Baron Funds, an investment management firm, released its “Baron Durable Advantage Fund” first quarter 2023 investor letter, a copy of which can be downloaded here. The Baron Durable Advantage Fund gained 16.0% during the first quarter, compared favorably to its S&P 500 benchmark which earned a 7.5% return for the same period. Spare some time to check the fund’s top 5 holdings to know more about their top bets for 2023.
In its Q1 2023 investor letter, Baron Durable Advantage Fund mentioned Agilent Technologies Inc. (NYSE:A) and explained its insights for the company. Founded in 1999, Agilent Technologies Inc. (NYSE:A) is a Santa Clara, California-based research and testing company with a $35.2 billion market capitalization. Agilent Technologies Inc. (NYSE:A) delivered a -20.35% return since the beginning of the year, while its 12-month returns are up by 2.75%. The stock closed at $118.54 per share on June 12, 2023.
Here is what Baron Durable Advantage Fund has to say about Agilent Technologies Inc. (NYSE:A) in its Q1 2023 investor letter:
“Agilent Technologies, Inc. (A) provides instruments, software, services, and consumables for the life sciences, diagnostics, and applied chemicals markets. Despite reporting solid financial results with 10% year-over-year core revenue growth and 13% EPS growth, shares declined 7.6% during the first quarter on investor anticipation of a tougher macro environment later in 2023. We continue to believe Agilent is well positioned for long-term durable growth, driven by innovation, new product development, and its end market and geographic mix. Over time, Agilent will benefit from a shift in its business mix to higher-growth pharmaceutical, diagnostics, and research markets, while its leading competitive positioning and scale should enable it to raise margins over time.”
Our calculations show that Agilent Technologies Inc. (NYSE:A) was not able to secure a spot on our list of the 30 Most Popular Stocks Among Hedge Funds. Agilent Technologies Inc. (NYSE:A) was in 55 hedge fund portfolios at the end of the first quarter of 2023, compared to 48 funds in the previous quarter. Agilent Technologies Inc. (NYSE:A) delivered a -13.87% return in the past 3 months.
On January this year, we also shared another hedge fund’s views on Agilent Technologies Inc. (NYSE:A) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q1 2023 page.
Suggested Articles:
- 25 Countries With The Highest Cost of Living In The World in 2023
- 20 Best Countries to Retire Overseas Where English is Spoken
- 12 Best Energy Stocks To Invest In According to Analysts
Disclosure: None. This article is originally published at Insider Monkey.
