Baron Funds, an investment management firm, released its “Baron Durable Advantage Fund” first quarter 2023 investor letter, a copy of which can be downloaded here. The Baron Durable Advantage Fund gained 16.0% during the first quarter, compared favorably to its S&P 500 benchmark which earned a 7.5% return for the same period. Spare some time to check the fund’s top 5 holdings to know more about their top bets for 2023.
In its Q1 2023 investor letter, Baron Durable Advantage Fund mentioned NVIDIA Corporation (NASDAQ:NVDA) and explained its insights for the company. Founded in 1993, NVIDIA Corporation (NASDAQ:NVDA) is a Santa Clara, California-based multinational technology company with a $957.6 billion market capitalization. NVIDIA Corporation (NASDAQ:NVDA) delivered a 165.29% return since the beginning of the year, while its 12-month returns are up by 128.41%. The stock closed at $387.70 per share on June 09, 2023.
Here is what Baron Durable Advantage Fund has to say about NVIDIA Corporation (NASDAQ:NVDA) in its Q1 2023 investor letter:
“NVIDIA Corporation is a fabless semiconductor mega-cap company and global leader in gaming cards and accelerated computing hardware and software. Despite subdued demand for gaming cards due to an ongoing PC slowdown and inventory correction, shares of NVIDIA rose 90.5% during the first quarter as a result of material developments in generative AI as evidenced by the release of ChatGPT and GPT-4. These technologies hold the promise of enabling significant productivity gains across domains from content creation, coding, and even biologic discovery. During its annual GTC conference in March, NVIDIA announced new products that expand its addressable market, such as the L4 chip, which opens the opportunity for video processing, representing 80% of internet traffic. We continue to believe NVIDIA’s end-to-end AI platform and leading market share in gaming, data centers, and autonomous machines, along with the size of these markets, will enable the company to benefit from durable growth for years to come, and therefore we remain shareholders.”
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Our calculations show that NVIDIA Corporation (NASDAQ:NVDA) ranks 10th on our list of the 30 Most Popular Stocks Among Hedge Funds. NVIDIA Corporation (NASDAQ:NVDA) was in 132 hedge fund portfolios at the end of the first quarter of 2023, compared to 106 funds in the previous quarter. NVIDIA Corporation (NASDAQ:NVDA) delivered a 68.82% return in the past 3 months.
Earlier this month, we also shared another hedge fund’s views on NVIDIA Corporation (NASDAQ:NVDA) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q1 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.
