Baron Funds, an investment management firm, released its “Baron Durable Advantage Fund” second quarter 2023 investor letter, a copy of which can be downloaded here. The fund advanced 10.7% (Institutional Shares) in the second quarter compared to an 8.7% return for the Fund’s benchmark, the S&P 500 Index. The fund returned 28.4% year-to-date compared to 16.9% for the Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Baron Durable Advantage Fund highlighted stocks like Blackstone Inc. (NYSE:BX) in the second quarter 2023 investor letter. Headquartered in New York, New York, Blackstone Inc. (NYSE:BX) is an asset management firm specializing in Real Estate, Private Equity, Credit and Insurance, and Hedge Fund Solutions. On September 12, 2023, Blackstone Inc. (NYSE:BX) stock closed at $112.54 per share. One-month return of Blackstone Inc. (NYSE:BX) was 16.14%, and its shares gained 18.02% of their value over the last 52 weeks. Blackstone Inc. (NYSE:BX) has a market capitalization of $136.929 billion.
Baron Durable Advantage Fund made the following comment about Blackstone Inc. (NYSE:BX) in its Q2 2023 investor letter:
“Lastly, we also continued building two of our newer positions, the largest independent broker-dealer, LPL Financial Holdings Inc., which remains well positioned to win market share in a growing industry as advisors continue shifting to independent broker dealers; and the leading alternative asset manager, Blackstone Inc. (NYSE:BX), which we believe stands to benefit from the continued shift to alternative asset management. Jamie Dimon, JP Morgan’s CEO, described how the potential changes in regulatory requirements from banks (such as increasing capital rations to 20%) during the company’s most recent earnings could provide an additional boost for alternative asset managers: “This is great news for hedge funds, private equity, private credit, Apollo, Blackstone, and there’s dancing in the streets.”
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Blackstone Inc. (NYSE:BX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 60 hedge fund portfolios held Blackstone Inc. (NYSE:BX) at the end of second quarter which was 45 in the previous quarter.
We discussed Blackstone Inc. (NYSE:BX) in another article and shared Baron Real Estate Fund’s 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.
