Here’s Why Baron Funds Disposed its Brookfield Asset Management (BAM) Stake

Baron Funds, an investment management firm, released its “Baron Durable Advantage Fund” first quarter 2023 investor letter, a copy of which can be downloaded here. The Baron Durable Advantage Fund gained 16.0% during the first quarter, compared favorably to its S&P 500 benchmark which earned a 7.5% return for the same period. Spare some time to check the fund’s top 5 holdings to know more about their top bets for 2023.

In its Q1 2023 investor letter, Baron Durable Advantage Fund mentioned Brookfield Asset Management Inc. (NYSE:BAM) and explained its insights for the company. Founded in 1899, Brookfield Asset Management Inc. (NYSE:BAM) is a Toronto, Canada-based investment management company with a $13.7 billion market capitalization. Brookfield Asset Management Inc. (NYSE:BAM) delivered a 16.29% return since the beginning of the year, while its 1-month returns are up by 6.76%. The stock closed at $32.71 per share on June 12, 2023.

Here is what Baron Durable Advantage Fund has to say about Brookfield Asset Management Inc. (NYSE:BAM) in its Q1 2023 investor letter:

“We also took advantage of fund flows to increase 17 of our holdings. We reduced three positions and sold Brookfield Asset Management (BAM), the spun-off, pure asset-manager subsidiary of Brookfield Corporation, as we saw a better risk-reward in owning the parent company, to which we added.”

photo by Business-laptop-campaign-creators on Unsplash

Our calculations show that Brookfield Asset Management Inc. (NYSE:BAM) was not able to secure a spot on our list of the 30 Most Popular Stocks Among Hedge Funds. Brookfield Asset Management Inc. (NYSE:BAM) was in 25 hedge fund portfolios at the end of the first quarter of 2023, compared to 28 funds in the previous quarter. Brookfield Asset Management Inc. (NYSE:BAM) delivered a 5.31% return in the past 3 months.

On April this year, we also shared another hedge fund’s views on Brookfield Asset Management Inc. (NYSE:BAM) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q1 2023 page.

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Disclosure: None. This article is originally published at Insider Monkey.