Baron Funds, an investment management company, released its “Baron Partners Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. Despite the market volatility, the fund performed well and returned 23.41% in the first quarter, which exceeds the Russell Midcap Growth Index’s 9.14% return and the S&P 500 Index’s 7.50% return in the same period. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Partners Fund highlighted stocks like Hyatt Hotels Corporation (NYSE:H) in the first quarter 2023 investor letter. Headquartered in Chicago, Illinois, Hyatt Hotels Corporation (NYSE:H) is a hospitality company. On May 22, 2023, Hyatt Hotels Corporation (NYSE:H) stock closed at $111.16 per share. One-month return of Hyatt Hotels Corporation (NYSE:H) was -3.85%, and its shares gained 37.49% of their value over the last 52 weeks. Hyatt Hotels Corporation (NYSE:H) has a market capitalization of $11.748 billion.
Baron Partners Fund made the following comment about Hyatt Hotels Corporation (NYSE:H) in its Q1 2023 investor letter:
“Shares of global hotelier Hyatt Hotels Corporation (NYSE:H) increased in the first quarter after it reported growth in revenue-per-available-room above pre-pandemic levels, driven by its strong leisure business, which is now 50% of its room base. We believe the company’s business transient business should continue to rebound along with its group business that is now pacing above 2019 levels. Sustained owned margin gains from operating improvements implemented during the pandemic will also help drive EBITDA and cash flow over the next few years. Hyatt expects to complete its transition to an 80% fee-based business through the sale of $2 billion of owned assets by the end of 2024. Its balance sheet remains robust and should be able to withstand any economic slowdown that may impact travel, in our view.”
Photo by Upal Patel on Unsplash
Hyatt Hotels Corporation (NYSE:H) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Hyatt Hotels Corporation (NYSE:H) at the end of the fourth quarter which was 30 in the previous quarter.
We discussed Hyatt Hotels Corporation (NYSE:H) in another article and shared Longleaf Partners Small-Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.
