Baron Funds, an investment management company, released its “Baron Emerging Markets Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund gained 2.68% (Institutional Shares), compared to a 3.96% return for its principal benchmark, the MSCI EM Index, and a 4.27% return for the MSCI EM IMI Growth Index. High volatility and swings in sentiment and leadership drove the fund to modestly underperform the core benchmark and the all-cap growth proxy in the period. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Emerging Markets Fund highlighted stocks like Alibaba Group Holding Limited (NYSE:BABA) in the first quarter 2023 investor letter. Headquartered in Hangzhou, the People’s Republic of China, Alibaba Group Holding Limited (NYSE:BABA) provides technology infrastructure and marketing reach. On June 23, 2023, Alibaba Group Holding Limited (NYSE:BABA) stock closed at $84.92 per share. One-month return of Alibaba Group Holding Limited (NYSE:BABA) was 4.88%, and its shares lost 28.48% of their value over the last 52 weeks. Alibaba Group Holding Limited (NYSE:BABA) has a market capitalization of $220.049 billion.
Baron Emerging Markets Fund made the following comment about Alibaba Group Holding Limited (NYSE:BABA) in its first quarter 2023 investor letter:
“Alibaba Group Holding Limited (NYSE:BABA) is the largest retailer and e-commerce company in China. Alibaba operates shopping platforms Taobao and Tmall and owns 33% of Ant Group, which operates Alipay, China’s largest third-party online payment provider. Shares of Alibaba were up this quarter, given meaningful margin expansion, guidance to stabilize core commerce market share in China, and an announced plan to split the company into six units which could further unlock value. We retain conviction that Alibaba is well positioned to benefit from China’s reopening and the ongoing growth in online commerce and cloud in China.”
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Alibaba Group Holding Limited (NYSE:BABA) is in 14th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 128 hedge fund portfolios held Alibaba Group Holding Limited (NYSE:BABA) at the end of first quarter 2023 which was 113 in the previous quarter.
We discussed Alibaba Group Holding Limited (NYSE:BABA) in another article and shared the list of quantum computing stocks billionaires are purchasing. 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.
