Baron Funds, an investment management company, released its “Baron Fifth Avenue Growth Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The fund increased 17.6% (Institutional Shares) in the fourth quarter compared to a 14.2% gain for the Russell 1000 Growth Index and an 11.7% increase for the S&P 500 Index. For the full year, the fund appreciated 57.6% compared to 42.7% and 26.3% returns for the indexes, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Fifth Avenue Growth Fund featured stocks such as Amazon.com, Inc. (NASDAQ:AMZN) in its Q4 2023 investor letter. Headquartered in Seattle, Washington, Amazon.com, Inc. (NASDAQ:AMZN) provides consumer products and subscriptions. On February 22, 2024, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $174.58 per share. One-month return of Amazon.com, Inc. (NASDAQ:AMZN) was 10.67%, and its shares gained 82.20% of their value over the last 52 weeks. Amazon.com, Inc. (NASDAQ:AMZN) has a market capitalization of $ 1.813 trillion.
Baron Fifth Avenue Growth Fund stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its fourth quarter 2023 investor letter:
“Amazon.com, Inc. (NASDAQ:AMZN) is the world’s largest retailer and cloud services provider. Shares of Amazon were up 19.5% in the quarter and finished the year up 80.9%. Reported quarterly results were better than consensus estimates with 11% year-over-year revenue growth in constant currency, a significant beat in North American operating profit as operating margins reached 4.9% and a recovery in the cloud division, AWS, which grew 12% year-over-year and management reported that the impact of customer optimizations was attenuating. We believe that AWS has many years of growth ahead as IT budgets continue switching from on premise to the cloud and as Amazon remains the clear leader in the market, with large incremental opportunities in application software, including enabling GenAI workloads. We also believe Amazon is well positioned in the short-to-medium term to further improve core North American retail profitability to above pre-pandemic levels, benefiting from its new regionalized fulfillment network and its growing margin-accretive advertising business. Longer term, Amazon has substantially more room to grow in e-commerce, where it has less than 15% penetration of the total addressable market.”
A customer entering an internet retail store, illustrating the convenience of online shopping.
Amazon.com, Inc. (NASDAQ:AMZN) is in second position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Amazon.com, Inc. (NASDAQ:AMZN) was held by 293 hedge fund portfolios, up from 286 in the previous quarter, according to our database.
We discussed Amazon.com, Inc. (NASDAQ:AMZN) in another article and shared latest stock picks in Jim Cramer’s 2024 portfolio. In addition, please check out our hedge fund investor letters Q4 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.
