Baron Funds, an investment management company, released its “Baron Opportunity Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund rose 15.10% (Institutional Shares), outperformed the Russell 3000 Growth Index, which gained 14.09%, and the S&P 500 Index, which advanced 11.69%. The fund saw a significant increase of almost 50% for the entire year, which was substantially higher than both indexes. It was a strong recovery after a challenging 2022. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Opportunity Fund featured stocks like NVIDIA Corporation (NASDAQ:NVDA) in its Q4 2023 investor letter. Headquartered in Santa Clara, California, NVIDIA Corporation (NASDAQ:NVDA) provides computer graphics processors, chipsets, and related multimedia software. On February 27, 2024, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $787.01 per share. One-month return of NVIDIA Corporation (NASDAQ:NVDA) was 25.37%, and its shares gained 238.99% of their value over the last 52 weeks. NVIDIA Corporation (NASDAQ:NVDA) has a market capitalization of $1.968 trillion.
Baron Opportunity Fund stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its fourth quarter 2023 investor letter:
“NVIDIA Corporation (NASDAQ:NVDA) Corporation is a leading semiconductor company that sells chips and software for accelerated computing and gaming and is indisputably recognized as one of the leaders and pioneers of AI. The stock rose in the fourth quarter, finishing the year up over 200% because of the unprecedented demand acceleration for generative AI. CEO Jensen Huang put it straight on the company’s November 21 earnings call:
“The generative AI era is in full steam and has created the need for a new type of data center, an AI factory, optimized for refining data and training and inference and generating AI. AI factory workloads are different and incremental to legacy data center workloads supporting IT tasks. AI factories run copilots and AI assistants, which are significant software TAM expansion, and are driving significant new investment, expanding the $1 trillion traditional data center infrastructure install base, and powering the AI industrial revolution.”…” (Click here to read the full text)
Photo by Christian Wiediger on Unsplash
NVIDIA Corporation (NASDAQ:NVDA) is in fifth position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, NVIDIA Corporation (NASDAQ:NVDA) was held by 173 hedge fund portfolios, down from 180 in the previous quarter, according to our database.
We discussed NVIDIA Corporation (NASDAQ:NVDA) in another article and shared the list of stocks Jim Cramer was right about. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 17 Countries That Give Citizenship by Marriage in the World
- 20 High-Paying Dirty Jobs That No One Wants to Do
- Warren Buffett 2024 Portfolio: Top 12 Stock Picks
Disclosure: None. This article is originally published at Insider Monkey.
