firm’s lucrative balance sheet into higher yielding money market funds. We believe the negative impact of cash sorting is temporary.)”
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The Charles Schwab Corporation (NYSE:SCHW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 77 hedge fund portfolios held The Charles Schwab Corporation (NYSE:SCHW) at the end of third quarter which was 88 in the previous quarter.
We discussed The Charles Schwab Corporation (NYSE:SCHW) in another article and shared the list of stocks hedge funds and Wall Street analysts are crazy about. 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.
