Baron Funds, an investment management company, released its “Baron Discovery Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. Baron Discovery Fund (the Fund) reached its 10-year anniversary on September 30, 2023. Since inception, on a cumulative basis, the fund was up 195.3% (Institutional Shares) compared to the Russell 2000 Growth Index’s 91.6% return. During the quarter, the fund returned -5.36% (Institutional Shares) compared to -7.32% return for the benchmark. The bond market became the latest headwind to stock market performance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Discovery Fund highlighted stocks like Kinsale Capital Group, Inc. (NYSE:KNSL) in the third quarter 2023 investor letter. Headquartered in Richmond, Virginia, Kinsale Capital Group, Inc. (NYSE:KNSL) is a specialty insurance company. On November 10, 2023, Kinsale Capital Group, Inc. (NYSE:KNSL) stock closed at $357.39 per share. One-month return of Kinsale Capital Group, Inc. (NYSE:KNSL) was -18.61%, and its shares gained 26.19% of their value over the last 52 weeks. Kinsale Capital Group, Inc. (NYSE:KNSL) has a market capitalization of $8.282 billion.
Baron Discovery Fund made the following comment about Kinsale Capital Group, Inc. (NYSE:KNSL) in its Q3 2023 investor letter:
“Specialty insurer Kinsale Capital Group, Inc. (NYSE:KNSL) contributed to performance after reporting consensus-beating quarterly results. Gross written premiums grew 58%, and earnings per share increased 50%. Market conditions remained favorable, with rising premium rates and more business shifting from the standard lines market to the excess and surplus lines market where Kinsale operates. The company is also capitalizing on disruption in the property market, where rates are rising rapidly after years of industry losses and a reduction in reinsurance capacity. We continue to own the stock because we believe Kinsale is well managed and has a long runway for growth in an attractive segment of the insurance market.”
A closeup of a specialist in a suit preparing to finalise an insurance policy.
Kinsale Capital Group, Inc. (NYSE:KNSL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Kinsale Capital Group, Inc. (NYSE:KNSL) at the end of second quarter which was 17 in the previous quarter.
We discussed Kinsale Capital Group, Inc. (NYSE:KNSL) in another article and shared Carillon Eagle Small Cap Growth Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.
