Baron Funds, an investment management company, released its “Baron Opportunity Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 2.38% (Institutional Shares) compared to a 3.37% decline for the Russell 3000 Growth Index and a 4.88% decline for the S&P 500 Index. The fund fell sharply for the year-to-date and trailing 12-month periods; however, the philosophy of the fund is to achieve strong long-term performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron Funds discussed stocks like Alphabet Inc. (NASDAQ:GOOG) in the Q3 2022 investor letter. Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company headquartered in Mountain View, California. On October 31, 2022, Alphabet Inc. (NASDAQ:GOOG) stock closed at $94.66 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was -7.57% and its shares lost 35.10% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.223 trillion.
Here is what Baron Funds specifically said about Alphabet Inc. (NASDAQ:GOOG) in its Q3 2022 investor letter:
“Alphabet Inc. (NASDAQ:GOOG) is the parent company of Google, the world’s largest search and online advertising company. After benefiting from the pandemic shift to e-commerce as well as data privacy changes negatively impacting major competitors, Google’s core search and YouTube businesses are facing broad macroeconomic headwinds impacting digital advertising demand, as well as difficult comparisons against the reopening backdrop of last year. During the second quarter, Google reported 16% overall revenue growth, with search growing 15% and YouTube 10%. Despite the short-term headwinds, we remain investors as Alphabet is still the strongest player in its market and continues to benefit from long-term secular growth in mobile and online video advertising, accruing to its core assets of Search, YouTube, and the Google ad network. We are further encouraged by Alphabet’s investments in cloud (which grew 40% last quarter), AI, and other initiatives, which can help the company capture share in large, growing markets and take advantage of Google’s technical competencies.”
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Alphabet Inc. (NASDAQ:GOOG) is in 6th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 153 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of the second quarter which was 160 in the previous quarter.
We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared the list of the biggest global tech companies by market cap. 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.