Baron Funds, an investment management company, released its “Baron Small Cap Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 3.64% (Institutional Shares), underperforming the Russell 2000 Growth Index, which was 0.24% up, and outperforming the S&P 500 Index, which was 4.88% down. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron Funds discussed stocks like Sweetgreen, Inc. (NYSE:SG) in the Q3 2022 investor letter. Headquartered in Los Angeles, California, Sweetgreen, Inc. (NYSE:SG) operates as a healthy food-serving restaurant. On November 1, 2022, Sweetgreen, Inc. (NYSE:SG) stock closed at $18.24 per share. One-month return of Sweetgreen, Inc. (NYSE:SG) was -4.85%, and its shares lost 43.00% of their value over the last 52 weeks. Sweetgreen, Inc. (NYSE:SG) has a market capitalization of $2.009 billion.
Here is what Baron Funds specifically said about Sweetgreen, Inc. (NYSE:SG) in its Q3 2022 investor letter:
“We sold out of Sweetgreen, Inc. (NYSE:SG) because of uncertainty that the salad chain can ultimately grow to 1,000 units, the scale needed to leverage current G&A investments and turn a nice profit. We exited Wix.com Ltd. due to the expected continued slowdown in its core website development business and confusion around why its “Partners” venture, where Wix creates client websites for its agency customers, is so unprofitable. On a multi-year basis, these stocks don’t sketch as exciting as other names in the portfolio or new ideas we are considering.”
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Sweetgreen, Inc. (NYSE:SG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held Sweetgreen, Inc. (NYSE:SG) at the end of the second quarter which was 12 in the previous quarter.
We discussed Sweetgreen, Inc. (NYSE:SG) in another article and shared the list of the best cyclical stocks to buy. 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.