Baron Funds, an investment management firm, released its “Focused Growth Fund” fourth quarter 2023 investor letter, a copy of which can be downloaded here. The fund had a strong fourth quarter and increased by 9.74% (Institutional Shares) underperforming the Russell 2500 Growth Index’s (the Benchmark) 12.59% return. Spare some time to check the fund’s top 5 holdings to know more about their top bets for 2023.
Baron Focused Growth Fund featured stocks like Hyatt Hotels Corporation (NYSE:H) in the fourth quarter 2023 investor letter. Headquartered in Chicago, Illinois, Hyatt Hotels Corporation (NYSE:H) is a hospitality company. On March 4, 2024, Hyatt Hotels Corporation (NYSE:H) stock closed at $157.52 per share. One-month return of Hyatt Hotels Corporation (NYSE:H) was 21.65%, and its shares gained 29.78% of their value over the last 52 weeks. Hyatt Hotels Corporation (NYSE:H) has a market capitalization of $16.243 billion.
Baron Focused Growth Fund stated the following regarding Hyatt Hotels Corporation (NYSE:H) in its fourth quarter 2023 investor letter:
“Shares of global hotelier Hyatt Hotels Corporation (NYSE:H) increased in the quarter. The company reported strong demand across its portfolio, led by robust leisure travel and improvement in its business transient and group business that is now pacing above pre-COVID levels. Room rate increases are generating solid margins and cash flow. In our view, Hyatt’s sound, underleveraged balance sheet keeps it well positioned should we enter a possible downturn in 2024. The hotel transaction market is improving, and the company has two properties for sale that should close in early 2024. At that time more than 80% of revenue will be generated from fees with the remainder from owned assets. We also believe these transactions should help boost the stock’s multiple over time.”
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Hyatt Hotels Corporation (NYSE:H) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Hyatt Hotels Corporation (NYSE:H) was held by 22 hedge fund portfolios, down from 25 in the previous quarter, according to our database.
We discussed Hyatt Hotels Corporation (NYSE:H) in another article and shared Longleaf Partners’ views on the company. In addition, please check out our hedge fund investor letters Q4 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.
