Baron Funds, an investment management company, released its “Baron Partners Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The fund was up 8.39% (institutional Shares) in the fourth quarter, trailing the Fund’s primary benchmark, the Russell Midcap Growth Index’s 14.55%, and the S&P 500 Index’s 11.69% returns. The Morningstar Large Growth Category Average (the Peer Group) increased 13.83% during the period. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Partners Fund featured stocks like Iridium Communications Inc. (NASDAQ:IRDM) in the Q4 2023 investor letter. Headquartered in McLean, Virginia, Iridium Communications Inc. (NASDAQ:IRDM) offers mobile voice and data communications services and products. On February 27, 2024, Iridium Communications Inc. (NASDAQ:IRDM) stock closed at $29.29 per share. One-month return of Iridium Communications Inc. (NASDAQ:IRDM) was -19.22%, and its shares lost 52.44% of their value over the last 52 weeks. Iridium Communications Inc. (NASDAQ:IRDM) has a market capitalization of $3.586 billion.
Baron Partners Fund stated the following regarding Iridium Communications Inc. (NASDAQ:IRDM) in its fourth quarter 2023 investor letter:
“The negative news for Iridium Communications Inc. (NASDAQ:IRDM) impacted its share price in the quarter. The timeline for Iridium’s direct-to-device offering has been prolonged. The company ended its exclusive relationship with Qualcomm and is now seeking other partners with whom to integrate its satellite direct to cellular chip. While this expands addressable customers, it has delayed the realization of revenue. While other aspects of Iridium’s business including the internet of things, voice & data, and government services have stable growth, they do not offer the upside potential of direct to device. We continue to believe Iridium’s long-term business objectives can be achieved, yet the near term is uncertain.”
A technician inspecting a satellite dish, highlighting the Mobile Voice and Data Services scope.
Iridium Communications Inc. (NASDAQ:IRDM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Iridium Communications Inc. (NASDAQ:IRDM) was held by 33 hedge fund portfolios, up from 28 in the previous quarter, according to our database.
We discussed Iridium Communications Inc. (NASDAQ:IRDM) in another article and shared the list of best telecom dividend stocks to buy for 2024. 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.
