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 The Trade Desk, Inc. (NASDAQ:TTD) in its Q4 2022 investor letter. Headquartered in Ventura, California, The Trade Desk, Inc. (NASDAQ:TTD) is a technology company. On February 10, 2023, The Trade Desk, Inc. (NASDAQ:TTD) stock closed at $48.69 per share. One-month return of The Trade Desk, Inc. (NASDAQ:TTD) was 3.53%, and its shares lost 36.36% of their value over the last 52 weeks. The Trade Desk, Inc. (NASDAQ:TTD) has a market capitalization of $23.834 billion.
Baron Asset Fund made the following comment about The Trade Desk, Inc. (NASDAQ:TTD) in its Q4 2022 investor letter:
“The Trade Desk, Inc. (NASDAQ:TTD) is the leading internet advertising demand-side platform that enables agencies to efficiently purchase digital advertising across PC, mobile, and online video channels. Its shares were pressured by the increasingly challenged market for digital advertising, though its peers were even more negatively impacted. Despite the near-term headwinds in the company’s end-market, we remain positive. We believe Trade Desk has superior technology and scale that should allow the company to grow its estimated 10% share in the $100 billion market for programmatic advertising, which is a growing subset of the $700 billion global advertising market.”
The Trade Desk, Inc. (NASDAQ:TTD) is not our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held The Trade Desk, Inc. (NASDAQ:TTD) at the end of the third quarter, which was 34 in the previous quarter.
We discussed The Trade Desk, Inc. (NASDAQ:TTD) in another article and shared Polen U.S. SMID Company Growth Strategy’s 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.
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Disclosure: None. This article is originally published at Insider Monkey.