Baron Funds, an investment management firm, released its “Baron Focused Growth Fund” first quarter 2023 investor letter, a copy of which can be downloaded here. During the quarter ending on March 31, 2023, the Fund’s Institutional Shares exhibited a notable increase of 14.49%. This remarkable performance can be attributed to the resilience and robust demand witnessed by companies held within the Fund’s portfolio. 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 Focused Growth Fund mentioned Manchester United PLC (NYSE:MANU) and explained its insights for the company. Founded in 1878, Manchester United PLC (NYSE:MANU) is a Manchester, United Kingdom-based professional football club with a $3.9 billion market capitalization. Manchester United PLC (NYSE:MANU) delivered a 3.47% return since the beginning of the year, while its 12-month returns are up by 110.83%. The stock closed at $24.81 per share on June 15, 2023.
Here is what Baron Focused Growth Fund has to say about Manchester United PLC (NYSE:MANU) in its Q1 2023 investor letter:
“Manchester United plc (NYSE:MANU) is the best-known team in the English Premier League and generates revenue from broadcasting, sponsorship, and licensing. Shares were down this quarter on uncertainty around the possibility and timing of Manchester United’s potential sale following the news in late 2022 that the club was exploring strategic alternatives. We retain conviction and continue to monitor bids and owner demands, with recent transactions of similar clubs suggesting that the stock is comparatively undervalued. In our view, Manchester United is a unique media company with over 1.1 billion fans globally and broad appeal that should compound value over the long term.”
Photo by Nat Callaghan on Unsplash
Our calculations show that Manchester United PLC (NYSE:MANU) was not able to secure a spot on our list of the 30 Most Popular Stocks Among Hedge Funds. Manchester United PLC (NYSE:MANU) was in 32 hedge fund portfolios at the end of the first quarter of 2023, compared to 29 funds in the previous quarter. Manchester United PLC (NYSE:MANU) delivered a 9.03% return in the past 3 months.
Earlier this year, we also shared another fund’s Q4 2022 views on Manchester United PLC (NYSE:MANU) 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:
- 30 Most Visited Cities by American Tourists
- 12 Best Energy Stocks To Invest In According to Analysts
- 10 Best Music Stocks to Buy Now
Disclosure: None. This article is originally published at Insider Monkey.
