Baron Funds Remains Invested in Red Rock Resorts (RRR)

Baron Funds, an asset management company, released its “Baron Focused Growth Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. The fund declined 19.91% in the second quarter compared to a 19.55% fall for the Russell 2500 Growth Index. Inflation, the Ukraine war, and interest rate hikes impacted the quarterly performance of the fund. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Baron Funds discussed stocks like Red Rock Resorts, Inc. (NASDAQ:RRR). Based in Las Vegas, Nevada, Red Rock Resorts, Inc. (NASDAQ:RRR) operates as a gaming, development, and management company. On September 12, 2022, Red Rock Resorts, Inc. (NASDAQ:RRR) stock closed at $40.51 per share. One-month return of Red Rock Resorts, Inc. (NASDAQ:RRR) was -5.64% and its shares lost 9.23% of their value over the last 52 weeks. Red Rock Resorts, Inc. (NASDAQ:RRR) has a market capitalization of $2.368 billion.

Here is what Baron Funds specifically said about Red Rock Resorts, Inc. (NASDAQ:RRR) in its Q2 2022 investor letter:

“Red Rock Resorts, Inc. (NASDAQ:RRR), an owner and operator of Las Vegas locals casinos, detracted in the second quarter due to investor concerns that a possible recession would cause a slowdown or decline in growth. We remain investors. Red Rock has seen no material change in its visitation or spend levels, and its core customer base remains solid. Its robust balance sheet provides significant financial flexibility to continue to invest in its Durango casino expansion and other projects while using excess cash for share repurchases and dividends.”

Red Rock Resorts, Inc. (NASDAQ:RRR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held Red Rock Resorts, Inc. (NASDAQ:RRR) at the end of the second quarter which was 28 in the previous quarter.

We discussed Red Rock Resorts, Inc. (NASDAQ:RRR) in another article and shared Diamond Hill Capital Management’s views on the company. 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.