Baron Funds, an investment management company, released its “Baron Asset Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund appreciated 5.34% in the first quarter, trailing the Russell Midcap Growth Index, which returned 9.14%. Stock selection drove the fund to underperform in the quarter. IT, Communication Services, and Consumer Discretionary were the strongest performing sectors, while Energy and Financials were the principal laggards. Furthermore, defensive-oriented sectors, Health Care, Utilities, and Consumer Staples also struggled in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Asset Fund highlighted stocks like Fidelity National Information Services, Inc. (NYSE:FIS) in the first quarter 2023 investor letter. Headquartered in Jacksonville, Florida, Fidelity National Information Services, Inc. (NYSE:FIS) is a financial technology solutions provider. On May 1, 2023, Fidelity National Information Services, Inc. (NYSE:FIS) stock closed at $56.69 per share. One-month return of Fidelity National Information Services, Inc. (NYSE:FIS) was 7.06%, and its shares lost 43.10% of their value over the last 52 weeks. Fidelity National Information Services, Inc. (NYSE:FIS) has a market capitalization of $33.585 billion.
Baron Asset Fund made the following comment about Fidelity National Information Services, Inc. (NYSE:FIS) in its Q1 2023 investor letter:
“We have owned Fidelity National Information Services, Inc. (NYSE:FIS) as a result of its acquisition of Vantiv, a payment processor in which we were an investor. The company has recently missed its financial targets and seen some executive departures. The company is in the midst of a turnaround strategy that remains uncertain, and we have significantly reduced our position.”
qvist/Shutterstock.com
Fidelity National Information Services, Inc. (NYSE:FIS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 64 hedge fund portfolios held Fidelity National Information Services, Inc. (NYSE:FIS) at the end of the fourth quarter which was 60 in the previous quarter.
We discussed Fidelity National Information Services, Inc. (NYSE:FIS) in another article and shared the list of best digital currency and payments stocks to buy. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 10 Best Dividend ETFs in 2023
- 15 States That Don’t Tax Social Security Or Pensions
- 13 Value Stocks to Buy With High Dividend Yields
Disclosure: None. This article is originally published at Insider Monkey.
