Baron Funds, an investment management firm, released its “Baron Durable Advantage Fund” fourth quarter 2023 investor letter, a copy of which can be downloaded here. The fund advanced 13.9% (Institutional Shares) in the fourth quarter compared to an 11.7% return for the Fund’s benchmark, the S&P 500 Index. The fund gained 45.5% for the full year 2023, compared to the 26.3% gain for the Benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Baron Durable Advantage Fund featured stocks like The Estée Lauder Companies Inc. (NYSE:EL) in its Q4 2023 investor letter. Headquartered in New York, New York, The Estée Lauder Companies Inc. (NYSE:EL) is a skincare, makeup, fragrance, and hair care products manufacturer. On March 4, 2024, The Estée Lauder Companies Inc. (NYSE:EL) stock closed at $147.78 per share. One-month return of The Estée Lauder Companies Inc. (NYSE:EL) was 1.07%, and its shares lost 39.79% of their value over the last 52 weeks. The Estée Lauder Companies Inc. (NYSE:EL) has a market capitalization of $53.352 billion.
Baron Durable Advantage Fund stated the following regarding The Estée Lauder Companies Inc. (NYSE:EL) in its fourth quarter 2023 investor letter:
“The Estée Lauder Companies Inc. (NYSE:EL) is a leading manufacturer, marketer, and retailer of prestige beauty products globally. Shares continued underperforming in the fourth quarter after management cut the company’s outlook for the fiscal year ending 6/30/2024. This downward revision was mainly driven by a worsening outlook in China, business disruptions in Israel and other parts of the Middle East, and worsening F/X headwinds. Estee Lauder’s disproportionate exposure to the Chinese consumer and the travel retail channel in Asia relative to peers continues to place pressure on both growth and margins. We decided to exit our position and reallocate to ideas in which we have greater conviction.”
A female customer shopping for beauty products in a modern store.
The Estée Lauder Companies Inc. (NYSE:EL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, The Estée Lauder Companies Inc. (NYSE:EL) was held by 43 hedge fund portfolios, down from 45 in the previous quarter, according to our database.
We discussed The Estée Lauder Companies Inc. (NYSE:EL) in another article and shared Polen Global Growth Strategy’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.
