Gartner (IT) Rose after Posting Good Results
Baron Funds, an investment management company, released its “Baron Asset Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The market rally that was driven by technology this year came to a halt in the third quarter. Against this backdrop, the Baron Asset Fund declined 4.42% (Institutional Shares) in the third quarter outperforming the Russell Midcap Growth Index’s -5.22% return. Positive stock selection and tailwinds from its style biases drove the outperformance in the quarter. The Fund’s underexposure to higher beta stocks, which performed poorly during the market reversal was another notable factor. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Asset Fund highlighted stocks like Gartner, Inc. (NYSE:IT) in the third quarter 2023 investor letter. Headquartered in Stamford, Connecticut, Gartner, Inc. (NYSE:IT) is a research and advisory company. On November 10, 2023, Gartner, Inc. (NYSE:IT) stock closed at $411.63 per share. One-month return of Gartner, Inc. (NYSE:IT) was 14.91%, and its shares gained 22.78% of their value over the last 52 weeks. Gartner, Inc. (NYSE:IT) has a market capitalization of $32.436 billion.
Baron Asset Fund made the following comment about Gartner, Inc. (NYSE:IT) in its Q3 2023 investor letter:
"After being the leading cause of underperformance last quarter, the Fund’s IT holdings held up well in the third quarter, contributing the vast majority of relative gains. Solid stock selection in the sector was mostly attributable to the outperformance of property & casualty insurance software vendor Guidewire Software, Inc and syndicated research provider Gartner, Inc. (NYSE:IT). Gartner’s shares outperformed after the company’s core subscription research and conferences businesses posted good results, as customers use Gartner’s services to navigate increasingly complex technology end markets."
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Gartner, Inc. (NYSE:IT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Gartner, Inc. (NYSE:IT) at the end of second quarter which was 44 in the previous quarter.
We discussed Gartner, Inc. (NYSE:IT) in another article and shared the list of publicly traded consulting firms by revenue. 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.
