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 Kinsale Capital Group, Inc. (NYSE:KNSL) in the Q3 2022 investor letter. Headquartered in Richmond, Virginia, Kinsale Capital Group, Inc. (NYSE:KNSL) is an insurance company. On October 31, 2022, Kinsale Capital Group, Inc. (NYSE:KNSL) stock closed at $315.17 per share. One-month return of Kinsale Capital Group, Inc. (NYSE:KNSL) was 20.71% and its shares gained 62.63% of their value over the last 52 weeks. Kinsale Capital Group, Inc. (NYSE:KNSL) has a market capitalization of $7.225 billion.
Here is what Baron Funds specifically said about Kinsale Capital Group, Inc. (NYSE:KNSL) in its Q3 2022 investor letter:
“Shares of specialty insurer Kinsale Capital Group, Inc. (NYSE:KNSL) increased after reporting strong results. For the quarter, gross written premiums grew 43% and earnings per share rose 51%. The earnings beat was driven by better underwriting margins and a mix towards property insurance policies. Market conditions remain favorable, and we are optimistic that they will stay firm for a while. More business is shifting to the Excess and Surplus lines market, Kinsale’s sweet spot. Operating in a fragmented niche of the insurance industry, Kinsale is a well-run operator and has great technological capabilities. Though we are underwriting growth to slow from the torrid pace of the last three years, we expect earnings to compound at about 20% a year go forward and the stock to rise as the company prospers.”
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Kinsale Capital Group, Inc. (NYSE:KNSL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held Kinsale Capital Group, Inc. (NYSE:KNSL) at the end of the second quarter which was 18 in the previous quarter.
We discussed Kinsale Capital Group, Inc. (NYSE:KNSL) in another article and shared Baron Funds’ views on the company. 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.