Baron Funds, an investment management firm, released its “Baron FinTech Fund” third quarter 2023 investor letter, a copy of which can be downloaded here. During the quarter concluding on September 30, 2023, Baron FinTech Fund® (Institutional Shares) experienced a 1.30% increase, contrasting with a 6.77% loss for the FactSet Global FinTech Index (the Benchmark). Since its inception on December 31, 2019, the Fund has achieved an annualized growth of 6.50%, surpassing the Benchmark, which declined by 2.22%. 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 FinTech Fund mentioned S&P Global Inc. (NYSE:SPGI) and explained its insights for the company. S&P Global Inc. (NYSE:SPGI) is a New York, New York-based capital market company with a $45.6 billion market capitalization. S&P Global Inc. (NYSE:SPGI) delivered a 17.62% return since the beginning of the year, while its 12-month returns are up by 13.32%. The stock closed at $121.68 per share on November 17, 2023.
Here is what Baron FinTech Fund has to say about S&P Global Inc. (NYSE:SPGI) in its Q3 2023 investor letter:
“Shares of rating agency and data provider S&P Global Inc. gave back some gains from earlier this year due to investor concerns that rising interest rates will weigh on future debt issuance and asset-based fees. Management also removed its 2026 revenue target for the ESG segment due to a more uncertain regulatory landscape and political climate. On a positive note, S&P Global reported strong second quarter financial results, with 7% adjusted revenue growth and 11% EPS growth as ratings issuance returned to growth for the first time in six quarters. Management maintained fullyear guidance as a more favorable outlook for the Ratings and Indices segments offset slower growth in the Market Intelligence segment. We continue to own the stock due to the company’s long runway for growth and significant competitive advantages.”
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Our calculations show that S&P Global Inc. (NYSE:SPGI) does not belong on our list of the 30 Most Popular Stocks Among Hedge Funds. S&P Global Inc. (NYSE:SPGI) was in 82 hedge fund portfolios at the end of the second quarter of 2023, compared to 90 funds in the previous quarter. S&P Global Inc. (NYSE:SPGI) delivered a 1.36% 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.
