Baron Funds, an investment management company, released its “Baron Opportunity Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund fell 5.03% (Institutional Shares) underperforming the broader markets, compared to the Russell 3000 Growth Index’s 3.34% decline and the S&P 500 Index’s 3.27% decline. Over the year-to-date period, the Fund has shown a growth of 30.3%, outperforming both the indexes. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Opportunity Fund highlighted stocks like Dynatrace, Inc. (NYSE:DT) in the third quarter 2023 investor letter. Headquartered in Waltham, Massachusetts, Dynatrace, Inc. (NYSE:DT) develops a software intelligence platform for enterprise cloud. On October 30, 2023, Dynatrace, Inc. (NYSE:DT) stock closed at $43.97 per share. One-month return of Dynatrace, Inc. (NYSE:DT) was -19.98%, and its shares gained 24.77% of their value over the last 52 weeks. Dynatrace, Inc. (NYSE:DT) has a market capitalization of $12.896 billion.
Baron Opportunity Fund made the following comment about Dynatrace, Inc. (NYSE:DT) in its Q3 2023 investor letter:
“We initiated an investment in Dynatrace, Inc. (NYSE:DT) this quarter. Dynatrace provides an AI-powered data analytics platform for application performance monitoring (APM), information technology (IT) infrastructure monitoring, and application security. The platform gives companies complete visibility of their IT systems, improves application performance, and reduces downtime by predicting IT issues and remediating problems faster when they occur. Dynatrace is trusted by more than 3,000 large enterprises, including many of the world’s largest financial institutions, health care companies, retailers, and government agencies. With nearly 20 years of monitoring experience, petabytes of IT telemetry data, and the most powerful AI engine in the space, Dynatrace is the best-positioned vendor to serve these large customers. The company is recognized as a technology leader in its category, helping its clients remediate issues faster than most competitors. As a result, Dynatrace has low churn, commands industry-leading free-cash-flow (FCF) margins, and it is winning market share as customers consolidate their IT monitoring spending away from legacy point solutions onto the Dynatrace platform. We see a long runway for profitable growth as customers expand their digital applications and cloud footprints, consolidate more spending onto Dynatrace, and embrace new complementary products.”
Image by Alexandra_Koch from Pixabay
Dynatrace, Inc. (NYSE:DT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held Dynatrace, Inc. (NYSE:DT) at the end of second quarter which was 40 in the previous quarter.
We discussed Dynatrace, Inc. (NYSE:DT) in another article and shared the list of Artificial Intelligence Companies in USA. In addition, please check out our hedge fund investor letters Q3 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.
