Baron Funds, an investment management company, released its “Baron Opportunity Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund fell 5.03% (Institutional Shares) underperforming the broader markets, compared to the Russell 3000 Growth Index’s 3.34% decline and the S&P 500 Index’s 3.27% decline. Over the year-to-date period, the Fund has shown a growth of 30.3%, outperforming both the indexes. 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 third quarter 2023 investor letter. Headquartered in Aliso Viejo, California, indie Semiconductor, Inc. (NASDAQ:INDI) is an automotive semiconductors and software solutions provider. On October 27, 2023, indie Semiconductor, Inc. (NASDAQ:INDI) stock closed at $5.0500 per share. One-month return of indie Semiconductor, Inc. (NASDAQ:INDI) was -19.98%, and its shares lost 37.28% of their value over the last 52 weeks. indie Semiconductor, Inc. (NASDAQ:INDI) has a market capitalization of $785.226 million.
Baron Opportunity Fund made the following comment about indie Semiconductor, Inc. (NASDAQ:INDI) in its Q3 2023 investor letter:
“indie Semiconductor, Inc. (NASDAQ:INDI) is a fabless designer, developer, and marketer of automotive semiconductors for advanced driver assistance systems and connected-car user experience and electrification applications. Shares fell during the quarter due to investor concerns that near-term automotive semiconductor demand will face headwinds because of excess inventory in the automotive semiconductor supply chain, combined with third quarter revenue guidance that slightly missed consensus expectations due to a customer slightly delaying the launch of a new vehicle model where indie had secured a design win (so delayed, not lost sales). As indie steadily ramps new product and design wins into production, we are confident the company will achieve its targeted model of profitability by year end, while effectively doubling revenues as it delivers on its $4.3 billion and growing strategic backlog. We believe indie has the potential to grow from its $200 million revenue run rate today to its targeted $500 million by 2025 and $1 billion by 2028. In the years ahead, indie should benefit as it develops differentiated, highly integrated, energy-efficient products, while the automotive semiconductor vertical remains highly attractive over the long term.”
A close-up of a technician’s hands working on an advanced semiconductor substrate.
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 LiDAR stocks to buy. In addition, please check out our hedge fund investor letters Q3 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.
