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 DLocal Limited (NASDAQ:DLO) in the Q3 2022 investor letter. Headquartered in Montevideo, Uruguay, DLocal Limited (NASDAQ:DLO) is a payment platform. On November 2, 2022, DLocal Limited (NASDAQ:DLO) stock closed at $21.79 per share. One-month return of DLocal Limited (NASDAQ:DLO) was -8.18% and its shares lost 54.91% of their value over the last 52 weeks. DLocal Limited (NASDAQ:DLO) has a market capitalization of $6.45 billion.
Baron Funds made the following comment about DLocal Limited (NASDAQ:DLO) in its Q3 2022 investor letter:
“DLocal Limited (NASDAQ:DLO) is a Uruguay-based financial technology company that facilitates cross-border payments in emerging markets for large global merchants such as Google, Microsoft, and Netflix. Despite posting strong results for the second quarter, with payment volume growth of 67% yearover year, revenue growth of 72%, net revenue retention of 157%, and adjusted EBITDA margins of 38%, shares of DLocal declined 21% as the company maintained its full-year guidance implying a decline in its net revenue retention rate and EBITDA margins in the back half of the year. We are not concerned with sacrificing near-term profits in order to drive longer duration growth, and we retain conviction in DLocal’s ability to continue benefiting from the growing purchasing power of an expanding middle class in emerging markets for years to come.”
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DLocal Limited (NASDAQ:DLO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held DLocal Limited (NASDAQ:DLO) at the end of the second quarter which was 19 in the previous quarter.
We discussed DLocal Limited (NASDAQ:DLO) 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.