Baron Funds, an investment management company, has announced its Q4 2023 Investor Letter for the Baron Durable Advantage Fund. You can download a copy of it here. The fund rose 13.9% (institutional stocks) in the fourth quarter, compared to an 11.7% return for the fund's benchmark S&P 500 index. For the full year 2023, the fund's return was 45.5%, compared to the benchmark's return of 26.3%. Additionally, you can check out the fund's top five holdings to learn about the best stocks for 2023.
Baron Durable Advantage Fund featured stocks such as LPL Financial Holdings (NASDAQ:LPLA) in its Q4 2023 Investor Letter. LPL Financial Holdings Inc. (NASDAQ:LPLA), based in San Diego, California, is an integrated platform provider of brokerage and investment advisory services. On March 4, 2024, LPL Financial Holdings Inc. (NASDAQ:LPLA) stock closed at $267.70 per share. His 1-month return for LPL Financial Holdings Inc. (NASDAQ:LPLA) is his 10.85%, and the company's stock has increased his 5.38% in value over the past 52 weeks. LPL Financial Holdings Inc. (NASDAQ:LPLA) has a market capitalization of $19.931 billion.
Baron Durable Advantage Fund said the following about LPL Financial Holdings Inc. (NASDAQ:LPLA) in its Q4 2023 investor letter:
“LPL Financial Holdings Co., Ltd.” (NASDAQ:LPLA) is the largest independent broker-dealer in the United States. Expectations for more rate cuts in 2024 increased, sending the stock down 4.1% in the quarter (yet the stock ended the year up 12.7%). LPL invests its customers' idle funds in both floating rate and fixed rate contracts. Interest rate cuts may reduce LPL's cash receipts and income from floating rate contracts. LPL's interest rate exposure also makes it a good stock for short-term traders to gain exposure to higher interest rates. We believe that part of the decline in stock prices is a result of these investors reducing their holdings as interest rates are expected to fall. Over the long term, we believe this stock offers a positively skewed risk/reward profile, even under conservative assumptions for interest rates. Additionally, LPL's execution continues to be strong, gaining share among advisors and winning large corporate deals. Therefore, we will continue to be a shareholder and continue to further strengthen our position. ”
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LPL Financial Holdings Inc. (NASDAQ:LPLA) isn't on our list of 30 most popular stocks among hedge funds. According to our database, at the end of the fourth quarter, LPL Financial Holdings (NASDAQ: LPLA)'s hedge fund portfolio was held in 41 companies, down from his 49 companies last quarter.
We talked about LPL Financial Holdings Inc. (NASDAQ:LPLA) in a separate article and shared a list of the best small-cap growth stocks to invest in. Additionally, for additional investor letters from Hedge, please visit our Hedge Fund Investor Letters Q4 2023 page. funds and other major investors.
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Disclosure: None. This article was originally published on Insider Monkey.
