Baron Funds, an investment management company, released its “Baron Discovery Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. Compared to the Russell 2000 Growth Index benchmark, which was slightly positive, the fund (institutional shares) was flat in the third quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
In the third-quarter letter, Baron Funds discussed stocks like Clearwater Analytics Holdings, Inc. (NYSE:CWAN). Headquartered in Boise, Idaho, Clearwater Analytics Holdings, Inc. (NYSE:CWAN) is a software-as-a-service solution company. On October 28, 2022, Clearwater Analytics Holdings, Inc. (NYSE:CWAN) stock closed at $16.02 per share. One-month return of Clearwater Analytics Holdings, Inc. (NYSE:CWAN) was -4.59% and its shares lost 28.74% of their value over the last 52 weeks. Clearwater Analytics Holdings, Inc. (NYSE:CWAN) has a market capitalization of $5.507billion.
Baron Funds made the following comment about Clearwater Analytics Holdings, Inc. (NYSE:CWAN) in its Q3 2022 investor letter:
“Shares of Clearwater Analytics Holdings, Inc. (NYSE:CWAN), a leading provider of software for investment accounting and reporting, contributed to performance. The company’s second quarter earnings demonstrated strong underlying business trends. Management also announced the strategic acquisition of investment management software platform JUMP Technology that will help Clearwater expand its European presence and broaden its product set to cover more of the full end-to-end lifecycle for investment managers. The business is being negatively impacted in the near term by a reduction in its clients’ assets under management (due most notably to rising interest rates), but management is taking proactive measures to mitigate the impact going forward. We retain long-term conviction in Clearwater due to its competitively advantaged product offering, a solid compounding growth profile, and strong profitability.”
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Clearwater Analytics Holdings, Inc. (NYSE:CWAN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 10 hedge fund portfolios held Clearwater Analytics Holdings, Inc. (NYSE:CWAN) at the end of the second quarter which was 4 in the previous quarter.
We discussed Clearwater Analytics Holdings, Inc. (NYSE:CWAN) in another article and shared Baron Funds’ views on the company. In addition, please check out our hedge fund investor letters Q3 2022 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.