Baron Funds, an investment management company, released its “Baron Fifth Avenue Growth Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund was up 19.7% (Institutional Shares) in the first quarter compared to a 14.4% gain for the Russell 1000 Growth Index and a 7.5% gain for the S&P 500 Index. The firm has great conviction about the long-term prospects of its holding companies even though the near-term uncertainty is very high. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Fifth Avenue Growth Fund highlighted stocks like EPAM Systems, Inc. (NYSE:EPAM) in the first quarter 2023 investor letter. Headquartered in Newtown, Pennsylvania, EPAM Systems, Inc. (NYSE:EPAM) is a digital platform engineering and software development services provider. On May 16, 2023, EPAM Systems, Inc. (NYSE:EPAM) stock closed at $230.58 per share. One-month return of EPAM Systems, Inc. (NYSE:EPAM) was -20.17%, and its shares lost 26.33% of their value over the last 52 weeks. EPAM Systems, Inc. (NYSE:EPAM) has a market capitalization of $13.706 billion.
Baron Fifth Avenue Growth Fund made the following comment about EPAM Systems, Inc. (NYSE:EPAM) in its Q1 2023 investor letter:
“EPAM Systems, Inc. (NYSE:EPAM) provides outsourced software development to business customers. Shares declined 8.8% during the quarter after the company provided 2023 financial guidance that was below Street expectations. After growing revenue by 28% and EPS by 20% in 2022, management expects slower growth this year due to near-term client caution around IT spending in an uncertain macroeconomic environment. However, management anticipates only a temporary slowdown as visibility on new projects supports accelerating revenue growth back to 20% by early 2024. We continue to own the stock due to EPAM’s long runway for growth, underpinned by the growing demand for digitization and management’s strong execution in meeting that demand over the years.”
Pixabay/Public Domain
EPAM Systems, Inc. (NYSE:EPAM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held EPAM Systems, Inc. (NYSE:EPAM) at the end of the fourth quarter which was 34 in the previous quarter.
We discussed EPAM Systems, Inc. (NYSE:EPAM) in another article and shared the list of cheap AI stocks to buy in 2023. In addition, please check out our hedge fund investor letters Q1 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.
