Baron Funds Sees Significant Upside for Baidu (BIDU)

Baron Funds, an asset management company, released its “Baron International Growth Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund declined 16.18% compared to a 13.73% decline for its benchmark index the MSCI ACWI ex USA Index. The fund underperformed its benchmark index 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 Baidu, Inc. (NASDAQ:BIDU) in the second quarter investor letter. Headquartered in Beijing, China, Baidu, Inc. (NASDAQ:BIDU) is an internet search service provider. On September 8, 2022, Baidu, Inc. (NASDAQ:BIDU) stock closed at $135.86 per share. One-month return of Baidu, Inc. (NASDAQ:BIDU) was -3.21% and its shares lost 17.21% of their value over the last 52 weeks. Baidu, Inc. (NASDAQ:BIDU) has a market capitalization of $46.701 billion.

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

“Baidu, Inc. (NASDAQ:BIDU), a leading Chinese artificial intelligence company, contributed to performance in the second quarter due to an improving outlook for its mobile ecosystem, continued market share gains in cloud computing, solid progress in autonomous vehicle development, and improving operational efficiency. We see significant upside for Baidu, given its strong competitive position across several of China’s key growth industries.”

Baidu, Inc. (NASDAQ:BIDU) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Baidu, Inc. (NASDAQ:BIDU) at the end of the second quarter which was 47 in the previous quarter.

We discussed Baidu, Inc. (NASDAQ:BIDU) in another article and shared the best AI stocks to buy. 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.