Baron Funds, an investment management company, released its “Baron Fifth Avenue Growth Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The fund increased 17.6% (Institutional Shares) in the fourth quarter compared to a 14.2% gain for the Russell 1000 Growth Index and an 11.7% increase for the S&P 500 Index. For the full year, the fund appreciated 57.6% compared to 42.7% and 26.3% returns for the indexes, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Fifth Avenue Growth Fund featured stocks such as CrowdStrike Holdings, Inc. (NASDAQ:CRWD) in its Q4 2023 investor letter. Headquartered in Austin, Texas, CrowdStrike Holdings, Inc. (NASDAQ:CRWD) offers cybersecurity products and services to stop breaches. On February 22, 2024, CrowdStrike Holdings, Inc. (NASDAQ:CRWD) stock closed at $310.91 per share. One-month return of CrowdStrike Holdings, Inc. (NASDAQ:CRWD) was 7.10%, and its shares gained 165.10% of their value over the last 52 weeks. CrowdStrike Holdings, Inc. (NASDAQ:CRWD) has a market capitalization of $74.663 billion.
Baron Fifth Avenue Growth Fund stated the following regarding CrowdStrike Holdings, Inc. (NASDAQ:CRWD) in its fourth quarter 2023 investor letter:
“Improving unit economics: Many of our companies were able to significantly expand margins during 2023 even though revenue growth decelerated for some of them, showcasing the power of their capital-light, recurring revenue business models, and their increased focus on efficiency. Another example is the cybersecurity platform, CrowdStrike Holdings, Inc. (NASDAQ:CRWD), which is expected to increase its operating margins from 15.9% in 2022 to 20.8% in 2023 as a result of growing efficiencies, while the company’s platform offering is resonating with an increasing number of customers (for example, deals with eight or more modules grew 78% year-over-year in the last quarter), which is a tailwind to sales productivity.”
Security personnel at their consoles, monitoring a global network of threats in real-time.
CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, CrowdStrike Holdings, Inc. (NASDAQ:CRWD) was held by 62 hedge fund portfolios, up from 69 in the previous quarter, according to our database.
We discussed CrowdStrike Holdings, Inc. (NASDAQ:CRWD) in another article and shared the list of fastest growing B2B SaaS companies. In addition, please check out our hedge fund investor letters Q4 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.
