Baron Funds, an investment management company, released its “Baron Partners Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The fund trailed both its benchmarks and lost 7.17% (Institutional Shares) in the third quarter. The Russell Midcap Growth Index (the Index) and the S&P 500 Index declined 5.22% and 3.27% respectively, during the same period. The fund appreciated 32.36% year-to-date compared to 9.88% and 13.07%, respectively for the indexes. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Partners Fund highlighted stocks like Tesla, Inc. (NASDAQ:TSLA) in the Q3 2023 investor letter. Headquartered in Austin, Texas, Tesla, Inc. (NASDAQ:TSLA) designs, develops, manufactures, and sells fully electric vehicles and energy generation and storage systems. On December 1, 2023, Tesla, Inc. (NASDAQ:TSLA) stock closed at $238.83 per share. One-month return of Tesla, Inc. (NASDAQ:TSLA) was 8.92%, and its shares gained 30.90% of their value over the last 52 weeks. Tesla, Inc. (NASDAQ:TSLA) has a market capitalization of $759.221 billion.
Baron Partners Fund made the following comment about Tesla, Inc. (NASDAQ:TSLA) in its Q3 2023 investor letter:
“Tesla, Inc. (NASDAQ:TSLA) makes electric vehicles, related software and components, and energy storage products. Shares fell due to softness in the core automotive segment given a complex macroeconomic environment, higher interest rates, factory shutdowns, and Tesla’s price reductions throughout the year. These factors pressured the business’ near-term margin profile. Tesla continues to generate sufficient gross profit to support an attractive product development plan that can propel the automotive segment higher over time. Initial deliveries of the Cybertruck are imminent, and its next platform could represent a material increase in revenues and profits across Tesla’s automotive segment while further differentiating it from competitors. The refreshed Model 3 has generated strong demand indications while also improving unit-level economics. Lastly, while early, we expect Tesla to benefit from its investment in supercomputer Dojo, which specializes in AI for full self-driving.”
Tesla, Inc. (NASDAQ:TSLA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database,81 hedge fund portfolios held Tesla, Inc. (NASDAQ:TSLA) at the end of third quarter which was 79 in the previous quarter.
We discussed Tesla, Inc. (NASDAQ:TSLA) in another article and shared the list of best most active stocks to buy. 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.
