Baron Funds, an investment management firm, released its “Baron Focused Growth Fund” first quarter 2023 investor letter, a copy of which can be downloaded here. During the quarter ending on March 31, 2023, the Fund’s Institutional Shares exhibited a notable increase of 14.49%. This remarkable performance can be attributed to the resilience and robust demand witnessed by companies held within the Fund’s portfolio. Spare some time to check the fund’s top 5 holdings to know more about their top bets for 2023.
In its Q1 2023 investor letter, Baron Focused Growth Fund mentioned Penn National Gaming, Inc. (NASDAQ:PENN) and explained its insights for the company. Founded in 1982, Penn National Gaming, Inc. (NASDAQ:PENN) is a Wyomissing, Pennsylvania-based sports entertainment company with a $3.8 billion market capitalization. Penn National Gaming, Inc. (NASDAQ:PENN) delivered a -16.20% return since the beginning of the year, while its 12-month returns are down by -9.16%. The stock closed at $25.84 per share on June 15, 2023.
Here is what Baron Focused Growth Fund has to say about Penn National Gaming, Inc. (NASDAQ:PENN) in its Q1 2023 investor letter:
“Companies that own what we believe are Real/Irreplaceable Assets represented 27.3% of net assets. Regional casino gaming company PENN Entertainment, Inc. (NASDAQ:PENN), is an example of a company we believe possess meaningful brand equity and barriers to entry that equate to pricing power over time. PENN’s state-granted licenses for its regional casinos provide important protection from competitors. Online sports betting and internet- casino gaming offer large opportunities for future growth.”
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Our calculations show that Penn National Gaming, Inc. (NASDAQ:PENN) was not able to secure a spot on our list of the 30 Most Popular Stocks Among Hedge Funds. Penn National Gaming, Inc. (NASDAQ:PENN) was in 54 hedge fund portfolios at the end of the first quarter of 2023, compared to 48 funds in the previous quarter. Penn National Gaming, Inc. (NASDAQ:PENN) delivered a -9.43% return in the past 3 months.
Earlier this year, we also shared Baron Fund’s Q4 2022 views on Penn National Gaming, Inc. (NASDAQ:PENN) 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.