Baron Funds, an investment management company, released its “Baron Discovery Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In 2023, the fund (Institutional Shares) returned 22.58% outperforming the 18.66% return for the Russell 2000 Growth Index. In Q4, the fund returned 12.44% compared to a 12.75% return for the index. Since its inception, investors in the fund have earned an annualized return of 12.42%, resulting in a more than tripled investment. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Discovery Fund featured stocks such as GitLab Inc. (NASDAQ:GTLB) in the fourth quarter 2023 investor letter. Headquartered in San Francisco, California, GitLab Inc. (NASDAQ:GTLB) develops software for the software development lifecycle. On February 6, 2024, GitLab Inc. (NASDAQ:GTLB) stock closed at $70.95 per share. One-month return of GitLab Inc. (NASDAQ:GTLB) was 13.90%, and its shares gained 44.12% of their value over the last 52 weeks. GitLab Inc. (NASDAQ:GTLB) has a market capitalization of $11.047 billion.
Baron Discovery Fund stated the following regarding GitLab Inc. (NASDAQ:GTLB) in its fourth quarter 2023 investor letter:
“GitLab Inc. (NASDAQ:GTLB) is an end-to-end software development and IT operations platform that enterprises use to create, secure, and deploy programming code. The stock rose after GitLab delivered strong quarterly results driven by improving win rates in enterprise deals, solid seat growth, and higher average selling prices. In recent years, GitLab has delivered more than 400 feature enhancements to its platform, enabling its customers to consolidate more software development steps into GitLab, lowering total IT costs and achieving faster software delivery times. As a result, GitLab has realized higher average revenue per user (ARPU) through a combination of price increases and upgrades to its Ultimate Tier product. These ARPU increases, coupled with consistent user growth, bode well for future sales and margin expansion. GitLab also has several exciting new growth levers, including a monetizable generative AI product that helps developers write code, detect vulnerabilities automatically, and remediate bottlenecks in the coding process, a new enterprise planning SKU that brings non-developers onto the platform, and a Dedicated Tier for clients in regulated industries.”
A team of software engineers working together in an open office, developing innovative solutions.
GitLab Inc. (NASDAQ:GTLB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held GitLab Inc. (NASDAQ:GTLB) at the end of third quarter which was 41 in the previous quarter.
We discussed GitLab Inc. (NASDAQ:GTLB) in another article and shared Light Street Capital’s top stock picks that returned 46% in 2023. 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.
