Baron Funds, an investment management company, released its “Baron Partners Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. Despite the market volatility, the fund performed well and returned 23.41% in the first quarter, which exceeds the Russell Midcap Growth Index’s 9.14% return and the S&P 500 Index’s 7.50% return in the same period. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Partners Fund highlighted stocks like Iridium Communications Inc. (NASDAQ:IRDM) in the first quarter 2023 investor letter. Headquartered in McLean, Virginia, Iridium Communications Inc. (NASDAQ:IRDM) is a mobile voice and data communications services and products provider. On May 22, 2023, Iridium Communications Inc. (NASDAQ:IRDM) stock closed at $61.80 per share. One-month return of Iridium Communications Inc. (NASDAQ:IRDM) was -4.10%, and its shares gained 70.48% of their value over the last 52 weeks. Iridium Communications Inc. (NASDAQ:IRDM) has a market capitalization of $7.782 billion.
Baron Partners Fund made the following comment about Iridium Communications Inc. (NASDAQ:IRDM) in its Q1 2023 investor letter:
“Iridium Communications Inc. (NASDAQ:IRDM) is a leading mobile voice and data communications services vendor offering global coverage via satellite. Shares increased following the company’s announcement of a strategic partnership with Qualcomm aimed to integrate Iridium’s satellite communication technology into Qualcomm’s Snapdragon chip series. This partnership should provide a large growth opportunity for Iridium by significantly simplifying the integration of its technology with a slew of new devices including smartphones, laptops, tablets, and other connected devices within the Internet-of-Things ecosystem. The relationship should generate revenue for Iridium not only through subscription services to potentially millions of devices but also through royalty and development payments. In addition, Iridium continued to see healthy growth across all key segments and has accelerated its robust shareholder return program with the announcement of its first cash dividend.”
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Iridium Communications Inc. (NASDAQ:IRDM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Iridium Communications Inc. (NASDAQ:IRDM) at the end of the fourth quarter which was 25 in the previous quarter.
We discussed Iridium Communications Inc. (NASDAQ:IRDM) in another article and shared the list of best communication services stocks to invest in. 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.
