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 Arch Capital Group Ltd. (NASDAQ:ACGL) in the Q4 2022 investor letter. Headquartered in Pembroke, Bermuda, Arch Capital Group Ltd. (NASDAQ:ACGL) is an insurance company. On February 10, 2023, Arch Capital Group Ltd. (NASDAQ:ACGL) stock closed at $64.22 per share. One-month return of Arch Capital Group Ltd. (NASDAQ:ACGL) was 0.72%, and its shares lost 38.35% of their value over the last 52 weeks. Arch Capital Group Ltd. (NASDAQ:ACGL) has a market capitalization of $23.753 billion.
Baron Asset Fund made the following comment about Arch Capital Group Ltd. (NASDAQ:ACGL) in its Q4 2022 investor letter:
“Arch Capital Group Ltd. (NASDAQ:ACGL) is a specialty insurance company based in Bermuda. Its shares increased on the back of increasingly favorable pricing trends in its core P&C insurance market. During the quarter, the company reported earnings that exceeded expectations despite having incurred significant losses from Hurricane Ian. The stock also benefited from its inclusion in the S&P 500 Index, which prompted incremental buying from passive stock funds. We continue to have confidence in Arch’s strong management team, and we expect ongoing growth in its earnings and book value per share.”
Copyright: convisum / 123RF Stock Photo
Arch Capital Group Ltd. (NASDAQ:ACGL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Arch Capital Group Ltd. (NASDAQ:ACGL) at the end of the third quarter, which was 23 in the previous quarter.
We discussed Arch Capital Group Ltd. (NASDAQ:ACGL) in another article and shared Madison Funds’ views on the company. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.