Baron Funds, an investment management company, released its “Baron Opportunity Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 2.38% (Institutional Shares) compared to a 3.37% decline for the Russell 3000 Growth Index and a 4.88% decline for the S&P 500 Index. The fund fell sharply for the year-to-date and trailing 12-month periods; however, the philosophy of the fund is to achieve strong long-term performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron Funds discussed stocks like indie Semiconductor, Inc. (NASDAQ:INDI) in the Q3 2022 investor letter. Headquartered in Aliso Viejo, California, indie Semiconductor, Inc. (NASDAQ:INDI) is an automotive semiconductors and software solutions provider. On October 31, 2022, indie Semiconductor, Inc. (NASDAQ:INDI) stock closed at $7.82 per share. One-month return of indie Semiconductor, Inc. (NASDAQ:INDI) was -2.25% and its shares lost 42.88% of their value over the last 52 weeks. Indie Semiconductor, Inc. (NASDAQ:INDI) has a market capitalization of $936.195 million.
Here is what Baron Funds specifically said about indie Semiconductor, Inc. (NASDAQ:INDI) in its Q3 2022 investor letter:
“indie Semiconductor, Inc. (NASDAQ:INDI) is a fabless designer, developer, and marketer of automotive semiconductors for advanced driver assistance systems and connected car, user experience, and electrification applications. We elected to take a tax loss on our prior position and have been rebuilding on recent weakness. We believe that the automotive semiconductor vertical is attractive as silicon content in cars increases over time from improving safety features and autonomous driving, electrification, and premiumization of interior and exterior features. Indie is a small but rapidly growing player in the automotive semiconductor space and has a multi-billion dollar contracted backlog, providing strong visibility to its revenue ramp in the coming years. Since coming public, the company has beaten expectations every quarter and is on track to turn profitable in 2023 and achieve targeted 60% gross and 30% operating margins by 2025. Indie’s management team has previously built a semiconductor company from the ground up, achieving a successful exit, giving us high confidence in their ability to execute their strategic plan with indie as well.”
indie Semiconductor, Inc. (NASDAQ:INDI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held indie Semiconductor, Inc. (NASDAQ:INDI) at the end of the second quarter which was 17 in the previous quarter.
We discussed indie Semiconductor, Inc. (NASDAQ:INDI) in another article and shared the best small-cap semiconductor stocks to invest in. 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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