Baron Funds, an investment management company, released its “Baron Partners Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. The third quarter witnessed extreme volatility in the financial market. However, the fund outperformed the benchmark indexes and rose 10.00% (Institutional Shares) in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron Funds discussed stocks like FIGS, Inc. (NYSE:FIGS) in the Q3 2022 investor letter. Headquartered in Santa Monica, California, FIGS, Inc. (NYSE:FIGS) is a US-based healthcare apparel and lifestyle company. On November 1, 2022, FIGS, Inc. (NYSE:FIGS) stock closed at $7.13 per share. One-month return of FIGS, Inc. (NYSE:FIGS) was -21.56% and its shares lost 83.13% of their value over the last 52 weeks. FIGS, Inc. (NYSE:FIGS) has a market capitalization of $1.179 billion.
Baron Funds made the following comment about FIGS, Inc. (NYSE:FIGS) in its Q3 2022 investor letter:
“Within our Disruptive Growth group, some companies depreciated in value. New position FIGS, Inc. (NYSE:FIGS) declined about 15%. The relatively new direct-to-consumer producer of health care apparel has declined along with the broader group of young, high-growth, publicly traded companies. Investors have continued to shun newer business models that they perceive to be riskier. The company has declined over 80% from its highs achieved in late 2021. The recent volatility created an opportunity for us to initiate and build a position in a company that we believe can continue to grow revenue above 20% annually while also expanding margins. Its superior product is competing against brands that lack investment capabilities to improve their offerings. We believe Figs could command a meaningful share of the $79 billion global health care apparel market and eventually develop products for other professions.”
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FIGS, Inc. (NYSE:FIGS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held FIGS, Inc. (NYSE:FIGS) at the end of the second quarter which was 18 in the previous quarter.
We discussed FIGS, Inc. (NYSE:FIGS) in another article and shared the best eCommerce 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.