Baron Funds, an investment management company, released its “Baron Fifth Avenue Growth Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The second quarter saw a continuation of the trends seen earlier in the year. The fund was up 16% (Institutional Shares) in the second quarter compared to a 12.8% gain for the Russell 1000 Growth Index and an 8.7% gain for the S&P 500 Index. Year-to-date, the fund is up 38.8% compared to 29.0% and 16.9% gains, respectively, for the indexes. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Fifth Avenue Growth Fund highlighted stocks like Mobileye Global Inc. (NASDAQ:MBLY) in the second quarter 2023 investor letter. Headquartered in Jerusalem, Israel, Mobileye Global Inc. (NASDAQ:MBLY) develops and deploys advanced driver assistance systems (ADAS) and autonomous driving technologies and solutions. On August 18, 2023, Mobileye Global Inc. (NASDAQ:MBLY) stock closed at $35.04 per share. One-month return of Mobileye Global Inc. (NASDAQ:MBLY) was -13.78%, and year-to-date its shares lost 0.06% of their value. Mobileye Global Inc. (NASDAQ:MBLY) has a market capitalization of $28.23 billion.
Baron Fifth Avenue Growth Fund made the following comment about Mobileye Global Inc. (NASDAQ:MBLY) in its second quarter 2023 investor letter:
“Lastly, we took advantage of the volatility in Mobileye Global Inc. (NASDAQ:MBLY)’s (the leading ADAS and autonomous driving technology supplier) stock to add to our existing position following the company’s quarterly earnings report, in which it revised its 2023 guidance due to a decrease in volume for its point-to-point assisted driving navigation solution, SuperVision, due to reduced orders from its initial Chinese customer, Zeekr. While the company remains a leader in ADAS (with an approximate 70% market share), we believe the real potential lies in leading the autonomous driving revolution. This transition has the potential to significantly enhance safety, meaningfully increase vehicle utilization rates (which presently hovers around 4%), and substantially grow the company’s content per vehicle. SuperVision for example, has a price point approximately 20 times higher than its basic ADAS offering, while Mobileye’s higher level autonomy solutions, such as Chauffeur, are priced at even a greater premium.”
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Mobileye Global Inc. (NASDAQ:MBLY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 36 hedge fund portfolios held Mobileye Global Inc. (NASDAQ:MBLY) at the end of second quarter which was 22 in the previous quarter.
We discussed Mobileye Global Inc. (NASDAQ:MBLY) in another article and shared the list of stocks that will change the future. 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.
