Baron Funds, an asset management company, released its “Baron Discovery Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. The fund was down 22.66% in the second quarter, 3.41% below its benchmark index, the Russell 2000 Growth Index. The firm focuses more on secular growth stories instead of cyclical companies. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Baron Funds discussed stocks like Inogen, Inc. (NASDAQ:INGN) in the second quarter investor letter. Headquartered in Goleta, California, Inogen, Inc. (NASDAQ:INGN) is a medical technology company. On September 9, 2022, Inogen, Inc. (NASDAQ:INGN) stock closed at $27.39 per share. One-month return of Inogen, Inc. (NASDAQ:INGN) was -11.22% and its shares lost 43.69% of their value over the last 52 weeks. Inogen, Inc. (NASDAQ:INGN) has a market capitalization of $626.313 million.
Here is what Baron Funds specifically said about Inogen, Inc. (NASDAQ:INGN) in its Q2 2022 investor letter:
“Inogen, Inc. (NASDAQ:INGN), a medical device company that manufactures portable oxygen concentrators for patients with breathing issues, is a market leader, but like Advanced Energy, is constrained by chip supply so it is dramatically under earning versus the demand it is seeing for its products. We believe Inogen is trading at only 16 times next year’s adjusted cash flow (at lower-than-normal margins), and it is trading at only 2 times our out year cash flow estimates. Again, this is a potential multi-bagger investment over our longer-term investment horizon.
Another reason we are excited about the portfolio going forward is that we have been taking advantage of the current market dislocation to upgrade the quality of the portfolio. During the past two quarters, we have been able to purchase quality companies that were previously out of our reach due to market capitalization limitations. Because the whole market sold off to such a great extent, there were some high-quality “babies” that got thrown out with the “bathwater.””
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Inogen, Inc. (NASDAQ:INGN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 10 hedge fund portfolios held Inogen, Inc. (NASDAQ:INGN) at the end of the second quarter which was 11 in the previous quarter.
We discussed Inogen, Inc. (NASDAQ:INGN) in another article and shared Baron Funds’ 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.
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