Baron Funds, an investment management company, released its “Baron FinTech Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund rose 4.83% (Institutional Shares) compared to an 8.24% gain for the FactSet Global FinTech Index and a 7.50% gain for the S&P 500 benchmark index. Against a confusing market backdrop, the Fund appreciated during the first quarter yet trailed the Benchmark and the broader market. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron FinTech Fund highlighted stocks like Houlihan Lokey, Inc. (NYSE:HLI) in the first quarter 2023 investor letter. Headquartered in Los Angeles, California, Houlihan Lokey, Inc. (NYSE:HLI) is an investment banking company. On June 5, 2023, Houlihan Lokey, Inc. (NYSE:HLI) stock closed at $89.75 per share. One-month return of Houlihan Lokey, Inc. (NYSE:HLI) was 3.99%, and its shares gained 5.53% of their value over the last 52 weeks. Houlihan Lokey, Inc. (NYSE:HLI) has a market capitalization of $6.109 billion.
Baron FinTech Fund made the following comment about Houlihan Lokey, Inc. (NYSE:HLI) in its Q1 2023 investor letter:
“Despite the slowdown of capital markets and M&A activity, investment bank and longtime Fund holding Houlihan Lokey, Inc. (NYSE:HLI) launched a newly formed fintech industry coverage group. A veteran investment banker was hired to lead a team of over 30 financial professionals and to identify and integrate financial technology innovations within the firm to enhance client service and the firm’s operations. The company press release noted, “Financial technology continues to grow at a breakneck pace as the digital revolution continues and even accelerates with greater adoption of AI. Despite current challenges facing many fintech companies, as valuations have contracted from the pandemic-induced euphoria, the overall market is in its early innings. Challenges ranging from broad underserved markets to ensuring safe transactions to addressing the inevitable growth of regulation from the recent crypto and bank crises remain opportunities to be addressed by both emerging and incumbent players.” We wholeheartedly agree and are excited by the long-term opportunities in a market that is still in the early innings of growth.”
Houlihan Lokey, Inc. (NYSE:HLI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held Houlihan Lokey, Inc. (NYSE:HLI) at the end of first quarter 2023 which was 18 in the previous quarter.
We discussed Houlihan Lokey, Inc. (NYSE:HLI) in another article and shared ClearBridge Mid Cap Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.
