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 Ceridian HCM Holding Inc. (NYSE:CDAY) in the second quarter investor letter. Headquartered in Minneapolis, Minnesota, Ceridian HCM Holding Inc. (NYSE:CDAY) is a human capital management software company. On September 12, 2022, Ceridian HCM Holding Inc. (NYSE:CDAY) stock closed at $63.74 per share. One-month return of Ceridian HCM Holding Inc. (NYSE:CDAY) was -9.14% and its shares lost 41.92% of their value over the last 52 weeks. Ceridian HCM Holding Inc. (NYSE:CDAY) has a market capitalization of $9.756 billion.
Here is what Baron Funds specifically said about Ceridian HCM Holding Inc. (NYSE:CDAY) in its Q2 2022 investor letter:
“We initiated a new position in Ceridian HCM Holding Inc. (NYSE:CDAY), a developer of human capital management (“HCM”) software. The company’s solutions assist its clients in areas such as payroll processing, recruiting, and employee engagement. We believe that COVID has reshaped the traditional compact between employers and employees. Employers are rushing to recruit and retain employees by offering improved work-life balance, including remote or hybrid positions, and enhancements to training, benefits, and pay cycles.
We think this is driving an increase in demand for Ceridian’s innovative Dayforce payroll and HCM platform, which allows employers to deliver this innovation and flexibility at scale with a consumer-grade user experience. We are also more optimistic regarding the opportunity for theDayforce Wallet. Dayforce Wallet allows employees to request and be paid their earned wages at any point during a pay cycle, rather than having to provide this service due to the native integration of its pay and time modules, which enables the continuous calculation of wages and lets Ceridian generate legally compliant payrolls on demand.
Ceridian’s innovative approach to pricing has made Wallet free to employees and employers and lets companies maintain their traditional two-week funding cycle. Instead, Ceridian gets paid via interchange every time Wallet customers use their cards for a transaction. We think Ceridian has a long runway for additional innovation in Wallet, including a wide array of financial products and employment passporting. We think that Dayforce recurring revenue can compound at a 30% CAGR for many years…” (Click here to read the full text)
Ceridian HCM Holding Inc. (NYSE:CDAY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Ceridian HCM Holding Inc. (NYSE:CDAY) at the end of the second quarter which was 24 in the previous quarter.
We discussed Ceridian HCM Holding Inc. (NYSE:CDAY) 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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