FactSet Research Systems (FDS) Stock Fell on Macro-Related Uncertainty
Baron Funds, an investment management company, released its “Baron Partners Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The fund outperformed both its benchmarks and returned 15.54% (Institutional Shares) in the second quarter. The Russell Midcap Growth Index (the Index) and the S&P 500 Index returned 6.23% and 8.74%, respectively, during the same period. The fund appreciated 42.59% year-to-date compared to 15.94% and 16.89%, respectively for the indexes. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Partners Fund highlighted stocks like FactSet Research Systems Inc. (NYSE:FDS) in the Q2 2023 investor letter. Headquartered in Norwalk, Connecticut, FactSet Research Systems Inc. (NYSE:FDS) provides financial data and analytics to the investment community. On September 1, 2023, FactSet Research Systems Inc. (NYSE:FDS) stock closed at $435.48 per share. One-month return of FactSet Research Systems Inc. (NYSE:FDS) was 2.52%, and its shares gained 1.17% of their value over the last 52 weeks. FactSet Research Systems Inc. (NYSE:FDS) has a market capitalization of $16.612 billion.
Baron Partners Fund made the following comment about FactSet Research Systems Inc. (NYSE:FDS) in its Q2 2023 investor letter:
"Shares of FactSet Research Systems Inc. (NYSE:FDS), a leading provider of investment management tools, detracted from performance. The company reported solid fiscal third quarter 2023 earnings, and its business continues to perform well. Regardless, FactSet’s stock fell as macro-related uncertainty (challenges in the banking sector, lengthening sales cycles, constrained client budgets) caused annual subscription value (ASV) growth to decelerate and management had to guide ASV growth towards the lower end of its projected range. While there is some near-term uncertainty, we believe these issues are more cyclical in nature (as opposed to secular). We retain long-term conviction in FactSet due to its large addressable market, consistent execution on both new product development and financial results, and robust free-cash-flow generation."
Speedcurve Performance Analytics
FactSet Research Systems Inc. (NYSE:FDS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held FactSet Research Systems Inc. (NYSE:FDS) at the end of second quarter which was 36 in the previous quarter.
We discussed FactSet Research Systems Inc. (NYSE:FDS) in another article and shared Conestoga Mid Cap Strategy's views on the company. In addition, please check out our hedge fund investor letters Q2 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.
