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 The Trade Desk, Inc. (NASDAQ:TTD) in the second quarter 2023 investor letter. Headquartered in Ventura, California, The Trade Desk, Inc. (NASDAQ:TTD) provides a technology platform for advertising buyers. On August 18, 2023, The Trade Desk, Inc. (NASDAQ:TTD) stock closed at $72.18 per share. One-month return of The Trade Desk, Inc. (NASDAQ:TTD) was -14.23%, and its shares gained 9.88% of their value over the last 52 weeks. The Trade Desk, Inc. (NASDAQ:TTD) has a market capitalization of $35.285 billion.
Baron Fifth Avenue Growth Fund made the following comment about The Trade Desk, Inc. (NASDAQ:TTD) in its second quarter 2023 investor letter:
“We also added to our position in the leading CTV-focused advertising demand-side platform, The Trade Desk, Inc. (NASDAQ:TTD). We took advantage of the attractive stock price earlier in the quarter before the significant rerating, which was driven by broader recovery in digital advertising expectations, as well as the company’s strong quarterly results with 21% year-over-year revenue growth and nearly 30% EBITDA margins, continuing to outperform digital advertising peers. The company also hosted an upbeat product event in June, in which it announced various AI-based innovations, as well as continued enhancements to its measurement tools and its shopper marketing offerings, among others. We believe the company would be a key beneficiary as advertising dollars increasingly shift from linear TV to CTV and advertisers look for a leading solution provider that can help them optimize their CTV budget.”
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The Trade Desk, Inc. (NASDAQ:TTD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held The Trade Desk, Inc. (NASDAQ:TTD) at the end of second quarter which was 34 in the previous quarter.
We discussed The Trade Desk, Inc. (NASDAQ:TTD) in another article and shared Polen U.S. SMID Company Growth Strategy’s views on the company. 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.
