Shopify (SHOP) Continued its Upward Trajectory in Q2

Baron Funds, an investment management company, released its “Baron FinTech Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund rose 5.29% (Institutional Shares) compared to a 5.78% gain for the FactSet Global FinTech Index (Benchmark) and an 8.74% gain for the S&P 500 index. During the second quarter, the Fund performed well but fell slightly short of the Benchmark. Positive returns were achieved by two-thirds of the holdings. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Baron FinTech Fund highlighted stocks like Shopify Inc. (NYSE:SHOP) in the second quarter 2023 investor letter. Headquartered in Ottawa, Canada, Shopify Inc. (NYSE:SHOP) is a commerce company. On August 18, 2023, Shopify Inc. (NYSE:SHOP) stock closed at $53.14 per share. One-month return of Shopify Inc. (NYSE:SHOP) was -19.69%, and its shares gained 60.16% of their value over the last 52 weeks. Shopify Inc. (NYSE:SHOP) has a market capitalization of $67.964 billion.

Baron FinTech Fund made the following comment about Shopify Inc. (NYSE:SHOP) in its second quarter 2023 investor letter:

Shopify Inc. (NYSE:SHOP) drove most of the relative gains in E-Commerce as the company’s shares continued their upward trajectory from the prior quarter. The company’s quarterly results were solid, with 15% growth in gross merchandise value and 25% growth in revenue driven by growing adoption of its merchant solutions. In addition, the sale of its capital-intensive logistics business to Flexport was well received by investors. We believe the sale should improve margins and allow Shopify to focus on its core strengths: its best-in-class software and leading commerce ecosystem.”

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Shopify Inc. (NYSE:SHOP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 74 hedge fund portfolios held Shopify Inc. (NYSE:SHOP) at the end of second quarter which was 66 in the previous quarter.

We discussed Shopify Inc. (NYSE:SHOP) in another article and shared Polen International 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.