Baron Funds, an investment management firm, released its “Focused Growth Fund” second quarter 2023 investor letter, a copy of which can be downloaded here. The fund advanced 7.38% (Institutional Shares) in the second quarter. The fund’s primary benchmark rose 6.41% during the same period and the S&P 500 Index, increased 8.74%. The fund’s Core Growth and Disruptive Growth companies led the strong performance of the fund in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Baron Focused Growth Fund highlighted stocks like Interactive Brokers Group, Inc. (NASDAQ:IBKR) in the second quarter 2023 investor letter. Headquartered in Greenwich, Connecticut, Interactive Brokers Group, Inc. (NASDAQ:IBKR) provides an automated electronic broker platform. On September 11, 2023, Interactive Brokers Group, Inc. (NASDAQ:IBKR) stock closed at $94.47 per share. One-month return of Interactive Brokers Group, Inc. (NASDAQ:IBKR) was 3.16%, and its shares gained 37.55% of their value over the last 52 weeks. Interactive Brokers Group, Inc. (NASDAQ:IBKR) has a market capitalization of $39.375 billion.
Baron Focused Growth Fund made the following comment about Interactive Brokers Group, Inc. (NASDAQ:IBKR) in its Q2 2023 investor letter:
“We also added to our investment in Interactive Brokers Group, Inc. (NASDAQ:IBKR), a leading securities brokerage company that provides securities brokerage to both retail and professional investors. Interactive Brokers differentiates itself through its low prices, the vast array of markets it serves, and its strong growth from countries where low-cost brokerage is not well penetrated. 80% of Interactive Brokers customers are from outside the U.S., while 80% of their assets are invested in the U.S. The company offers its clients low-cost trading due to its high level of automation. This while providing competitive margin loans and securities lending rates and offering attractive yields on uninvested cash balances. The company continues to hire software and computer engineers with a focus on automating many of the processes that competitors rely on employees to perform.
With its low-priced offering and leading range of capabilities, we believe that Interactive Brokers is well positioned to not just continue its rapid pace of account growth from just over 2 million clients today but to accelerate growth. The company’s focus on automation should enable it to continue being the low-cost provider, while earning best-in-class margins, which we believe should lead to double-digit revenue and earnings growth over the long run.”
Interactive Brokers Group, Inc. (NASDAQ:IBKR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held Interactive Brokers Group, Inc. (NASDAQ:IBKR) at the end of second quarter which was 44 in the previous quarter.
We discussed Interactive Brokers Group, Inc. (NASDAQ:IBKR) in another article and shared the list of best low risk high growth stocks to buy. 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.
