Baron Funds, an investment management company, released its “Baron FinTech Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund rose 6.33% (Institutional Shares) compared to a 3.60% gain for the FactSet Global FinTech Index (Benchmark) and a 10.56% gain for the S&P 500 index. The major market indexes touched an all-time high in the quarter driven by robust economic data and relatively strong corporate earnings. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Baron FinTech Fund highlighted stocks like Nu Holdings Ltd. (NYSE:NU), in the first quarter 2024 investor letter. Nu Holdings Ltd. (NYSE:NU) is a digital banking platform provider, with a market capitalization of $56.082 billion. The one-month return of Nu Holdings Ltd. (NYSE:NU) was 6.15%, and its shares gained 72.75% of their value over the last 52 weeks. On May 24, 2024, Nu Holdings Ltd. (NYSE:NU) stock closed at $11.73 per share.
Baron FinTech Fund stated the following regarding Nu Holdings Ltd. (NYSE:NU) in its first quarter 2024 investor letter:
“Nu Holdings Ltd. (NYSE:NU) is a digital bank with operations in Brazil, Mexico, and Colombia. Shares appreciated during the quarter after the company reported strong balance sheet growth and improving margins. New product launches and expansion in newer countries are yielding favorable results. Nu also benefited from inclusion in the MSCI Brazil Index, which prompted buying from passively managed funds. We continue to own the stock because Nu is disrupting the financial services industry in Latin America with its digital distribution and intense focus on user experience. The company has grown to serve over 90 million customers in less than 10 years, largely through word-of-mouth referrals. We believe the company’s superior product offering will drive continued share gains in large and growing markets. “
A customer using the the latest B2B payment platform for banking products and services.
In the last quarter, Nu Holdings Ltd.’s (NYSE:NU) revenues increased to $2.7 billion, marking a 64% year-over-year growth. Nu Holdings Ltd. (NYSE:NU) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 63 hedge fund portfolios held Nu Holdings Ltd. (NYSE:NU) at the end of the first quarter which was 54 in the previous quarter.
In another article, we discussed Nu Holdings Ltd. (NYSE:NU) and shared the list of Morgan Stanley’s top stock picks for 2024. In addition, please check out our hedge fund investor letters Q1 2024 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.
