Baron Funds, an investment management company, released its “Baron Fifth Avenue Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The fund fell 3.5% (Institutional Shares) in the third quarter compared to a 3.1% loss for the Russell 1000 Growth Index and a 3.3% decline for the S&P 500 Index. Year-to-date, the fund is up 34.0% compared to 25.0% and 13.1% 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 Intuitive Surgical, Inc. (NASDAQ:ISRG) in the third quarter 2023 investor letter. Headquartered in Sunnyvale, California, Intuitive Surgical, Inc. (NASDAQ:ISRG) manufactures and markets da Vinci Surgical System. On December 1, 2023, Intuitive Surgical, Inc. (NASDAQ:ISRG) stock closed at $315.20 per share. One-month return of Intuitive Surgical, Inc. (NASDAQ:ISRG) was 13.68%, and its shares gained 16.86% of their value over the last 52 weeks. Intuitive Surgical, Inc. (NASDAQ:ISRG) has a market capitalization of $110.973 billion.
Baron Fifth Avenue Growth Fund made the following comment about Intuitive Surgical, Inc. (NASDAQ:ISRG) in its Q3 2023 investor letter:
“Intuitive Surgical, Inc. (NASDAQ:ISRG) manufactures and markets the da Vinci Surgical System, a robotic system used for minimally invasive procedures. The stock declined 14.5% during the third quarter due to investor concerns about a slowdown in systems sales and procedures in China, where the government has embarked upon an anti-corruption campaign that may cause disruption in the region. Investors have also reacted to management’s commentary about a potential slowdown in bariatric procedures due to the increased adoption of obesity medications such as Wegovy. We think disruption in China is temporary; meanwhile bariatric procedures represent a small fraction of the overall range of procedures Intuitive targets. We believe the long-term outlook for the company is positive. Procedure growth on Intuitive systems is rising at a solid rate, and we think the business will continue advancing its technological lead as it invests heavily in research and development.”
Close-up of a robotic endoluminal surgery device performing a procedure in an operating room.
Intuitive Surgical, Inc. (NASDAQ:ISRG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 78 hedge fund portfolios held Intuitive Surgical, Inc. (NASDAQ:ISRG) at the end of third quarter which was 68 in the previous quarter.
We discussed Intuitive Surgical, Inc. (NASDAQ:ISRG) in another article and shared the list of best medical device 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.
