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 S&P Global Inc. (NYSE:SPGI) in the second quarter 2023 investor letter. Headquartered in New York, New York, S&P Global Inc. (NYSE:SPGI) provides transparent and independent ratings, benchmarks, analytics, and data to the capital and commodity markets. On August 18, 2023, S&P Global Inc. (NYSE:SPGI) stock closed at $382.00 per share. One-month return of S&P Global Inc. (NYSE:SPGI) was -9.65%, and its shares gained 1.47% of their value over the last 52 weeks. S&P Global Inc. (NYSE:SPGI) has a market capitalization of $122.546 billion.
Baron FinTech Fund made the following comment about S&P Global Inc. (NYSE:SPGI) in its second quarter 2023 investor letter:
“Shares of rating agency and data provider S&P Global Inc. (NYSE:SPGI) rose due to rebounding debt issuance and stronger equity markets. Following steep declines last year, non-financial corporate bond issuance was up double digits during the quarter as issuers got more comfortable with higher interest rates and some macro concerns abated. Solid equity market performance benefited asset-based fees, while continued strength in derivatives trading further bolstered Indices revenue. The integration of the IHS Markit acquisition is progressing well, with the company having already achieved over 90% of targeted cost synergies. We continue to own the stock due to the company’s long runway for growth and significant competitive advantages.”
Speedcurve Performance Analytics
S&P Global Inc. (NYSE:SPGI) is in 22nd position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 82 hedge fund portfolios held S&P Global Inc. (NYSE:SPGI) at the end of second quarter which was 90 in the previous quarter.
We discussed S&P Global Inc. (NYSE:SPGI) 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.
