Baron Funds, an investment management firm, released its “Baron Technology Fund” third quarter 2023 investor letter, a copy of which can be downloaded here. In the second quarter, the Baron Technology Fund® experienced a 3.89% decline in its Institutional Shares. Despite this decrease, it outperformed the MSCI ACWI Information Technology Index, which saw a steeper decline of 6.16%. However, the Fund slightly underperformed the broader S&P 500 Index, which exhibited a 3.27% decline. Looking at the year-to-date period, the Fund has shown a positive return of 37.34%, surpassing both indexes. The MSCI ACWI Information Technology Index yielded 28.47% while the S&P 500 returned 13.07%. Take a moment to review the fund’s top 5 holdings to gain insights into their primary investment choices for 2023.
In its Q3 2023 investor letter, Baron Technology Fund mentioned CrowdStrike Holdings, Inc. (NASDAQ:CRWD) and explained its insights for the company. CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is an Austin, Texas-based cybersecurity technology company with a $44.6 billion market capitalization. CrowdStrike Holdings, Inc. (NASDAQ:CRWD) delivered a 77.40% return since the beginning of the year, while its 12-month returns are up by 49.81%. The stock closed at $186.78 per share on November 6, 2023.
Here is what Baron Technology Fund has to say about CrowdStrike Holdings, Inc. (NASDAQ:CRWD) in its Q3 2023 investor letter:
“CrowdStrike Holdings, Inc. is a native-cloud cybersecurity vendor. Shares performed well on results that beat expectations, with annual recurring revenue (ARR), total revenue, and cash flow all coming in ahead of investor estimates. The company also increased its guidance for the year, calling for a strong second half of 2023. CrowdStrike disclosed ARR levels for its top set of new products focused on cloud security, identity protection, and next-generation security information event management. Together these three product areas comprise over $500 million in ARR, with revenue more than doubling yearover-year. We believe CrowdStrike is innovating at a rapid pace and enabling customers to expand and consolidate spending easily from other point-solution providers onto the CrowdStrike platform. In our view, CrowdStrike is on track to becoming one of the preeminent cloud security platforms.”
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Our calculations show that CrowdStrike Holdings, Inc. (NASDAQ:CRWD) does not belong on our list of the 30 Most Popular Stocks Among Hedge Funds. CrowdStrike Holdings, Inc. (NASDAQ:CRWD) was in 65 hedge fund portfolios at the end of the second quarter of 2023, compared to 72 funds in the previous quarter. CrowdStrike Holdings, Inc. (NASDAQ:CRWD) delivered a 23.72% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q3 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.
