Baron Funds, an investment management company, released its “Baron Asset Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The market rally that was driven by technology this year came to a halt in the third quarter. Against this backdrop, the Baron Asset Fund declined 4.42% (Institutional Shares) in the third quarter outperforming the Russell Midcap Growth Index’s -5.22% return. Positive stock selection and tailwinds from its style biases drove the outperformance in the quarter. The Fund’s underexposure to higher beta stocks, which performed poorly during the market reversal was another notable factor. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Asset Fund highlighted stocks like FactSet Research Systems Inc. (NYSE:FDS) in the Q3 2023 investor letter. Headquartered in Norwalk, Connecticut, FactSet Research Systems Inc. (NYSE:FDS) provides financial data and analytics to the investment community. On November 10, 2023, FactSet Research Systems Inc. (NYSE:FDS) stock closed at $453.02 per share. One-month return of FactSet Research Systems Inc. (NYSE:FDS) was 1.43%, and its shares gained 7.54% of their value over the last 52 weeks. FactSet Research Systems Inc. (NYSE:FDS) has a market capitalization of $17.21 billion.
Baron Asset Fund made the following comment about FactSet Research Systems Inc. (NYSE:FDS) in its Q3 2023 investor letter:
“Shares of FactSet Research Systems Inc. (NYSE:FDS), a leading provider of investment management tools, contributed to quarterly performance. Despite facing macroeconomic-related volatility, including challenges in the banking sector, lengthening sales cycles, and constrained client budgets, the company reported quarterly earnings that beat consensus estimates and provided a solid outlook for fiscal year 2024. While there is some near-term uncertainty, we retain long-term conviction in FactSet’s opportunity. This is due to the company’s large addressable market, its consistent execution on both new product development and financial results, and its robust free-cash-flow generation.”
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FactSet Research Systems Inc. (NYSE:FDS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held FactSet Research Systems Inc. (NYSE:FDS) at the end of second quarter which was 36 in the previous quarter.
We discussed FactSet Research Systems Inc. (NYSE:FDS) in another article and shared Baron Partners Fund’s views on the company. 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.
