Baron Funds, an investment management company, released its “Baron Growth Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund rose 2.71% (Institutional Shares) compared to the primary benchmark the Russell 2000 Growth Index’s 7.05% return and the S&P 500 Index’s 8.74% return. Year-to-date, the fund gained 10.81% trailing the Benchmark by 2.74%. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Growth Fund highlighted stocks like ANSYS, Inc. (NASDAQ:ANSS) in the second quarter 2023 investor letter. Headquartered in Canonsburg, Pennsylvania, ANSYS, Inc. (NASDAQ:ANSS) is an engineering simulation software developer. On September 5, 2023, ANSYS, Inc. (NASDAQ:ANSS) stock closed at $317.46 per share. One-month return of ANSYS, Inc. (NASDAQ:ANSS) was 6.73%, and its shares gained 27.10% of their value over the last 52 weeks. ANSYS, Inc. (NASDAQ:ANSS) has a market capitalization of $27.553 billion.
Baron Growth Fund made the following comment about ANSYS, Inc. (NASDAQ:ANSS) in its Q2 2023 investor letter:
“We think that businesses with sizeable software development organizations will be meaningful beneficiaries of AI. ANSYS, Inc. (NASDAQ:ANSS), a leading provider of simulation software and services, spends approximately 22% of its revenue on research and development. In 2022, ANSYS’ product development organization included 2,100 employees, many of whom hold advanced degrees and have industry experience in engineering, mathematics, or computer science. We believe that copilots, such as Microsoft’s GitHub copilot, will dramatically enhance software developer productivity by making AI-powered suggestions that help write code faster, debug code, and suggest improvements. We expect forward-looking companies like ANSYS to use this to accelerate the pace of their product development, enabling them to bring better products to market faster. We note that management teams with a short-term orientation may opt to replace developers with AI tools, providing a short-term boost to profitability at the expense of longer-term product development capabilities.”
ANSYS, Inc. (NASDAQ:ANSS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held ANSYS, Inc. (NASDAQ:ANSS) at the end of second quarter which was 36 in the previous quarter.
We discussed ANSYS, Inc. (NASDAQ:ANSS) in another article and shared the list of biggest augmented reality and virtual reality companies in the world. 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.
