Baron Funds, an investment management firm, released its “Baron Global Advantage Fund” third quarter 2023 investor letter, a copy of which can be downloaded here. During the third quarter of 2023, the Baron Global Advantage Fund®, denoted as the “Fund,” experienced a 6.1% loss for its Institutional Shares. This performance can be compared to the 3.4% losses of the MSCI ACWI Index, known as the “Benchmark,” and the 4.9% losses for the MSCI ACWI Growth Index, which serves as the Fund’s benchmarks. Take a moment to review the fund’s top 5 holdings to gain insights into their primary investment choices for 2023.
In its Q3 2023 investor letter, Baron Global Advantage Fund mentioned Fiverr International Ltd. (NYSE:FVRR) and explained its insights for the company. Fiverr International Ltd. (NYSE:FVRR) is a Tel Aviv-Yafo, Israel-based multinational online marketplace for freelance services with a $831.2 million market capitalization. Fiverr International Ltd. (NYSE:FVRR) delivered a -25.67% return since the beginning of the year, while its 12-month returns are up by -20.80%. The stock closed at $21.66 per share on November 6, 2023.
Here is what Baron Global Advantage Fund has to say about Fiverr International Ltd. (NYSE:FVRR) in its Q3 2023 investor letter:
“Our last addition during the quarter was to the leading freelance platform, Fiverr International Ltd. The company’s revenue growth rates remain negatively impacted by macro factors as it’s relatively easy for customers to hire fewer freelancers when they must cut budgets in the near term. However, we are encouraged by the company’s rapid progress on the profitability front (with guidance for EBITDA margins to be approximately 16% for 2023 compared to 7% in 2022), early signs of revenue growth acceleration, and its significant long-term opportunity as freelance work continues growing. These factors present a positively skewed risk/reward opportunity for long-term investors, especially with the shares trading at a 9% FCF yield. We have therefore decided to add to our position.”
A freelancer typing at a laptop, coffee in hand, at an outdoor cafe with a view of the city skyline.
Our calculations show that Fiverr International Ltd. (NYSE:FVRR) does not belong on our list of the 30 Most Popular Stocks Among Hedge Funds. Fiverr International Ltd. (NYSE:FVRR) was in 23 hedge fund portfolios at the end of the second quarter of 2023, compared to 21 funds in the previous quarter. Fiverr International Ltd. (NYSE:FVRR) delivered a -31.87% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q3 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.
