Baron Asset Fund recently published its first-quarter commentary – a copy of which can be downloaded here. During the first quarter of 2020, the Baron Asset Fund returned -16.63% (institutional shares). In comparison, the benchmark S&P 500 Index was down 19.60%, while the Russell Midcap Growth Index was down 20.04%.
In the said letter, Baron Asset Fund highlighted a few stocks and Clarivate Analytics Plc (NYSE:CCC) is one of them. Year-to-date, CCC stock gained 45.9% and on May 5th it had a closing price of $24.51. Its market cap is of $8.9 billion. Here is what Baron Asset Fund said:
“Clarivate Analytics Plc sells proprietary data and analytics that helps its clients, including academia, governments, corporations, and law firms, to discover, protect, and commercialize new research, intellectual property, and patents. Its shares gained as the company reported solid fourth quarter 2019 earnings that included optimistic views on 2020 performance. We believe that Clarivate should be relatively well positioned to manage through challenging economic conditions because of its highly recurring revenue base and its “must have” products. We continue to believe that Clarivate will be a steady earnings compounder, which should drive solid returns for the stock over a multi-year period.”
In Q4 2019, the number of bullish hedge fund positions on CCC stock increased by about 18% from the previous quarter (see the chart here).
Disclosure: None. This article is originally published at Insider Monkey.