Baron Funds, an investment management company, released its “Baron Small Cap Fund” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund was 9.44% up in the first quarter outperforming the Russell 2000 Growth Index and the S&P 500 Index which returned 6.07% and 7.50% respectively. During the quarter, the fund benefitted from positive stock selection in almost all sectors on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Small Cap Fund highlighted stocks like Clarivate Plc (NYSE:CLVT) in the first quarter 2023 investor letter. Headquartered in London, the United Kingdom, Clarivate Plc (NYSE:CLVT) is an information service and analytics company. On June 12, 2023, Clarivate Plc (NYSE:CLVT) stock closed at $8.28 per share. One-month return of Clarivate Plc (NYSE:CLVT) was 8.95%, and its shares lost 37.32% of their value over the last 52 weeks. Clarivate Plc (NYSE:CLVT) has a market capitalization of $5.669 billion.
Baron Small Cap Fund made the following comment about Clarivate Plc (NYSE:CLVT) in its first quarter 2023 investor letter:
“We added to our position in Clarivate Plc (NYSE:CLVT), a leading global information services provider that serves customers across academia and government, life sciences & health care, and intellectual property. Clarivate goes to market with a collection of well-known brands, including Web of Science, ProQuest One, Alma, Cortellis, Derwent, and CompuMark.
Clarivate has an attractive business model. The company’s foundation is its highly valuable proprietary data assets (#1 or #2 player in most markets) that are combined with analytical tools and insights to help users apply the underlying data to everyday business problems. As an important part of the end users’ daily workflow, Clarivate’s indispensable, mission-critical solutions create a sticky and predictable business model with high levels of recurring revenue (about 80% recurring revenue and over 90% renewal rates). Clarivate has strong operating leverage (“build it once, sell it many times”) and should be able to sustain adjusted EBITDA margins in the low to mid-40% range…” (Click here to read the full text)
Speedcurve Performance Analytics
Clarivate Plc (NYSE:CLVT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Clarivate Plc (NYSE:CLVT)at the end of the first quarter 2023 which was 43 in the previous quarter.
We discussed Clarivate Plc (NYSE:CLVT) in another article and shared the list of high growth IT stocks to buy. In addition, please check out our hedge fund investor letters Q1 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.
