Here’s Why BlackRock (BLK) Outperformed in Q4

Baron Funds, an investment management company, released its “Baron FinTech Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund gained 4.98% (Institutional Shares) compared to a 7.56% gain for the S&P 500 benchmark index and a 3.91% return for the FactSet Global FinTech Index. Favorable stock selection in Information Services, Payments, and Capital Markets contributed to the gains of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Baron FinTech Fund highlighted stocks like BlackRock, Inc. (NYSE:BLK) in its Q4 2022 investor letter. Based in New York City, BlackRock, Inc. (NYSE:BLK) is an investment management company. On February 17, 2023, BlackRock, Inc. (NYSE:BLK) stock closed at $716.16 per share. One-month return of BlackRock, Inc. (NYSE:BLK) was -3.44% and its shares lost 5.27% of their value over the last 52 weeks. BlackRock, Inc. (NYSE:BLK) has a market capitalization of $107.249 billion.

Baron FinTech Fund made the following comment about BlackRock, Inc. (NYSE:BLK) in its Q4 2022 investor letter:

“Shares of BlackRock, Inc. (NYSE:BLK), the world’s largest asset manager, increased during the quarter. Despite volatility and a mid-December decline, most equity markets finished higher in the quarter, and BlackRock, which is heavily tied to these markets, benefited. Additionally, investors are anticipating that the company’s fixed income products will experience growth in 2023. Alternative strategies are expanding as well and should continue to provide a profitable revenue stream.”

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BlackRock, Inc. (NYSE:BLK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held BlackRock, Inc. (NYSE:BLK) at the end of the third quarter, which was 50 in the previous quarter.

We discussed BlackRock, Inc. (NYSE:BLK) in another article and shared billionaire Ken Fisher’s top 5 dividend growth stock picks. In addition, please check out our hedge fund investor letters Q4 2022 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.