Baron Funds, an investment management company, released its “Baron Fifth Avenue Growth Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The second quarter saw a continuation of the trends seen earlier in the year. The fund was up 16% (Institutional Shares) in the second quarter compared to a 12.8% gain for the Russell 1000 Growth Index and an 8.7% gain for the S&P 500 Index. Year-to-date, the fund is up 38.8% compared to 29.0% and 16.9% 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 Meta Platforms, Inc. (NASDAQ:META) in the second quarter 2023 investor letter. Headquartered in Menlo Park, California, Meta Platforms, Inc. (NASDAQ:META) is a technology company that develops products to connect people. On August 17, 2023, Meta Platforms, Inc. (NASDAQ:META) stock closed at $285.09 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was -3.12%, and its shares lost 69.74% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $ 730.609 billion.
Baron Fifth Avenue Growth Fund made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its second quarter 2023 investor letter:
“Shares of Meta Platforms, Inc. (NASDAQ:META), the world’s largest social network continued their upward trajectory, rising by 35.4% due to stabilizing revenues and ongoing improvements in margins. Meta reported continued growth in Instagram Reels adoption and other new advertising products. In addition, the company’s advancements in AI continue contributing to its targeting and measurement capabilities, while GenAI innovation presents an opportunity for new products and incremental monetization. The company also achieved a significant milestone of 3 billion daily active users across its family of apps, representing a 5% year-over-year increase. User engagement remains robust, with video content and Instagram Reels playing a significant role in user time on the platform. The monetization gap between Reels and other ad formats is steadily narrowing, and Meta anticipates it will reach revenue neutrality by late 2023 or early 2024. Meta has also reported an increase in its speed and agility of execution following the recent organizational changes and cost cuts. Longer term, we believe Meta will benefit from its leadership in mobile advertising, massive user base, innovative culture, leading GenAI research and potential distribution, and technological scale, with further monetization opportunities ahead.”
Photo by Alexander Shatov on Unsplash
Meta Platforms, Inc. (NASDAQ:META) is in 4th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 225 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) at the end of second quarter which was 220 in the previous quarter.
We discussed Meta Platforms, Inc. (NASDAQ:META) in another article and shared the list of tech stock picks of Goldman Sachs. 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.
