Baron Funds, an investment management company, released its “Baron Discovery Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The fund was up 3.58% (Institutional Shares) in the second quarter trailing the Russell 2000 Growth Index’s 7.05% return. Year-to-date, the fund returned 15.19% (Institutional Shares) compared to a 13.55% return for the benchmark. The macroeconomic landscape remains complicated, and the market’s general tendency is toward fear rather than greed. Nonetheless, the firm remains hopeful that the market has bottomed and that an economic recovery is starting. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Discovery Fund highlighted stocks like The Beauty Health Company (NASDAQ:SKIN) in the second quarter 2023 investor letter. Headquartered in Long Beach, California, The Beauty Health Company (NASDAQ:SKIN) manufactures and distributes aesthetic technologies and products. On August 18, 2023, The Beauty Health Company (NASDAQ:SKIN) stock closed at $6.42 per share. One-month return of The Beauty Health Company (NASDAQ:SKIN) was -19.85%, and its shares lost 46.12% of their value over the last 52 weeks. The Beauty Health Company (NASDAQ:SKIN) has a market capitalization of $851.626 million.
Baron Discovery Fund made the following comment about The Beauty Health Company (NASDAQ:SKIN) in its second quarter 2023 investor letter:
“The Beauty Health Company (NASDAQ:SKIN), owner of HydraFacial, is an innovative skin care and beauty health company providing consumers with the benefits of a professional medical treatment combined with the experience of a consumer brand. Shares fell after reporting weak top-line results due in part to the lingering impact of COVID-related lockdowns in China at the start of the year. In addition, some providers held back orders in advance of an upcoming product launch. Despite these temporary headwinds, the company raised its revenue guidance for the year, a testament to the strong demand for the brand as the quarter progressed. We believe the company has a long growth runway ahead as it expands the number of delivery systems globally. We also believe it can increase its consumables-related revenue as it introduces new boosters and builds brand awareness.”
The Beauty Health Company (NASDAQ:SKIN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held The Beauty Health Company (NASDAQ:SKIN) at the end of second quarter which was 21 in the previous quarter.
We discussed The Beauty Health Company (NASDAQ:SKIN) in another article and shared the list of best beauty 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.
