Baron Funds, an asset management company, released its “Baron Global Advantage Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund gained 1.7% (Institutional Shares) compared to a 6.8% decline for the MSCI ACWI Index and a 5.9% decline for the MSCI ACWI Growth Index. Stock selection contributed to the fund’s outperformance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Baron Funds discussed stocks like Datadog, Inc. (NASDAQ:DDOG) in the Q3 2022 investor letter. Headquartered in New York, New York, Datadog, Inc. (NASDAQ:DDOG) is a monitoring and analytics, platform provider. On November 2, 2022, Datadog, Inc. (NASDAQ:DDOG) stock closed at $74.48 per share. One-month return of Datadog, Inc. (NASDAQ:DDOG) was -20.48% and its shares lost 55.39% of their value over the last 52 weeks. Datadog, Inc. (NASDAQ:DDOG) has a market capitalization of $23.569 billion.
Baron Funds made the following comment about Datadog, Inc. (NASDAQ:DDOG) in its Q3 2022 investor letter:
“Similarly, we continued scaling up our investment in Datadog, Inc. (NASDAQ:DDOG), recognizing significant opportunities for the long term, while the majority of investors remain preoccupied with the here and now. While the company may see some short-term headwinds to growth (the company reported seeing some impact to its volume-driven logs and Application Performance Management modules), long-term prospects remain bright, in our view. Datadog reported a best-in-class gross retention rate in the “mid-to-high 90s%,” 74% year-over-year revenue growth, and 21% adjusted operating margins.”
Datadog, Inc. (NASDAQ:DDOG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 81 hedge fund portfolios held Datadog, Inc. (NASDAQ:DDOG) at the end of the second quarter which was 82 in the previous quarter.
We discussed Datadog, Inc. (NASDAQ:DDOG) in another article and shared the best big data stocks to invest in. 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.