Baron Funds’ Top Contributor in Q3 2022: ShockWave Medical (SWAV)

Baron Funds, an investment management company, released its “Baron Health Care Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 6.01% compared to a 4.72% decline for the Russell 3000 Health Care Index. The fund’s underperformance in the quarter was attributed to poor stock selection. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Baron Funds highlighted stocks like ShockWave Medical, Inc. (NASDAQ:SWAV) in its Q3 2022 investor letter. Headquartered in Santa Clara, California, ShockWave Medical, Inc. (NASDAQ:SWAV) is a  medical device company. On October 14, 2022, ShockWave Medical, Inc. (NASDAQ:SWAV) stock closed at $253.88 per share. One-month return of ShockWave Medical, Inc. (NASDAQ:SWAV) was -13.50% and its shares gained 27.79% of their value over the last 52 weeks. ShockWave Medical, Inc. (NASDAQ:SWAV) has a market capitalization of $9.121 billion.

Here is what Baron Funds specifically said about ShockWave Medical, Inc. (NASDAQ:SWAV) in its Q3 2022 investor letter:

ShockWave Medical, Inc. (NASDAQ:SWAV) provides intravascular lithotripsy for the minimally invasive treatment of arterial plaque. Shares increased during the quarter as the company has demonstrated it is successfully navigating hospital staffing shortages and other challenges and continues to see robust uptake of its coronary product. We think ShockWave has a differentiated technology serving a significant unmet need in arterial disease with potential to expand into treatment of heart valves.”

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ShockWave Medical, Inc. (NASDAQ:SWAV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held ShockWave Medical, Inc. (NASDAQ:SWAV) at the end of the second quarter which was 31 in the previous quarter.

We discussed ShockWave Medical, Inc. (NASDAQ:SWAV) in another article and shared Baron Funds’ views on the company in the second quarter. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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