Baron Funds, an investment management company, released its “Baron Asset Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. US markets continued its strong rally in the first quarter. Robust economic data and relatively strong corporate earnings boosted the rally along with the anticipation of a soft landing of the market. The fund (Institutional Shares) appreciated 6.00% in the quarter compared to 9.50% for the Russell Midcap Growth Index and 10.56% for the S&P 500 Index. Stock selection and headwinds from the Fund’s longtime style biases led the fund to underperform in the first quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Baron Asset Fund featured stocks like Gartner, Inc. (NYSE:IT) in the first quarter 2024 investor letter. Established in 1979, Gartner, Inc. (NYSE:IT) is a research and advisory company that operates through Research, Conferences, and Consulting. On May 13, 2024, Gartner, Inc. (NYSE:IT) stock closed at $440.09 per share. One-month return of Gartner, Inc. (NYSE:IT) was -3.94%, and its shares gained 37.01% of their value over the last 52 weeks. Gartner, Inc. (NYSE:IT) has a market capitalization of $34.164 billion.
Baron Asset Fund stated the following regarding Gartner, Inc. (NYSE:IT) in its first quarter 2024 investor letter:
“Shares of Gartner, Inc. (NYSE:IT), the leading provider of syndicated research to the IT sector, contributed to performance. Fourth quarter financial results were mixed, with declines in net income and EPS. However, solid increases in contract value and strong full-year performance, including a 9% increase in net income and an 11% rise in diluted EPS, helped boost the company’s share price. In addition, a 19% increase in free cash flow for the quarter and 6% for the full year underscored Gartner’s operational efficiency. Gartner’s core subscription research businesses compounded at attractive rates, and we believe growth is poised to accelerate. We think Gartner will emerge as a key decision support resource for every company evaluating the opportunities and risks of AI on its business, providing a tailwind to volume growth and pricing realization. We expect Gartner’s sustained revenue growth and focus on cost control to drive continued margin expansion and enhanced free-cash-flow generation. The company’s balance sheet is in excellent shape and can support aggressive repurchases and bolt-on acquisitions, in our view.”
A business customer signing documents and being advised by a bank representative.
Gartner, Inc. (NYSE:IT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Gartner, Inc. (NYSE:IT) was held by 41 hedge fund portfolios, compared to 36 in the previous quarter, according to our database. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
We discussed Gartner, Inc. (NYSE:IT) in another article and TimesSquare Capital U.S. Mid Cap Growth Strategy’s views on the company. In the previous quarter, Gartner, Inc. (NYSE:IT) increased 31% and Baron Asset Fund expressed optimism about Gartner, Inc. (NYSE:IT) in its Q4 2023 investor letter.
Suggested Articles:
- 20 Countries with the Highest Daily Calorie Consumption in the World
- 20 Most Expensive Watch Brands in the World
- The 15 Best Online TEFL Courses to Get You Teaching ASAP
Disclosure: None. This article is originally published at Insider Monkey.
