Baron Funds, an investment management company, released its “Baron Opportunity Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund increased by 16.31% (Institutional Shares) outperforming the broader market including the Russell 3000 Growth Index and the S&P 500 Index, which gained 12.47% and 8.74% respectively. The Fund was up 37.21% year to date and 27.86% for the trailing 12 months, respectively, outperforming both indices. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Opportunity Fund highlighted stocks like indie Semiconductor, Inc. (NASDAQ:INDI) in the second quarter 2023 investor letter. Headquartered in Aliso Viejo, California, indie Semiconductor, Inc. (NASDAQ:INDI) is an automotive semiconductors and software solutions provider. On August 21, 2023, indie Semiconductor, Inc. (NASDAQ:INDI) stock closed at $6.68 per share. One-month return of indie Semiconductor, Inc. (NASDAQ:INDI) was -27.07%, and its shares lost 10.34% of their value over the last 52 weeks. indie Semiconductor, Inc. (NASDAQ:INDI) has a market capitalization of $973.904 million.
Baron Opportunity Fund made the following comment about indie Semiconductor, Inc. (NASDAQ:INDI) in its second quarter 2023 investor letter:
“indie Semiconductor, Inc. (NASDAQ:INDI is a fabless designer, developer, and provider of automotive semiconductors for advanced driver assistance systems and connected car user experience and electrification applications. Shares gave back some of their first quarter gains despite reporting strong financial results and guidance. While there was no company-specific fundamental news to warrant a decline in the stock, there is a short-term fear among semiconductor industry investors that demand will wane because of excess inventory in the automotive semiconductor supply chain. As indie continues to rapidly ramp new products and design wins into production, we do not believe it would be meaningfully impacted by an inventory correction, should one occur. Over the long term, the automotive semiconductor vertical remains attractive, and we believe indie will continue to deliver on its targeted model of profitability in the second half of 2023 and 60% gross and 30% operating margins by 2025, while continuing to grow revenues rapidly as it delivers on its over $4 billion and growing strategic backlog.”
Photo by Yogesh Phuyal on Unsplash
indie Semiconductor, Inc. (NASDAQ:INDI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held indie Semiconductor, Inc. (NASDAQ:INDI) at the end of second quarter which was 30 in the previous quarter.
We discussed indie Semiconductor, Inc. (NASDAQ:INDI) in another article and shared the list of best small cap tech stocks to buy. 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.
