Will BlackRock (BLK) Benefit from the FED’s Rate Hiking Cycle?

Baron Funds, an investment management company, released its “Baron FinTech Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund rose 5.29% (Institutional Shares) compared to a 5.78% gain for the FactSet Global FinTech Index (Benchmark) and an 8.74% gain for the S&P 500 index. During the second quarter, the Fund performed well but fell slightly short of the Benchmark. Positive returns were achieved by two-thirds of the holdings. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Baron FinTech Fund highlighted stocks like BlackRock, Inc. (NYSE:BLK) in the second quarter 2023 investor letter. Based in New York City, BlackRock, Inc. (NYSE:BLK) is an investment manager. On August 22, 2023, BlackRock, Inc. (NYSE:BLK) stock closed at $665.84 per share. One-month return of BlackRock, Inc. (NYSE:BLK) was -10.75%, and its shares lost 4.47% of their value over the last 52 weeks. BlackRock, Inc. (NYSE:BLK) has a market capitalization of $100.27 billion.

Baron FinTech Fund made the following comment about BlackRock, Inc. (NYSE:BLK) in its second quarter 2023 investor letter:

“Additionally, elevated yields and the prospect of the Fed nearing the end of its rate hiking cycle makes fixed income an attractive asset class for investors, which should also benefit traditional asset managers with fixed income exposure such as BlackRock, Inc. (NYSE:BLK).”

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BlackRock, Inc. (NYSE:BLK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 57 hedge fund portfolios held BlackRock, Inc. (NYSE:BLK) at the end of second quarter which was 58 in the previous quarter.

We discussed BlackRock, Inc. (NYSE:BLK) in another article and shared the list of stocks receiving price-target cut from analysts. 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.