Baron Funds, an investment management company, released its “Baron Asset Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. U.S. equities continued their upward trend in the second consecutive quarter. The rise was led by the outsized performance of a few large technology companies, partly driven by the hype surrounding their potential benefits from the widespread adoption of artificial intelligence (AI). Against this backdrop, the Baron Asset Fund increased by 3.63% (Institutional Shares) trailing Russell Midcap Growth Index’s 6.23% returns. The underperformance of certain stocks affected the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Asset Fund highlighted stocks like Verisk Analytics, Inc. (NASDAQ:VRSK) in the second quarter 2023 investor letter. Headquartered in Jersey City, New Jersey, Verisk Analytics, Inc. (NASDAQ:VRSK) offers data analytics solutions to the insurance markets. On July 26, 2023, Verisk Analytics, Inc. (NASDAQ:VRSK) stock closed at $237.01 per share. One-month return of Verisk Analytics, Inc. (NASDAQ:VRSK) was 6.15%, and its shares gained 25.73% of their value over the last 52 weeks. Verisk Analytics, Inc. (NASDAQ:VRSK) has a market capitalization of $34.317 billion.
Baron Asset Fund made the following comment about Verisk Analytics, Inc. (NASDAQ:VRSK) in its second quarter 2023 investor letter:
“Verisk Analytics, Inc. (NASDAQ:VRSK) is a leading data and analytics vendor, selling primarily to the insurance industry. Its shares gained after the company reported impressive quarterly earnings with its organic growth rate reaching one of its highest levels in years. Despite an uncertain macroeconomic backdrop, management pointed to its consistent sales execution and its ability to pass through selective price increases to customers. We remain encouraged by management’s decision to focus its business firmly on the insurance market, where we believe its competitive position is unassailable. We remain optimistic about Verisk’s opportunity for long-term growth, margin expansion, and shareholder-friendly capital deployment.”
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Verisk Analytics, Inc. (NASDAQ:VRSK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held Verisk Analytics, Inc. (NASDAQ:VRSK) at the end of first quarter which was 36 in the previous quarter.
We discussed Verisk Analytics, Inc. (NASDAQ:VRSK) in another article and shared Artisan Mid Cap Fund’s insights on the company. 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.
