Baron Funds, an investment management company, released its “Baron Small Cap Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. Baron Small Cap Fund had a strong fourth quarter and a full year in 2023, both on absolute and relative bases. The fund was up 12.64% (Institutional Shares) in the fourth quarter and appreciated 27.19% for the year. This was essentially in line with the performance of the Russell 2000 Growth Index (the Benchmark) in the fourth quarter, which was up 12.75% and outperformed the 11.69% returns of the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Small Cap Fund featured stocks like The Beauty Health Company (NASDAQ:SKIN) in its Q4 2023 investor letter. Headquartered in Long Beach, California, The Beauty Health Company (NASDAQ:SKIN) develops and manufacturers aesthetic technologies and products. On February 26, 2024, The Beauty Health Company (NASDAQ:SKIN) stock closed at $3.11 per share. One-month return of The Beauty Health Company (NASDAQ:SKIN) was 0.97%, and its shares lost 75.34% of their value over the last 52 weeks. The Beauty Health Company (NASDAQ:SKIN) has a market capitalization of $408.24 million.
Baron Small Cap Fund stated the following regarding The Beauty Health Company (NASDAQ:SKIN) in its fourth quarter 2023 investor letter:
“The Beauty Health Company (NASDAQ:SKIN) is a skin care and beauty company that sells the flagship HydraFacial machine and related consumables. Shares declined after reporting disappointing results that revealed execution issues associated with the roll out of Syndeo, the latest generation of the HydraFacial machine. While the features and functionality of this new device surpassed the prior version, the machine also had several defects that caused potential buyers to delay their purchases. To remedy the defects, the company had to incur added costs to repair and replace existing Syndeos in the field. The company also announced that the CEO was leaving. Due to the continued uncertainty, lowered near-term financial results, suspension of 2025 guidance, and heightened management turnover, we exited our position.”
A close-up of a woman’s hands while applying a facial cleansing product.
The Beauty Health Company (NASDAQ:SKIN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, The Beauty Health Company (NASDAQ:SKIN) was held by 20 hedge fund portfolios, up from 15 in the previous quarter, according to our database. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 20 Countries Facing the Biggest Brain Drain
- 30 Least Educated Countries in the World
- 17 Countries With Best Universities In Africa
Disclosure: None. This article is originally published at Insider Monkey.
