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Here’s What Caused the Decline of FactSet Research Systems (FDS) in Q1

Soumya Eswaran
·2-min read

Baron Funds, an investment management company, released its “Baron Asset Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. US markets continued its strong rally in the first quarter. Robust economic data and relatively strong corporate earnings boosted the rally along with the anticipation of a soft landing of the market. The fund (Institutional Shares) appreciated 6.00% in the quarter compared to 9.50% for the Russell Midcap Growth Index and 10.56% for the S&P 500 Index. Stock selection and headwinds from the Fund’s longtime style biases led the fund to underperform in the first quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Baron Asset Fund featured stocks like FactSet Research Systems Inc. (NYSE:FDS) in the Q1 2024 investor letter. Headquartered in Norwalk, Connecticut, FactSet Research Systems Inc. (NYSE:FDS) provides financial data and analytics to the investment community. On May 13, 2024, FactSet Research Systems Inc. (NYSE:FDS) stock closed at $440.03 per share. One-month return of FactSet Research Systems Inc. (NYSE:FDS) was 3.04%, and its shares gained 13.25% of their value over the last 52 weeks. FactSet Research Systems Inc. (NYSE:FDS) has a market capitalization of $16.772 billion.

Baron Asset Fund stated the following regarding FactSet Research Systems Inc. (NYSE:FDS) in its first quarter 2024 investor letter:

"Performance in Financials was hindered by FactSet Research Systems Inc. (NYSE:FDS), a leading provider of investment management tools. The company revised its fiscal year 2024 growth in annual subscription value downward given ongoing challenges in its financial services end-market. While there is some near-term uncertainty, we maintain long-term conviction in the company’s large addressable market, consistent execution on both new product development and financial results, and robust free-cash-flow generation."

An investment banker consulting with a customer on their portfolio in a professional setting.

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FactSet Research Systems Inc. (NYSE:FDS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, FactSet Research Systems Inc. (NYSE:FDS) was held by 27 hedge fund portfolios, compared to 21 in the previous quarter, according to our database. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

We discussed FactSet Research Systems Inc. (NYSE:FDS) in another article and shared the list of best May dividend stocks to buy. Baron Asset Fund maintained conviction in the long-term growth prospects of FactSet Research Systems Inc. (NYSE:FDS) despite its near-term volatility.

 

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Disclosure: None. This article is originally published at Insider Monkey.