Baron Funds, an investment management company, released its “Baron Discovery Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund (Institutional Shares) returned 4.57% underperforming the 7.58% return for the Russell 2000 Growth Index. The firm is optimistic about the Fund’s prospects for 2024. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Baron Discovery Fund featured stocks like Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the first quarter 2024 investor letter. Headquartered in Manchester, New Hampshire, Allegro MicroSystems, Inc. (NASDAQ:ALGM) manufactures and markets sensor integrated circuits (ICs) and application-specific analog power ICs. On May 14, 2024, Allegro MicroSystems, Inc. (NASDAQ:ALGM) stock closed at $28.54 per share. One-month return of Allegro MicroSystems, Inc. (NASDAQ:ALGM) was 5.00%, and its shares lost 26.52% of their value over the last 52 weeks. Allegro MicroSystems, Inc. (NASDAQ:ALGM) has a market capitalization of $5.512 billion.
Baron Discovery Fund stated the following regarding Allegro MicroSystems, Inc. (NASDAQ:ALGM) in its first quarter 2024 investor letter:
“We added to our investment in Allegro MicroSystems, Inc. (NASDAQ:ALGM), a fabless designer and manufacturer of integrated circuit (IC)-based sensors and application-specific analog power ICs for automotive and industrial markets. We had meaningfully reduced our position in the third quarter of 2023 given what we viewed were extreme valuations, even on long-term metrics. Since then, shares have come down from a low-$50’s level to the mid-$20’s, and we re-loaded the position as we view Allegro as a solid long-term grower that can double again from here.”
A technician operating a robotic arm on a production line of semiconductor chips.
Allegro MicroSystems, Inc. (NASDAQ:ALGM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Allegro MicroSystems, Inc. (NASDAQ:ALGM) at the end of the fourth quarter which was 24 in the previous quarter.
In another article we discussed Allegro MicroSystems, Inc. (NASDAQ:ALGM) and shared Meridian Hedged Equity Fund’s views on the company in the previous quarter. Allegro MicroSystems, Inc. (NASDAQ:ALGM) is the best cheap semiconductor stock according to the article “11 Undervalued Semiconductor Stocks To Buy According to Hedge Funds“. In addition, please check out our hedge fund investor letters Q1 2024 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.
