Baron Funds, an investment management company, released its “Baron Asset Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The market rally that was driven by technology this year came to a halt in the third quarter. Against this backdrop, the Baron Asset Fund declined 4.42% (Institutional Shares) in the third quarter outperforming the Russell Midcap Growth Index’s -5.22% return. Positive stock selection and tailwinds from its style biases drove the outperformance in the quarter. The Fund’s underexposure to higher beta stocks, which performed poorly during the market reversal was another notable factor. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Asset Fund highlighted stocks like Vail Resorts, Inc. (NYSE:MTN) in the Q3 2023 investor letter. Headquartered in Broomfield, Colorado, Vail Resorts, Inc. (NYSE:MTN) is a mountain resorts and ski areas operator. On November 10, 2023, Vail Resorts, Inc. (NYSE:MTN) stock closed at $221.15 per share. One-month return of Vail Resorts, Inc. (NYSE:MTN) was 2.82%, and its shares lost 8.03% of their value over the last 52 weeks. Vail Resorts, Inc. (NYSE:MTN) has a market capitalization of $8.424 billion.
Baron Asset Fund made the following comment about Vail Resorts, Inc. (NYSE:MTN) in its Q3 2023 investor letter:
“Weakness in Real Estate and Consumer Discretionary was attributable to double-digit declines from real estate data and marketing platform CoStar Group, Inc. and global ski resort owner Vail Resorts, Inc. (NYSE:MTN), respectively. Vail’s stock declined after reporting disappointing quarterly results because of poor weather conditions in Australia and lower summer visitation at its U.S. destination mountain resorts as borders reopened and more people traveled abroad. On the positive side, Vail continued to experience strong demand for its seasonal ski passes, with sales up 11% over last year’s figures.”
An aerial view of a mountain resort, its snow-capped peaks and lush ski slopes revealed in all their glory.
Vail Resorts, Inc. (NYSE:MTN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Vail Resorts, Inc. (NYSE:MTN) at the end of second quarter which was 37 in the previous quarter.
We discussed Vail Resorts, Inc. (NYSE:MTN) in another article and shared The London Company SMID Cap Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- Top 20 Diamond Producing Countries in the World
- 15 Best Gins Under $50
- Top 11 Extreme Value Stocks To Buy
Disclosure: None. This article is originally published at Insider Monkey.
