Baron Funds, an investment management company, released its “Baron Discovery Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund was up 11.20% in the first quarter compared to the Russell 2000 Growth Index’s return of 6.07%. The strong performance of holdings in the Information Technology (IT), Industrials, and Consumer Discretionary sectors and the Fund’s higher exposure to the top-performing IT sector led the fund to outperform in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Discovery Fund highlighted stocks like ViewRay, Inc. (NASDAQ:VRAY) in the first quarter 2023 investor letter. Headquartered in Denver, Colorado, ViewRay, Inc. (NASDAQ:VRAY) manufactures and markets MRI-guided radiation therapy systems. On May 15, 2023, ViewRay, Inc. (NASDAQ:VRAY) stock closed at $0.6616 per share. One-month return of ViewRay, Inc. (NASDAQ:VRAY) was -45.77%, and its shares lost 79.33% of their value over the last 52 weeks. ViewRay, Inc. (NASDAQ:VRAY) has a market capitalization of $183.39 million.
Baron Discovery Fund made the following comment about ViewRay, Inc. (NASDAQ:VRAY) in its Q1 2023 investor letter:
“ViewRay, Inc. (NASDAQ:VRAY) sells equipment that enables MRI-guided radiation treatment of cancer. This equipment allows for real-time imaging of a patient’s tumor location and therefore accurate radiation delivery, even if the tumor moves during treatment. Shares declined on investor concerns around the company’s deposits at and loan commitments from Silicon Valley Bank. Our understanding is that the deposits are now secure and that ViewRay is in compliance with all debt covenants. Adoption of ViewRay’s equipment and MRI-guided radiation therapy has been accelerating on impressive early clinical trial results in pancreatic and prostate cancer and as patients have started “voting with their feet” and seeking treatment at centers with the capability to administer MRI-guided treatment. The company’s order book for new machines continues to accelerate. While supply-chain constraints may limit upside to 2023 installations, we still expect nearly 40% growth for the year and meaningfully higher sales in coming years.”
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ViewRay, Inc. (NASDAQ:VRAY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held ViewRay, Inc. (NASDAQ:VRAY) at the end of the fourth quarter which was 23 in the previous quarter.
We discussed ViewRay, Inc. (NASDAQ:VRAY) in another article and shared the stock picks of Efrem Kamen’s Pura Vida Investments. In addition, please check out our hedge fund investor letters Q1 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.
