Baron Funds, an investment management company, released its “Baron Discovery Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund was up 11.20% in the first quarter compared to the Russell 2000 Growth Index’s return of 6.07%. The strong performance of holdings in the Information Technology (IT), Industrials, and Consumer Discretionary sectors and the Fund’s higher exposure to the top-performing IT sector led the fund to outperform in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Discovery Fund highlighted stocks like Navitas Semiconductor Corporation (NASDAQ:NVTS) in the first quarter 2023 investor letter. Headquartered in Torrance, California, Navitas Semiconductor Corporation (NASDAQ:NVTS) designs and markets gallium nitride (GaN) semiconductors. On May 15, 2023, Navitas Semiconductor Corporation (NASDAQ:NVTS) stock closed at $6.64 per share. One-month return of Navitas Semiconductor Corporation (NASDAQ:NVTS) was -4.73%, and its shares lost 5.28% of their value over the last 52 weeks. Navitas Semiconductor Corporation (NASDAQ:NVTS) has a market capitalization of $1.097 billion.
Baron Discovery Fund made the following comment about Navitas Semiconductor Corporation (NASDAQ:NVTS) in its Q1 2023 investor letter:
“Navitas Semiconductor Corporation (NASDAQ:NVTS) is a leader in gallium nitride (GaN) power semiconductors and a smaller player in silicon carbide (SiC) power semiconductors. Shares rose during the quarter as management reiterated its outlook to double revenues in 2023 and investors appeared optimistic around the recovery in its key mobile charging end market concentrated in China. Navitas sells monolithically integrated GaN power integrated circuits, which provide greater reliability and performance compared to the discrete power devices (requiring multiple components) of its competitors. The company recently purchased a silicon control company to drive even further integration and performance, and its SiC products offer high performance and robustness across many different applications. The company’s high-power GaN product launches remain on track for data center, solar, and electric vehicle (EV) applications, and its SiC product portfolio continues to grow in industrial, renewable energy, and EV charging infrastructure applications. We expect Navitas to gain share in the rapidly growing GaN and SiC power semiconductor markets over time, driven by its superior technology.”
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Navitas Semiconductor Corporation (NASDAQ:NVTS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 3 hedge fund portfolios held Navitas Semiconductor Corporation (NASDAQ:NVTS) at the end of the fourth quarter which was 6 in the previous quarter.
We discussed Navitas Semiconductor Corporation (NASDAQ:NVTS) in another article and shared the list of cheap rising stocks to buy. In addition, please check out our hedge fund investor letters Q1 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.
