Baron Funds, an investment management company, released its “Baron Discovery Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. Baron Discovery Fund (the Fund) reached its 10-year anniversary on September 30, 2023. Since inception, on a cumulative basis, the fund was up 195.3% (Institutional Shares) compared to the Russell 2000 Growth Index’s 91.6% return. During the quarter, the fund returned -5.36% (Institutional Shares) compared to -7.32% return for the benchmark. The bond market became the latest headwind to stock market performance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Discovery Fund highlighted stocks like PAR Technology Corporation (NYSE:PAR) in the third quarter 2023 investor letter. Headquartered in New Hartford, New York, PAR Technology Corporation (NYSE:PAR) is a technology company that serves restaurants and retail industries. On November 8, 2023, PAR Technology Corporation (NYSE:PAR) stock closed at $32.52 per share. One-month return of PAR Technology Corporation (NYSE:PAR) was -12.42%, and its shares gained 28.69% of their value over the last 52 weeks. PAR Technology Corporation (NYSE:PAR) has a market capitalization of $892.515 million.
Baron Discovery Fund made the following comment about PAR Technology Corporation (NYSE:PAR) in its Q3 2023 investor letter:
“PAR Technology Corporation (NYSE:PAR) is a leading software-as-a-service provider to the restaurant industry. Shares rose during the quarter on news that the company is on the verge of potentially winning some contracts with large quick-service restaurants and table service customers. The restaurant industry has historically under-invested in technology, and PAR is building an all-in-one platform for enterprise restaurants to run the most critical portions of their technology stacks. PAR benefits from limited industry competition, accelerating restaurant adoption of cloud platforms, a renewed focus on R&D, and sales efficiency. As its new payments and online ordering products continue to ramp, we believe PAR will deliver on its 20% to 30% subscription revenue growth targets for the next several years. We believe the company will become profitable in the quarters ahead as it controls operating expenses while delivering strong growth and continues to bolt on targets.”
PAR Technology Corporation (NYSE:PAR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held PAR Technology Corporation (NYSE:PAR) at the end of second quarter which was 20 in the previous quarter.
We discussed PAR Technology Corporation (NYSE:PAR) in another article and shared Greenhaven Road Capital’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.