Here’s Why Baron Discovery Fund Trimmed Couchbase (BASE)

Baron Funds, an investment management company, released its “Baron Discovery Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The fund was up 3.58% (Institutional Shares) in the second quarter trailing the Russell 2000 Growth Index’s 7.05% return. Year-to-date, the fund returned 15.19% (Institutional Shares) compared to a 13.55% return for the benchmark. The macroeconomic landscape remains complicated, and the market’s general tendency is toward fear rather than greed. Nonetheless, the firm remains hopeful that the market has bottomed and that an economic recovery is starting. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Baron Discovery Fund highlighted stocks like Couchbase, Inc. (NASDAQ:BASE) in the second quarter 2023 investor letter. Headquartered in Santa Clara, California, Couchbase, Inc. (NASDAQ:BASE) offers a database for enterprise applications. On August 18, 2023, Couchbase, Inc. (NASDAQ:BASE) stock closed at $14.76 per share. One-month return of Couchbase, Inc. (NASDAQ:BASE) was -7.05%, and its shares lost 10.55% of their value over the last 52 weeks. Couchbase, Inc. (NASDAQ:BASE) has a market capitalization of $684.978 million.

Baron Discovery Fund made the following comment about Couchbase, Inc. (NASDAQ:BASE) in its second quarter 2023 investor letter:

“Couchbase, Inc. (NASDAQ:BASE) provides a modern database that collects and stores data and powers enterprise applications, for which there is no tolerance for disruption, inaccuracy, or downtime. We continue to like the company but trimmed our investment to balance its position size and to allocate the proceeds to other investments.”

Couchbase, Inc. (NASDAQ:BASE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Couchbase, Inc. (NASDAQ:BASE) at the end of second quarter which was 13 in the previous quarter.

We discussed Couchbase, Inc. (NASDAQ:BASE) in another article and shared the list of stocks in the portfolio of Jeffrey Diehl. 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.