Baron Funds, an investment management company, released its “Baron FinTech Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund rose 5.29% (Institutional Shares) compared to a 5.78% gain for the FactSet Global FinTech Index (Benchmark) and an 8.74% gain for the S&P 500 index. During the second quarter, the Fund performed well but fell slightly short of the Benchmark. Positive returns were achieved by two-thirds of the holdings. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron FinTech Fund highlighted stocks like Fair Isaac Corporation (NYSE:FICO) in the second quarter 2023 investor letter. Headquartered in Bozeman, Montana, Fair Isaac Corporation (NYSE:FICO) develops decision management solutions to help businesses to automate, enhance, and connect decisions. On August 18, 2023, Fair Isaac Corporation (NYSE:FICO) stock closed at $846.13 per share. One-month return of Fair Isaac Corporation (NYSE:FICO) was 1.36%, and its shares gained 77.04% of their value over the last 52 weeks. Fair Isaac Corporation (NYSE:FICO) has a market capitalization of $21.147 billion.
Baron FinTech Fund made the following comment about Fair Isaac Corporation (NYSE:FICO) in its second quarter 2023 investor letter:
“Shares of Fair Isaac Corporation (NYSE:FICO), a data and analytics company that helps predict consumer behavior, contributed to performance. The company reported solid quarterly financial results and modestly raised its full-year outlook while taking a more conservative approach to guidance due to macroeconomic uncertainty. CEO Will Lansing sounded confident that the business can hold up well across various macro backdrops and sounded particularly excited about the momentum in the software business. We retain conviction and believe that FICO will be a steady earnings compounder, which should drive solid returns for the stock over the long term.”
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Fair Isaac Corporation (NYSE:FICO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held Fair Isaac Corporation (NYSE:FICO) at the end of second quarter which was 37 in the previous quarter.
We discussed Fair Isaac Corporation (NYSE:FICO) in another article and shared Conestoga Smid Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.
