Baron Funds, an investment management company, released its “Baron Asset Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund appreciated 5.34% in the first quarter, trailing the Russell Midcap Growth Index, which returned 9.14%. Stock selection drove the fund to underperform in the quarter. IT, Communication Services, and Consumer Discretionary were the strongest performing sectors, while Energy and Financials were the principal laggards. Furthermore, defensive-oriented sectors, Health Care, Utilities, and Consumer Staples also struggled 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 Bio-Techne Corporation (NASDAQ:TECH) in the first quarter 2023 investor letter. Headquartered in Minneapolis, Minnesota, Bio-Techne Corporation (NASDAQ:TECH) is a developer and manufacturer of regent solutions, instruments, and services for research and clinical diagnostic markets. On May 1, 2023, Bio-Techne Corporation (NASDAQ:TECH) stock closed at $79.23 per share. One-month return of Bio-Techne Corporation (NASDAQ:TECH) was 7.36%, and its shares lost 17.35% of their value over the last 52 weeks. Bio-Techne Corporation (NASDAQ:TECH) has a market capitalization of $12.461 billion.
Baron Asset Fund made the following comment about Bio-Techne Corporation (NASDAQ:TECH) in its Q1 2023 investor letter:
“Bio-Techne Corporation (NASDAQ:TECH)n is a leading developer and manufacturer of reagents, instruments, and services for the life sciences research, diagnostics, and bioprocessing markets. The stock detracted from performance following disappointing earnings stemming from temporary headwinds, including weakness in the company’s large order consumables business due to reduced biotechnology funding as well as COVID curbs in China. Despite these headwinds, we believe the company is well positioned for long-term growth, with competitive advantages that include a core research reagents business, a rapidly expanding cell and gene therapy manufacturing tools business, and an emerging cancer diagnostics business.”
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Bio-Techne Corporation (NASDAQ:TECH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Bio-Techne Corporation (NASDAQ:TECH) at the end of the fourth quarter which was 32 in the previous quarter.
We discussed Bio-Techne Corporation (NASDAQ:TECH) in another article and shared Jackson Square Partners’ views on the company in the previous quarter. 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.
