Baron Funds, an investment management company, released its “Baron Partners Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The fund outperformed both its benchmarks and returned 15.54% (Institutional Shares) in the second quarter. The Russell Midcap Growth Index (the Index) and the S&P 500 Index returned 6.23% and 8.74%, respectively, during the same period. The fund appreciated 42.59% year-to-date compared to 15.94% and 16.89%, 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 Arch Capital Group Ltd. (NASDAQ:ACGL) in the Q2 2023 investor letter. Headquartered in Pembroke, Bermuda, Arch Capital Group Ltd. (NASDAQ:ACGL) is an insurance company. On September 1, 2023, Arch Capital Group Ltd. (NASDAQ:ACGL) stock closed at $77.01 per share. One-month return of Arch Capital Group Ltd. (NASDAQ:ACGL) was -1.56%, and its shares gained 69.25% of their value over the last 52 weeks. Arch Capital Group Ltd. (NASDAQ:ACGL) has a market capitalization of $28.721 billion.
Baron Partners Fund made the following comment about Arch Capital Group Ltd. (NASDAQ:ACGL) in its Q2 2023 investor letter:
“Shares of specialty insurer Arch Capital Group Ltd. (NASDAQ:ACGL) increased after the company reported quarterly results that beat consensus amid favorable industry conditions. During the first quarter, net premiums written grew 30%, underwriting margins remained strong, and net investment income more than doubled. The operating ROE exceeded 20%, and book value per share grew 15% excluding unrealized investment losses. Pricing trends in the property and casualty insurance market remain favorable, and higher interest rates are driving higher investment yields. We continue to regard Arch’s management team as exceptional and expect Arch to continue to achieve strong growth in earnings and book value.”
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Arch Capital Group Ltd. (NASDAQ:ACGL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held Arch Capital Group Ltd. (NASDAQ:ACGL) at the end of second quarter which was 28 in the previous quarter.
We discussed Arch Capital Group Ltd. (NASDAQ:ACGL) in another article and shared Madison Small Cap Fund’s views 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.
