Baron Funds, an investment management company, released its “Baron Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. Interest rate hikes put pressure on the stocks in the quarter. In the third quarter, the fund declined 3.66% (Institutional Shares) compared to the primary benchmark the Russell 2000 Growth Index’s 7.32% decline and the S&P 500 Index’s 3.27% loss. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Growth Fund highlighted stocks like Iridium Communications Inc. (NASDAQ:IRDM) in the Q3 2023 investor letter. Headquartered in McLean, Virginia, Iridium Communications Inc. (NASDAQ:IRDM) offers mobile voice and data communications services and products. On December 1, 2023, Iridium Communications Inc. (NASDAQ:IRDM) stock closed at $39.21 per share. One-month return of Iridium Communications Inc. (NASDAQ:IRDM) was 3.48%, and its shares lost 22.56% of their value over the last 52 weeks. Iridium Communications Inc. (NASDAQ:IRDM) has a market capitalization of $4.856 billion.
Baron Growth Fund made the following comment about Iridium Communications Inc. (NASDAQ:IRDM) in its Q3 2023 investor letter:
“Iridium Communications Inc. (NASDAQ:IRDM) is a leading mobile voice and data communications services vendor offering global coverage via satellite. Shares fell on second quarter earnings, growth modestly slower than expected. Investors were also concerned by a potential slowdown in Iridium’s voice and data segment following several years during which the segment benefited from price increases and competition displacements. We attribute the earnings miss to a one-time write off of a spare satellite. This will not impact the company’s long-term prospects. We also remain excited about the potential benefit from Iridium’s recent partnership with Qualcomm to allow satellite connectivity on its new Snapdragon chips. While Iridium has suggested the realization of the direct-to-device opportunity might take longer than some investors had hoped, we believe the collaboration will yield substantial revenue for the company over time. We also remain excited about the company’s capital allocation program, which should benefit shareholders in the years ahead.”
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Iridium Communications Inc. (NASDAQ:IRDM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Iridium Communications Inc. (NASDAQ:IRDM) at the end of third quarter which was 34 in the previous quarter.
We discussed Iridium Communications Inc. (NASDAQ:IRDM) in another article and shared the list of stocks Jim Cramer recommends selling. 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.
