Baron Funds, an investment management company, released its “Baron Asset Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. U.S. equities continued their upward trend in the second consecutive quarter. The rise was led by the outsized performance of a few large technology companies, partly driven by the hype surrounding their potential benefits from the widespread adoption of artificial intelligence (AI). Against this backdrop, the Baron Asset Fund increased by 3.63% (Institutional Shares) trailing Russell Midcap Growth Index’s 6.23% returns. The underperformance of certain stocks affected the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Asset Fund highlighted stocks like Gartner, Inc. (NYSE:IT) in the second quarter 2023 investor letter. Headquartered in Stamford, Connecticut, Gartner, Inc. (NYSE:IT) is a research and advisory company. On July 27, 2023, Gartner, Inc. (NYSE:IT) stock closed at $353.75 per share. One-month return of Gartner, Inc. (NYSE:IT) was 0.98%, and its shares gained 33.25% of their value over the last 52 weeks. Gartner, Inc. (NYSE:IT) has a market capitalization of $27.968 billion.
Baron Asset Fund made the following comment about Gartner, Inc. (NYSE:IT) in its second quarter 2023 investor letter:
“Gartner, Inc. (NYSE:IT) provides syndicated research primarily focused on the IT sector to a large global corporate client base. Its shares gained in response to both healthy revenue and earnings growth, as well as Gartner’s ability to benefit from the widespread interest among its clients in AI. We believe Gartner will emerge as a critical decision support resource for every company evaluating the opportunities and risks that AI offers its business. We further expect Gartner’s sustained revenue growth and focus on cost control to drive ongoing margin expansion and enhanced free-cash-flow generation. The company’s balance sheet also remains in excellent shape, allowing Gartner to support aggressive repurchases and accretive bolt-on acquisitions.”
Gartner, Inc. (NYSE:IT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held Gartner, Inc. (NYSE:IT) at the end of first quarter which was 44 in the previous quarter.
We discussed Gartner, Inc. (NYSE:IT) in another article and shared Conestoga Mid Cap Strategy’s insights on the company. 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.
