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 The Trade Desk, Inc. (NASDAQ:TTD) in its Q1 2024 investor letter. Incorporated in 2009, The Trade Desk, Inc. (NASDAQ:TTD) is a technology company offers a self-service cloud-based platform to advertisers. On May 13, 2024, The Trade Desk, Inc. (NASDAQ:TTD) stock closed at $87.53 per share. One-month return of The Trade Desk, Inc. (NASDAQ:TTD) was 6.57%, and its shares gained 36.47% of their value over the last 52 weeks. The Trade Desk, Inc. (NASDAQ:TTD) has a market capitalization of $42.813 billion.
Baron Asset Fund stated the following regarding The Trade Desk, Inc. (NASDAQ:TTD) in its first quarter 2024 investor letter:
“Somewhat offsetting the above was solid stock selection in Communication Services, where internet advertising demand-side platform The Trade Desk, Inc. (NASDAQ:TTD) delivered a solid quarter after experiencing some softness related to macroeconomic uncertainty in late 2023. This year appears promising for Trade Desk, as the company continues to benefit from tailwinds stemming from the secular growth of Connected TV. We remain positive on the company given its technology, scale, and estimated 10% share in the $100 billion programmatic advertising market, a small and growing subset of the $700 billion global advertising market.”
A large array of computer screens and tech equipment representing the technology company’s self-service cloud-based platform.
The Trade Desk, Inc. (NASDAQ:TTD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, The Trade Desk, Inc. (NASDAQ:TTD) was held by 41 hedge fund portfolios, compared to 39 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 The Trade Desk, Inc. (NASDAQ:TTD) in another article and shared the list of best marketing stocks to buy. The Trade Desk, Inc. (NASDAQ:TTD) is a profitable company with long term potential. The initial investment of Rowan Street capital in The Trade Desk, Inc. (NASDAQ:TTD) earned 5x since its purchase.
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Disclosure: None. This article is originally published at Insider Monkey.
