Baron Funds, an investment management company, released its “Baron Opportunity Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund outperformed the broader market and increased by 17.96% (Institutional Shares) compared to a 13.85% return for the Russell 3000 Growth Index and a 7.50% return for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Opportunity Fund highlighted stocks like DexCom, Inc. (NASDAQ:DXCM) in the Q1 2023 investor letter. Headquartered in San Diego, California, DexCom, Inc. (NASDAQ:DXCM) is a medical device company. On May 9, 2023, DexCom, Inc. (NASDAQ:DXCM) stock closed at $119.65 per share. One-month return of DexCom, Inc. (NASDAQ:DXCM) was 4.21%, and its shares gained 51.97% of their value over the last 52 weeks. DexCom, Inc. (NASDAQ:DXCM) has a market capitalization of $46.381 billion.
Baron Opportunity Fund made the following comment about DexCom, Inc. (NASDAQ:DXCM) in its Q1 2023 investor letter:
“We started a position in DexCom, Inc. (NASDAQ:DXCM), a medical device company that sells continuous glucose monitoring (CGM) devices for people with diabetes. DexCom is in the early stages of the launch of its seventh-generation device called the G7, which offers many new features, including 60% smaller size, a disposable transmitter, and 30-minute sensor warmup, among other features. We think the G7 will drive revenue growth acceleration through continued penetration in the core insulin-intensive diabetes population globally. In addition, Medicare recently decided to provide coverage of CGM for people with Type 2 diabetes who are basal insulin users, meaning people with diabetes who use insulin daily but don’t need to use insulin intensively at every meal or multiple times daily. This expanded coverage adds millions of people to DexCom’s addressable market. Over the long term, we believe DexCom will have an opportunity to expand into the even larger category of non-insulin users with Type 2 diabetes given the benefits of CGM in helping all people manage their diabetes.”
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DexCom, Inc. (NASDAQ:DXCM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 70 hedge fund portfolios held DexCom, Inc. (NASDAQ:DXCM) at the end of the fourth quarter, which was 62 in the previous quarter.
We discussed DexCom, Inc. (NASDAQ:DXCM) in another article and shared Aristotle Atlantic Focus Growth Strategy’s 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.
