Baron Funds, an investment management company, released its “Baron Fifth Avenue Growth Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund increased 12.6% (Institutional Shares) in the first quarter compared to an 11.4% gain for the Russell 1000 Growth Index and a 10.6% increase for the S&P 500 Index. Despite higher interest rates, the US economy continues to surpass expectations. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Baron Fifth Avenue Growth Fund highlighted stocks like Mobileye Global Inc. (NASDAQ:MBLY), in the first quarter 2024 investor letter. Mobileye Global Inc. (NASDAQ:MBLY) develops and implements advanced driver assistance systems (ADAS) and autonomous driving technologies and solutions. The one-month return of Mobileye Global Inc. (NASDAQ:MBLY) was -12.12%, and its shares lost 43.15% of their value over the last 52 weeks. On May 24, 2024, Mobileye Global Inc. (NASDAQ:MBLY) stock closed at $25.66 per share with a market capitalization of $20.692 billion.
Baron Fifth Avenue Growth Fund stated the following regarding Mobileye Global Inc. (NASDAQ:MBLY) in its first quarter 2024 investor letter:
“We also modestly increased our positions in The Trade Desk and Mobileye Global Inc. (NASDAQ:MBLY). The assisted and autonomous driving solution provider, Mobileye, experienced significant stock price volatility as a result of reporting weak quarterly results on the back of an inventory build-up, which led the company to reduce near-term shipments materially, resetting expectations for 2024. Despite the near-term cyclical correction, we don’t believe the issues are structural, and we are more focused on the continued adoption of Mobileye’s advanced programs such as Supervision, which would increasingly become the key growth driver for the business.”
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In the first quarter 2024 Mobileye Global Inc.’s (NASDAQ:MBLY) revenue dropped by 48% year over year to $239 million because of the large inventory drawdown at the Tier 1 customers. Mobileye Global Inc. (NASDAQ:MBLY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Mobileye Global Inc. (NASDAQ:MBLY) at the end of the first quarter which was 26 in the previous quarter.
In another article, we discussed Mobileye Global Inc. (NASDAQ:MBLY) and shared the list of best falling stocks to buy. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
