Baron Funds, an investment management company, released its “Baron Discovery Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund (Institutional Shares) returned 4.57% underperforming the 7.58% return for the Russell 2000 Growth Index. The firm is optimistic about the Fund’s prospects for 2024. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Baron Discovery Fund featured stocks like DraftKings Inc. (NASDAQ:DKNG) in the first quarter 2024 investor letter. Headquartered in Boston, Massachusetts, DraftKings Inc. (NASDAQ:DKNG) is a digital sports entertainment and gaming company. On May 14, 2024, DraftKings Inc. (NASDAQ:DKNG) stock closed at $44.13 per share. One-month return of DraftKings Inc. (NASDAQ:DKNG) was 4.55%, and its shares gained 93.04% of their value over the last 52 weeks. DraftKings Inc. (NASDAQ:DKNG) has a market capitalization of $21.016 billion.
Baron Discovery Fund stated the following regarding DraftKings Inc. (NASDAQ:DKNG) in its first quarter 2024 investor letter:
“Shares of DraftKings Inc. (NASDAQ:DKNG), a leading online sportsbook in the U.S., rose during the quarter following an earnings release that showed strong market share gains and an improved outlook for future profitability. Market share capture has been driven by investment in innovative product offerings that are resulting in strong customer retention. The company also announced the acquisition of JackPocket, a digital lottery courier service. We believe the acquisition will help DraftKings achieve a first-mover advantage in many states that offer the JackPocket service but have not yet legalized online sports betting and casino gaming. DraftKings is well positioned to expand margins and generate positive free cash flow as it grows revenues alongside the rapidly expanding U.S. sports betting market, in our view.”
A woman at a betting table paying out customers who won their sports bets.
DraftKings Inc. (NASDAQ:DKNG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 55 hedge fund portfolios held DraftKings Inc. (NASDAQ:DKNG) at the end of the fourth quarter which was 51 in the previous quarter.
In another article we discussed DraftKings Inc. (NASDAQ:DKNG) and shared the list of stocks that will 10x in 5 years according to analysts. Baron Discovery Fund added DraftKings Inc. (NASDAQ:DKNG) to its portfolio in the previous quarter due to its market dominance. In addition, please check out our hedge fund investor letters Q1 2024 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.
