Baron Funds, an investment management company, released its “Baron Discovery Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The fund was up 3.58% (Institutional Shares) in the second quarter trailing the Russell 2000 Growth Index’s 7.05% return. Year-to-date, the fund returned 15.19% (Institutional Shares) compared to a 13.55% return for the benchmark. The macroeconomic landscape remains complicated, and the market’s general tendency is toward fear rather than greed. Nonetheless, the firm remains hopeful that the market has bottomed and that an economic recovery is starting. 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 second quarter 2023 investor letter. Headquartered in Torrance, California, Navitas Semiconductor Corporation (NASDAQ:NVTS) designs, develops, and markets ultra-efficient gallium nitride (GaN) semiconductors. On August 18, 2023, Navitas Semiconductor Corporation (NASDAQ:NVTS) stock closed at $7.92 per share. One-month return of Navitas Semiconductor Corporation (NASDAQ:NVTS) was -16.89%, and its shares gained 42.70% of their value over the last 52 weeks. Navitas Semiconductor Corporation (NASDAQ:NVTS) has a market capitalization of $1.366 billion.
Baron Discovery Fund made the following comment about Navitas Semiconductor Corporation (NASDAQ:NVTS) in its second quarter 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 as management reiterated its outlook to double revenues in 2023, reported strong design win momentum, and introduced a new opportunity pipeline metric by end market that indicated a healthy forward-looking pipeline. Navitas sells monolithically integrated (all-in-one) GaN power integrated circuit chips, which provide greater reliability and performance compared to competitors that supply discrete power devices that have a lot of separate components. It 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, 12 hedge fund portfolios held Navitas Semiconductor Corporation (NASDAQ:NVTS) at the end of second quarter which was 14 in the previous quarter.
We discussed Navitas Semiconductor Corporation (NASDAQ:NVTS) in another article and shared Baron Discovery Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 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.
