Baron Funds, an investment management firm, released its “Baron Durable Advantage Fund” second quarter 2023 investor letter, a copy of which can be downloaded here. The fund advanced 10.7% (Institutional Shares) in the second quarter compared to an 8.7% return for the Fund’s benchmark, the S&P 500 Index. The fund returned 28.4% year-to-date compared to 16.9% for the Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Baron Durable Advantage Fund highlighted stocks like LPL Financial Holdings Inc. (NASDAQ:LPLA) in the second quarter 2023 investor letter. Based in San Diego, California, LPL Financial Holdings Inc. (NASDAQ:LPLA) is an integrated platform provider of brokerage and investment advisory services. On September 12, 2023, LPL Financial Holdings Inc. (NASDAQ:LPLA) stock closed at $242.73 per share. One-month return of LPL Financial Holdings Inc. (NASDAQ:LPLA) was 9.24%, and its shares gained 4.85% of their value over the last 52 weeks. LPL Financial Holdings Inc. (NASDAQ:LPLA) has a market capitalization of $18.52 billion.
Baron Durable Advantage Fund made the following comment about LPL Financial Holdings Inc. (NASDAQ:LPLA) in its Q2 2023 investor letter:
“Lastly, we also continued building two of our newer positions, the largest independent broker-dealer, LPL Financial Holdings Inc. (NASDAQ:LPLA), which remains well positioned to win market share in a growing industry as advisors continue shifting to independent broker dealers; and the leading alternative asset manager, Blackstone Inc., which we believe stands to benefit from the continued shift to alternative asset management. Jamie Dimon, JP Morgan’s CEO, described how the potential changes in regulatory requirements from banks (such as increasing capital rations to 20%) during the company’s most recent earnings could provide an additional boost for alternative asset managers: “This is great news for hedge funds, private equity, private credit, Apollo, Blackstone, and there’s dancing in the streets.”
Image by Sergei Tokmakov Terms.Law from Pixabay
LPL Financial Holdings Inc. (NASDAQ:LPLA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held LPL Financial Holdings Inc. (NASDAQ:LPLA) at the end of second quarter which was 52 in the previous quarter.
We discussed LPL Financial Holdings Inc. (NASDAQ:LPLA) in another article and shared the list of best low risk high growth stocks to buy. In addition, please check out our hedge fund investor letters Q2 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.
