Baron Funds, an investment management company, released its “Baron FinTech Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund rose 4.83% (Institutional Shares) compared to an 8.24% gain for the FactSet Global FinTech Index and a 7.50% gain for the S&P 500 benchmark index. Against a confusing market backdrop, the Fund appreciated during the first quarter yet trailed the Benchmark and the broader market. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron FinTech Fund highlighted stocks like Tradeweb Markets Inc. (NASDAQ:TW) in the first quarter 2023 investor letter. Headquartered in New York, New York, Tradeweb Markets Inc. (NASDAQ:TW) builds and operates an electronic marketplace. On June 5, 2023, Tradeweb Markets Inc. (NASDAQ:TW) stock closed at $69.20 per share. One-month return of Tradeweb Markets Inc. (NASDAQ:TW) was -4.04%, and its shares gained 0.13% of their value over the last 52 weeks. Tradeweb Markets Inc. (NASDAQ:TW) has a market capitalization of $16.244 billion.
Baron FinTech Fund made the following comment about Tradeweb Markets Inc. (NASDAQ:TW) in its Q1 2023 investor letter:
“Tradeweb Markets Inc. (NASDAQ:TW) operates electronic marketplaces for trading bonds, derivatives, and other financial instruments. Shares contributed due to robust trading activity and market share gains. Average daily trading volume in the first quarter grew 16% for interest rate products and 23% for U.S. high-grade corporate bonds. Tradeweb also reported quarterly financial results that exceeded Street expectations with 9% revenue growth on a constant-currency basis and 18% EPS growth. We continue to own the stock due to Tradeweb’s strong network effects, long track record of innovation, and significant growth opportunities from the ongoing electronification of the capital markets.”
Image by Sergei Tokmakov Terms.Law from Pixabay
Tradeweb Markets Inc. (NASDAQ:TW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Tradeweb Markets Inc. (NASDAQ:TW) at the end of first quarter 2023 which was 27 in the previous quarter.
We discussed Tradeweb Markets Inc. (NASDAQ:TW) in another article and shared Baron Funds’ views on the company. 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.
