Baron Funds Believes that ANSYS (ANSS) is Well Positioned to Benefit from Increasing Software Demand

Baron Funds, an asset management company, released its “Baron Asset Fund” investor letter. You can download a copy of the same here. In the second quarter, the fund fell 21.09%. However, the firm believes that the fund is positioned to perform well in the current market concerns of recession and inflation. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

In the second quarter investor letter, Baron Funds discussed stocks like ANSYS, Inc. (NASDAQ:ANSS). Headquartered in Canonsburg, Pennsylvania, ANSYS, Inc. (NASDAQ:ANSS) is a software development company that develops and markets simulation software and services. On August 29, 2022, ANSYS, Inc. (NASDAQ:ANSS) stock closed at $251.16 per share. One-month return of ANSYS, Inc. (NASDAQ:ANSS)  was -9.03% and its shares lost 31.26 % of their value over the last 52 weeks. ANSYS, Inc. (NASDAQ:ANSS) has a market capitalization of $21.868 billion.

Here is what Baron Funds specifically said about ANSYS, Inc. (NASDAQ:ANSS):

“ANSYS, Inc. (NASDAQ:ANSS) is a leading provider of physics-based simulation software. Despite quarterly financial results that exceeded expectations, the stock was pressured by the negative impact of foreign exchange rates, a transition in its sales management team, and the widespread rotation out of technology stocks. We believe ANSYS remains well positioned to benefit from the increasing demand for simulation software by leveraging its growing product offerings, expanding its distribution, and deepening its customer relationships across both industry verticals and geographies.”

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ANSYS, Inc. (NASDAQ:ANSS) is not on the list of 30 Most Popular Stocks Among Hedge Funds. ANSYS, Inc. (NASDAQ:ANSS) was held by 42 hedge fund portfolios at the end of the second quarter compared to 42 in the previous quarter.

We discussed ANSYS, Inc. (NASDAQ:ANSS)  in another article and shared Baron Funds’ views on the company. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.

Disclosure: None. This article is originally published at Insider Monkey.