Baron Funds, an funding administration firm, launched its “Baron Asset Fund” third quarter 2023 investor letter. A duplicate of the identical will be downloaded here. The market rally that was pushed by expertise this yr got here to a halt within the third quarter. Against this backdrop, the Baron Asset Fund declined 4.42% (Institutional Shares) within the third quarter outperforming the Russell Midcap Growth Index’s -5.22% return. Positive inventory choice and tailwinds from its model biases drove the outperformance within the quarter. The Fund’s underexposure to larger beta shares, which carried out poorly throughout the market reversal was one other notable issue. In addition, please examine the fund’s high 5 holdings to know its greatest picks in 2023.
Baron Asset Fund highlighted shares like IDEXX Laboratories, Inc. (NASDAQ:IDXX) within the third quarter 2023 investor letter. Headquartered in Westbrook, Maine, IDEXX Laboratories, Inc. (NASDAQ:IDXX) engages within the growth and manufacturing of services for animal veterinary, livestock and poultry, dairy, and water testing. On November 10, 2023, IDEXX Laboratories, Inc. (NASDAQ:IDXX) inventory closed at $428.73 per share. One-month return of IDEXX Laboratories, Inc. (NASDAQ:IDXX) was 0.60%, and its shares misplaced 2.84% of their worth during the last 52 weeks. IDEXX Laboratories, Inc. (NASDAQ:IDXX) has a market capitalization of $35.607 billion.
Baron Asset Fund made the next remark about IDEXX Laboratories, Inc. (NASDAQ:IDXX) in its Q3 2023 investor letter:
“Shares of veterinary diagnostics chief IDEXX Laboratories, Inc. (NASDAQ:IDXX) detracted from efficiency throughout the quarter. Investors stay nervous concerning the month-to-month fluctuations in visits to veterinary clinics. Competitor Zoetis lately indicated that foot site visitors to home clinics remained tepid, placing downward strain on its near-term monetary outcomes. We retain conviction in IDEXX’s long-term alternative. The firm’s aggressive position stays excellent. We count on new proprietary product improvements and discipline gross sales power enlargement to be significant contributors to development in 2024. We see growing proof that secular developments round pet possession and pet care spending have been structurally accelerated, which ought to assist help IDEXX’s development fee over the long run.”
A veterinarian in a veterinary clinic inspecting a companion animal.
IDEXX Laboratories, Inc. (NASDAQ:IDXX) will not be on our record of 30 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held IDEXX Laboratories, Inc. (NASDAQ:IDXX) on the finish of second quarter which was 47 within the earlier quarter.
We mentioned IDEXX Laboratories, Inc. (NASDAQ:IDXX) in another article and shared the record of high animal well being corporations on this planet. In addition, please try our hedge fund investor letters Q3 2023 web page for extra investor letters from hedge funds and different main traders.
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Disclosure: None. This article is initially revealed at Insider Monkey.
