Baron Funds, an investment management company, released its “Baron Discovery Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In 2023, the fund (Institutional Shares) returned 22.58% outperforming the 18.66% return for the Russell 2000 Growth Index. In Q4, the fund returned 12.44% compared to a 12.75% return for the index. Since its inception, investors in the fund have earned an annualized return of 12.42%, resulting in a more than tripled investment. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Discovery Fund featured stocks such as SentinelOne, Inc. (NYSE:S) in the fourth quarter 2023 investor letter. Headquartered in Mountain View, California, SentinelOne, Inc. (NYSE:S) is a cybersecurity provider. On February 6, 2024, SentinelOne, Inc. (NYSE:S) stock closed at $27.46 per share. One-month return of SentinelOne, Inc. (NYSE:S) was 11.94%, and its shares gained 74.35% of their value over the last 52 weeks. SentinelOne, Inc. (NYSE:S) has a market capitalization of $8.202 billion.
Baron Discovery Fund stated the following regarding SentinelOne, Inc. (NYSE:S) in its fourth quarter 2023 investor letter:
“SentinelOne, Inc. (NYSE:S) is a cybersecurity software company that specializes in endpoint protection, cloud security, and security data analytics. Shares rose on outstanding quarterly financial results and strong guidance. SentinelOne is one of the fastest growing public cybersecurity companies, with revenue expected to grow more than 46% this fiscal year. Growth has been driven by a combination of: 1) market share capture from legacy endpoint vendors that struggle to compete against SentinelOne’s AI-enabled platform; 2) an ongoing shift of Information Technology (IT) infrastructure to the cloud driving demand for cloud application protection (growing triple digits); and 3) cybersecurity vendor consolidation favoring end-to-end platforms with comprehensive security portfolios over single-point solutions. The company is also leveraging its single data store and AI capabilities to cross-sell more products into its existing customer base and increase average sale prices. Between larger deal sizes and improving operating efficiencies, we believe the company can continue to expand margins at a significant rate and begin generating positive free cash flow in the next fiscal year.”
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SentinelOne, Inc. (NYSE:S) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held SentinelOne, Inc. (NYSE:S) at the end of third quarter which was 34 in the previous quarter.
We discussed SentinelOne, Inc. (NYSE:S) in another article and shared the list of best mid-cap growth stocks to buy. In addition, please check out our hedge fund investor letters Q4 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.
