Baron Funds, an investment management company, released its “Baron FinTech Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund rose 13.85% (Institutional Shares) compared to a 15.54% gain for the FactSet Global FinTech Index (Benchmark) and an 8.74% gain for the S&P 500 index. The fund appreciated 27.31% in 2023 compared to 23.34% and 26.29% gains for the indexes, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron FinTech Fund featured stocks like Guidewire Software, Inc. (NYSE:GWRE) in the fourth quarter 2023 investor letter. Headquartered in San Mateo, California, Guidewire Software, Inc. (NYSE:GWRE) is a software product-providing company for P&C insurers. On March 5, 2024, Guidewire Software, Inc. (NYSE:GWRE) stock closed at $114.30 per share. One-month return of Guidewire Software, Inc. (NYSE:GWRE) was -0.95%, and its shares gained 49.63% of their value over the last 52 weeks. Guidewire Software, Inc. (NYSE:GWRE) has a market capitalization of $9.365 billion.
Baron FinTech Fund stated the following regarding Guidewire Software, Inc. (NYSE:GWRE) in its fourth quarter 2023 investor letter:
“We also added to insurance software provider, Guidewire Software, Inc. (NYSE:GWRE), a long – time holding that is nearing a successful completion of its cloud transition. The company recently held an Investor Day where management guided to accelerating revenue growth and expanding margins based on customer wins that are ramping up over the next few years. Following years of infrastructure investment to build out its cloud-based offering, the company will now pivot R&D resources to developing new applications, which offer significant revenue potential. Guidewire’s competitive position appears as strong as ever, with a high 90% customer retention rate and an 80% win rate by value for new business. We expect free cash flow per share to exceed $6 in a few years, which should drive continued share price appreciation.”
An insurance adjuster reviewing images and paperwork to process a claim.
Guidewire Software, Inc. (NYSE:GWRE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Guidewire Software, Inc. (NYSE:GWRE) was held by 33 hedge fund portfolios, up from 31 in the previous quarter, according to our database.
We discussed Guidewire Software, Inc. (NYSE:GWRE) in another article and shared Baron Focused Growth Fund’s views on the company. 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.
