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 Chart Industries, Inc. (NYSE:GTLS) in the fourth quarter 2023 investor letter. Headquartered in Ball Ground, Georgia, Chart Industries, Inc. (NYSE:GTLS) manufactures engineered cryogenic equipment for the energy and industrial gas industries. On February 6, 2024, Chart Industries, Inc. (NYSE:GTLS) stock closed at $118.31 per share. One-month return of Chart Industries, Inc. (NYSE:GTLS) was -8.36%, and its shares lost 11.98% of their value over the last 52 weeks. Chart Industries, Inc. (NYSE:GTLS) has a market capitalization of $5.058 billion.
Baron Discovery Fund stated the following regarding Chart Industries, Inc. (NYSE:GTLS) in its fourth quarter 2023 investor letter:
“Chart Industries, Inc. (NYSE:GTLS) is a global leader in design, engineering, and manufacturing of process and storage technologies and equipment for gas and liquid handling. Shares fell after the company missed analyst earnings forecasts on project revenue recognition timing. Chart also held an Investor Day in which it provided mid-term financial targets instead of further detail on its 2024 outlook, falling short of some analyst expectations. We remain bullish on the company’s prospects. Business fundamentals are strong, with management seeing solid demand across the portfolio and cost synergies from the Howden acquisition are ahead of company targets. Chart also has a much larger than normal backlog supporting growth in 2024, providing good visibility. We believe the integration of Howden is proceeding well, with the combined company on track to become a globally diversified, high-quality, high-growth industrial business with proprietary technology and solutions serving the growing hydrogen, carbon capture, liquid natural gas, and other end markets. Chart’s valuation remains attractive relative to its growth and margin profile, in our view.”
A group of technicians in hazmat suits inspecting a natural gas storage tank.
Chart Industries, Inc. (NYSE:GTLS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held Chart Industries, Inc. (NYSE:GTLS) at the end of third quarter which was 37 in the previous quarter.
We discussed Chart Industries, Inc. (NYSE:GTLS) in another article and shared Carillon Tower Advisers’ views on the company. 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.
