Baron Funds, an investment management company, released its “Baron FinTech Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund rose 5.29% (Institutional Shares) compared to a 5.78% gain for the FactSet Global FinTech Index (Benchmark) and an 8.74% gain for the S&P 500 index. During the second quarter, the Fund performed well but fell slightly short of the Benchmark. Positive returns were achieved by two-thirds of the holdings. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron FinTech Fund highlighted stocks like MSCI Inc. (NYSE:MSCI) in the second quarter 2023 investor letter. Headquartered in New York, New York, MSCI Inc. (NYSE:MSCI) is an investment decision support tools provider for clients. On August 18, 2023, MSCI Inc. (NYSE:MSCI) stock closed at $520.17 per share. One-month return of MSCI Inc. (NYSE:MSCI) was 3.46%, and its shares gained 10.00% of their value over the last 52 weeks. MSCI Inc. (NYSE:MSCI) has a market capitalization of $41.647 billion.
Baron FinTech Fund made the following comment about MSCI Inc. (NYSE:MSCI) in its second quarter 2023 investor letter:
“Shares of MSCI Inc. (NYSE:MSCI), a leading provider of investment decision support tools, detracted from performance. The company reported steady first quarter earnings results and reiterated its outlook for 2023. The stock’s decline was driven by: (1) weaker new sales activity in ESG due to the political environment in the U.S. and some regulatory updates in the EU around classifying ESG funds; and (2) broader macro uncertainty starting in late March, leading to a tightening of client budgets, lengthening of sales cycles, and higher cancelations from smaller clients. Despite some near-term uncertainty, we believe that business fundamentals remain sound, and we retain conviction that MSCI owns durable, “all weather” franchises that should enable the company to compound earnings at a double-digit rate for many years.”
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MSCI Inc. (NYSE:MSCI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held MSCI Inc. (NYSE:MSCI) at the end of second quarter which was 50 in the previous quarter.
We discussed MSCI Inc. (NYSE:MSCI) in another article and shared Aristotle Atlantic Partners’ views on the company. 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.
