Baron Funds, an investment management company, released its “Baron Fifth Avenue Growth Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The second quarter saw a continuation of the trends seen earlier in the year. The fund was up 16% (Institutional Shares) in the second quarter compared to a 12.8% gain for the Russell 1000 Growth Index and an 8.7% gain for the S&P 500 Index. Year-to-date, the fund is up 38.8% compared to 29.0% and 16.9% gains, respectively, for the indexes. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Fifth Avenue Growth Fund highlighted stocks like Rivian Automotive, Inc. (NASDAQ:RIVN) in the second quarter 2023 investor letter. Headquartered in Irvine, California, Rivian Automotive, Inc. (NASDAQ:RIVN) is an electric vehicles and accessories manufacturer. On August 18, 2023, Rivian Automotive, Inc. (NASDAQ:RIVN) stock closed at $20.78 per share. One-month return of Rivian Automotive, Inc. (NASDAQ:RIVN) was -17.77%, and its shares lost 39.68% of their value over the last 52 weeks. Rivian Automotive, Inc. (NASDAQ:RIVN) has a market capitalization of $19.519 billion.
Baron Fifth Avenue Growth Fund made the following comment about Rivian Automotive, Inc. (NASDAQ:RIVN) in its second quarter 2023 investor letter:
“During the second quarter, we also added to our position in EV manufacturer Rivian Automotive, Inc. (NASDAQ:RIVN). After a complex period since the company’s IPO, in which Rivian tried to ramp multiple vehicles simultaneously while struggling to overcome unprecedented supply-chain bottlenecks, the company seems to have turned the corner. Production is now starting to scale up, which should help the company improve its plant utilization and subsequently help gross margins. The company is making notable progress in cost improvements by renegotiating with its suppliers, utilizing its larger scale to get better pricing, as well as, incorporating various technological advancements that would improve its cost structure while also improving the vehicles’ performance (for example it’s Enduro drive unit which is progressing ahead of plan).”
science-in-hd-T2XeWHGZ7xU-unsplash
Rivian Automotive, Inc. (NASDAQ:RIVN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held Rivian Automotive, Inc. (NASDAQ:RIVN) at the end of second quarter which was 31 in the previous quarter.
We discussed Rivian Automotive, Inc. (NASDAQ:RIVN) in another article and shared George Soros’ top stock picks. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- Warren Buffett’s 11 Growth Stock Picks
- Goldman Sachs Energy Stocks: Top 12 Stock Picks
- Mohnish Pabrai’s 10 Biggest Investments in 10 Years
Disclosure: None. This article is originally published at Insider Monkey.
