Baron Funds, an investment management company, released its “Baron Asset Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The fund increased by 12.21% in the fourth quarter, outperforming the Russell Midcap Growth Index which returned 6.90%. Stock selection and underexposure to stocks with high measures of Residual Volatility and Beta led the fund to outperform in the quarter. For 2022, the fund fell 25.87% compared to a -26.72% return for the Russell Midcap Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron Asset Fund highlighted stocks like Mettler-Toledo International Inc. (NYSE:MTD) in the Q4 2022 investor letter. Based in Columbus, Ohio, Mettler-Toledo International Inc. (NYSE:MTD) is a precision instruments and services manufacturer. On February 10, 2023, Mettler-Toledo International Inc. (NYSE:MTD) stock closed at $1,513.31 per share. One-month return of Mettler-Toledo International Inc. (NYSE:MTD) was -2.85%, and its shares gained 6.86% of their value over the last 52 weeks. Mettler-Toledo International Inc. (NYSE:MTD) has a market capitalization of $33.738 billion.
Baron Asset Fund made the following comment about Mettler-Toledo International Inc. (NYSE:MTD) in its Q4 2022 investor letter:
“Mettler-Toledo International Inc. (NYSE:MTD) is a leading provider of weighing instruments for use in laboratory, industrial, and food retailing applications. Mettler’s shares recovered from their decline last quarter, which had been driven by the impact of a possible global recession and negative foreign movements on the company’s earnings. Shares advanced on solid third quarter results highlighted by 10% local currency sales growth and 17% EPS growth despite a negative FX impact of 6%, and management provided solid initial 2023 earnings guidance. We believe that Mettler’s business has historically proved resilient in the face of macroeconomic challenges, and we expect Mettler will continue to compound its earnings at mid-teens or better growth rates over the long term.”
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Mettler-Toledo International Inc. (NYSE:MTD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Mettler-Toledo International Inc. (NYSE:MTD) at the end of the third quarter, which was 39 in the previous quarter.
We discussed Mettler-Toledo International Inc. (NYSE:MTD) in another article and shared the list of stocks that may be splitting soon. In addition, please check out our hedge fund investor letters Q4 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.