Baron Funds, an investment management company, released its “Baron Small Cap Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. Baron Small Cap Fund had a strong fourth quarter and a full year in 2023, both on absolute and relative bases. The fund was up 12.64% (Institutional Shares) in the fourth quarter and appreciated 27.19% for the year. This was essentially in line with the performance of the Russell 2000 Growth Index (the Benchmark) in the fourth quarter, which was up 12.75% and outperformed the 11.69% returns of the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Small Cap Fund featured stocks like The Liberty SiriusXM Group (NASDAQ:LSXMK) in the fourth quarter 2023 investor letter. Headquartered in Englewood, Colorado, The Liberty SiriusXM Group (NASDAQ:LSXMK) engages in the entertainment business. On February 26, 2024, The Liberty SiriusXM Group (NASDAQ:LSXMK) stock closed at $30.02 per share. One-month return of The Liberty SiriusXM Group (NASDAQ:LSXMK) was -0.50%, and YTD its shares gained 4.31% of their value. The Liberty SiriusXM Group (NASDAQ:LSXMK) has a market capitalization of $9.823 billion.
Baron Small Cap Fund stated the following regarding The Liberty SiriusXM Group (NASDAQ:LSXMK) in its fourth quarter 2023 investor letter:
“We exited positions in E2open Parent Holdings, Inc. and The Liberty SiriusXM Group (NASDAQ:LSXMK) this quarter. Liberty SiriusXM was a longtime successful holding. The stock reacted favorably to their definitive agreement for the tracking stock to be combined with SiriusXM in creating a new public company. This was the catalyst we had been anticipating, and the implied valuation for the combination felt fair to us so we sold out because future growth is suspect.”
The corporate headquarters of a satellite radio systems company, illuminating the skyline.
The Liberty SiriusXM Group (NASDAQ:LSXMK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, The Liberty SiriusXM Group (NASDAQ:LSXMK) was held by 48 hedge fund portfolios, compared to 48 in the previous quarter, according to our database.
We discussed The Liberty SiriusXM Group (NASDAQ:LSXMK) in another article and shared Weitz Investment Management’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.
