Baron Funds, an investment management firm, released its “Baron Focused Growth Fund” first quarter 2023 investor letter, a copy of which can be downloaded here. During the quarter ending on March 31, 2023, the Fund’s Institutional Shares exhibited a notable increase of 14.49%. This remarkable performance can be attributed to the resilience and robust demand witnessed by companies held within the Fund’s portfolio. Spare some time to check the fund’s top 5 holdings to know more about their top bets for 2023.
In its Q1 2023 investor letter, Baron Focused Growth Fund mentioned FactSet Research Systems Inc. (NYSE:FDS) and explained its insights for the company. Founded in 1978, FactSet Research Systems Inc. (NYSE:FDS) is a Norwalk, Connecticut-based software company with a $16.1 billion market capitalization. FactSet Research Systems Inc. (NYSE:FDS) delivered a 4.91% return since the beginning of the year, while its 12-month returns are up by 20.49%. The stock closed at $420.91 per share on June 16, 2023.
Here is what Baron Focused Growth Fund has to say about FactSet Research Systems Inc. (NYSE:FDS) in its Q1 2023 investor letter:
“Financials investments accounted for 18.7% of the Fund’s net assets. These businesses generate strong recurring earnings through subscriptions and premiums that generate highly predictable earnings and cash flow. Those businesses use cash flows to continue to invest in new products and services, while returning capital to shareholders through share buybacks and dividends. These companies include FactSet Research Systems Inc. (NYSE:FDS).
FactSet, which offers one of the leading financial intelligence systems for the asset management industry, continues to grow into new areas via fixed income, risk management and, most recently, private equity. This should enable the company to grow and generate a steady stream of recurring cashflow that it uses for acquisitions, dividends, and buybacks. MSCI is a leading provider of investment decision support tools for the global investmentcommunity. The company’s underlying business largely continued to perform well despite the negative impact of broader market weakness onasset-based fee revenue. We retain long-term conviction, as MSCI owns strong, “all weather” franchises and remains well positioned, in our view, tobenefit from numerous secular tailwinds in the investment community.”
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Our calculations show that FactSet Research Systems Inc. (NYSE:FDS) was not able to secure a spot on our list of the 30 Most Popular Stocks Among Hedge Funds. FactSet Research Systems Inc. (NYSE:FDS) was in 36 hedge fund portfolios at the end of the first quarter of 2023, compared to 38 funds in the previous quarter. FactSet Research Systems Inc. (NYSE:FDS) delivered a 3.72% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q1 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.
