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 DraftKings Inc. (NASDAQ;DKNG) in the fourth quarter 2023 investor letter. Headquartered in Boston, Massachusetts, DraftKings Inc. (NASDAQ;DKNG) is a digital sports entertainment and gaming company. On February 6, 2024, DraftKings Inc. (NASDAQ;DKNG) stock closed at $41.74 per share. One-month return of DraftKings Inc. (NASDAQ;DKNG) was 24.34%, and its shares gained 136.22% of their value over the last 52 weeks. DraftKings Inc. (NASDAQ;DKNG) has a market capitalization of $19.461 billion.
Baron Discovery Fund stated the following regarding DraftKings Inc. (NASDAQ;DKNG) in its fourth quarter 2023 investor letter:
“We added to our position in DraftKings Inc. (NASDAQ;DKNG), the leading mobile sportsbook and gaming operator in the U.S. While we lowered our estimates for the fourth quarter due to lower hold in the month of November, it is important to keep in mind that while hold can be volatile from quarter to quarter, the company continues to slowly increase hold over time (primarily because of a higher percentage of the handle being in higher hold “parlay” bets). We continue to be attracted to DraftKing’s dominant market share and the scale advantages that come with this.”
A group of millennials playing an online game on their mobile devices.
DraftKings Inc. (NASDAQ;DKNG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held DraftKings Inc. (NASDAQ;DKNG) at the end of third quarter which was 40 in the previous quarter.
We discussed DraftKings Inc. (NASDAQ;DKNG) in another article and shared the list of stocks with at least 30% annual growth rates to consider for a growth stock portfolio. 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.
