Does Kinsale Capital Group (KNSL) have a Long Runway For Growth?
Baron Funds, an investment management company, released its “Baron Discovery Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund (Institutional Shares) returned 4.57% underperforming the 7.58% return for the Russell 2000 Growth Index. The firm is optimistic about the Fund’s prospects for 2024. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Baron Discovery Fund featured stocks like Kinsale Capital Group, Inc. (NYSE:KNSL) in the first quarter 2024 investor letter. Founded in 2009, Kinsale Capital Group, Inc. (NYSE:KNSL) is a specialty insurance company. On May 14, 2024, Kinsale Capital Group, Inc. (NYSE:KNSL) stock closed at $378.15 per share. One-month return of Kinsale Capital Group, Inc. (NYSE:KNSL) was -16.23%, and its shares gained 17.22% of their value over the last 52 weeks. Kinsale Capital Group, Inc. (NYSE:KNSL) has a market capitalization of $8.802 billion.
Baron Discovery Fund stated the following regarding Kinsale Capital Group, Inc. (NYSE:KNSL) in its first quarter 2024 investor letter:
"Specialty insurer Kinsale Capital Group, Inc. (NYSE:KNSL) reported financial results that exceeded Street forecasts. After a slowdown in the prior quarter, gross written premiums grew 34% and EPS grew 49% with a record-high underwriting margin. Market conditions remain favorable with rising premium rates and more business shifting from the standard market to the excess and surplus lines market where Kinsale operates. In addition, insurance stocks broadly rebounded from last quarter’s pullback as interest rates stabilized. We remain bullish on the stock because we believe Kinsale is well managed and has a long runway for growth in an attractive segment of the insurance market."
A Professional insurance broker discussing coverage plans with a small business owner.
Kinsale Capital Group, Inc. (NYSE:KNSL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Kinsale Capital Group, Inc. (NYSE:KNSL) at the end of the fourth quarter which was 24 in the previous quarter.
In another article, we discussed Kinsale Capital Group, Inc. (NYSE:KNSL) and shared the list of best booming stocks to buy. Kinsale Capital Group, Inc. (NYSE:KNSL) was on the detractors' list of Baron Discovery Fund in the previous quarter. Slower premium growth led stock to decline. Baron Discovery Fund remained confident in the company's long term growth prospects. In addition, please check out our hedge fund investor letters Q1 2024 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.
