Baron Funds Expects Double-Digit Earnings Growth for ACM Research (ACMR)

Baron Funds, an asset management company, released its “Baron New Asia Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. The fund declined 7.89% in the second quarter compared to a 9.00% decline for its benchmark index, the MSCI AC Asia ex Japan Index. Driven by the reversal and modest recovery of China-related equities, the fund outperformed its benchmark index and the all-cap growth proxy in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Baron Funds discussed stocks like ACM Research, Inc. (NASDAQ:ACMR) in the second quarter investor letter. Headquartered in Fremont, California, ACM Research, Inc. (NASDAQ:ACMR) develops, manufactures, and sells single-wafer wet cleaning equipment for integrated chips. September 9, 2022, ACM Research, Inc. (NASDAQ:ACMR) stock closed at $16.73 per share. One-month return of ACM Research, Inc. (NASDAQ:ACMR) was -14.16% and its shares lost 53.15% of their value over the last 52 weeks. ACM Research, Inc. (NASDAQ:ACMR) has a market capitalization of $991.554 million.

Here is what Baron Funds specifically said about ACM Research, Inc. (NASDAQ:ACMR) in its Q2 2022 investor letter:

“ACM Research, Inc. (NASDAQ:ACMR) is a semiconductor production equipment company with principal operations in China. In our view, ACM will be a key beneficiary of the rapid fab capacity expansion in China, gain domestic market share as fabs shift to local suppliers for self-sufficiency, and will expand overseas in the longer term.

We believe ACM will successfully expand its product portfolio beyond its industry-leading wafer cleaning tools. ACM’s differentiated technology, reflected in its attractive gross margin profile and orders from tier-1 chipmakers, represents an enduring competitive advantage, in our view. We expect the company to generate strong double-digit earnings growth over the next several years.”

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ACM Research, Inc. (NASDAQ:ACMR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 8 hedge fund portfolios held ACM Research, Inc. (NASDAQ:ACMR) at the end of the second quarter which was 16 in the previous quarter.

We discussed ACM Research, Inc. (NASDAQ:ACMR) in another article and shared the top stock picks of Fang Zheng’s Keywise Capital. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

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