Investment management company Baron Funds has announced the first quarter 2024 investor letter for Baron Asset Fund. A copy of the letter can be downloaded here. The US market continued its strong rise in the first quarter. Strong economic data and relatively strong corporate profits fueled the rally, along with hopes for a soft market landing. The fund rose 6.00% in the quarter, compared to the Russell MidCap Growth Index's 9.50% rise and the S&P 500's 10.56% rise. Headwinds from stock selection and the fund's long-standing style bias caused the fund to underperform in the first quarter. Plus, check out the fund's top 5 holdings to find out the best stocks for 2024.
Baron Asset Fund featured stocks such as Biotechne Corporation (NASDAQ:TECH) in its Q1 2024 Investor Letter. Bio-Techne Corporation (NASDAQ:TECH), headquartered in Minneapolis, Minnesota, develops and manufactures reagent solutions, instruments and services for the research and clinical diagnostic markets. On May 13, 2024, Biotechne Corporation (NASDAQ:TECH) stock closed at $81.97 per share. Bio-Techne Corporation (NASDAQ:TECH)'s 1-month return is his 28.06%, and the company's stock has increased his 0.04% in value over the past 52 weeks. Bio-Techne Corporation (NASDAQ:TECH) has a market capitalization of $12.917 billion.
Baron Asset Fund said the following about Bio-Techne Corporation (NASDAQ:TECH) in its Q1 2024 investor letter:
”Biotechne Co., Ltd. (NASDAQ:TECH) is a leading developer and manufacturer of reagents, instruments and services for the life sciences research, diagnostics and bioprocessing markets. The stock's performance deteriorated after the company reported weak fourth-quarter results, with organic growth down 2% due to a slowing Chinese economy and continued funding constraints for biotech customers. I let it happen. Management noted that business in China has stabilized and the financing environment is beginning to recover, but did not expect any significant improvement until late 2024. We believe these headwinds are cyclical and are encouraged by some signs that the company's business is stabilizing. We continue to believe that Biotechne is well positioned for long-term growth. ”
Close-up of a laboratory technician handling medical equipment used in infertility treatment.
Bio-Techne Corporation (NASDAQ:TECH) isn't on the list of 30 most popular stocks among hedge funds. Our database shows that Biotechne Corporation (NASDAQ:TECH) was held by 23 hedge fund portfolios at the end of the fourth quarter, compared to 25 in the prior quarter. Additionally, for investor letters from hedge funds and other leading investors, please visit our Hedge Fund Investor Letters Q1 2024 page.
In another article, we discussed Bio-Techne Corporation (NASDAQ:TECH) and shared a list of the world's largest biotech companies. Polen Capital added his Bio-Techne Corporation (NASDAQ: TECH) to its portfolio last quarter and shared his optimism about its long-term growth prospects.
Recommended articles:
Disclosure: None. This article was originally published on Insider Monkey.
