In its Q1 2023 investor letter, Baron Durable Advantage Fund mentioned Amazon.com, Inc. (NASDAQ:AMZN) and explained its insights for the company. Founded in 1994, Amazon.com, Inc. (NASDAQ:AMZN) is a Seattle, Washington-based multinational technology company with a $1.27 trillion market capitalization. Amazon.com, Inc. (NASDAQ:AMZN) delivered a 46.94% return since the beginning of the year, while its 12-month returns are up by 12.57%. The stock closed at $123.43 per share on June 09, 2023.
Here is what Baron Durable Advantage Fund has to say about Amazon.com, Inc. (NASDAQ:AMZN) in its Q1 2023 investor letter:
“Amazon is probably the best example of a company that was built with an ability to rapidly adapt to change from its very inception. We have written a lot over the years about how Amazon’s culture and organizational structures prioritize and enable rapid innovation. Historically, programming code was written in a sequential waterfall fashion, creating significant interdependencies between different developer teams in the organization and slowing down innovation. Amazon famously required all developers to expose their work externally via standardized Application Programming Interfaces (APIs). A novel and risky approach, it enabled development teams to work in parallel, created a rapid feedback loop with customers, and turned Amazon into one of the most innovative companies in the world. The culture of constant experimentation and the willingness to take risks and fail fast (remember the Amazon Fire phone?) became the core pillars of the company’s culture and led to revolutionary ideas like third-party sales (letting competitors sell similar products alongside your own), Amazon Prime Video, and Amazon Web Services (AWS), making the company a disruptor and leader in multiple multi-trillion-dollar industries.”
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Our calculations show that Amazon.com, Inc. (NASDAQ:AMZN) ranks 2nd on our list of the 30 Most Popular Stocks Among Hedge Funds. Amazon.com, Inc. (NASDAQ:AMZN) was in 243 hedge fund portfolios at the end of the first quarter of 2023, compared to 240 funds in the previous quarter. Amazon.com, Inc. (NASDAQ:AMZN) delivered a 36.04% return in the past 3 months.
Earlier this month, we also shared another hedge fund’s views on Amazon.com, Inc. (NASDAQ:AMZN) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q1 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.