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 Holley Inc. (NYSE:HLLY) in the Q3 2022 investor letter. Headquartered in Bowling Green, Kentucky, Holley Inc. (NYSE:HLLY) is an automotive aftermarket products manufacturer. On October 31, 2022, Holley Inc. (NYSE:HLLY) stock closed at $3.9800 per share. One-month return of Holley Inc. (NYSE:HLLY) was -4.10%, and its shares lost 66.27% of their value over the last 52 weeks. Holley Inc. (NYSE:HLLY) has a market capitalization of $470.603 million.
Here is what Baron Funds specifically said about Holley Inc. (NYSE:HLLY) in its Q3 2022 investor letter:
“Holley Inc. (NYSE:HLLY) is a specialty manufacturer of high-performance automotive aftermarket parts sold to auto enthusiasts. Shares fell after the company reported weak results and lowered guidance due to microchip shortages that prevented the company from making and selling some of its most popular products. Ugh… Management also relayed that wholesalers were cutting back orders somewhat to get inventories in line. The stock is under a cloud until the chip issue is resolved and has traded down to 6 times trailing EBITDA. We believe in time that profits will be much higher than that and the multiple will expand considerably, so we remain involved.”
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Holley Inc. (NYSE:HLLY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held Holley Inc. (NYSE:HLLY) at the end of the second quarter which was 19 in the previous quarter.
We discussed Holley Inc. (NYSE:HLLY) in another article and shared the best 52-week low small-cap stocks. 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.