Baron Global Advantage Fund is Bullish on Endava plc (DAVA)

Baron Funds, an asset management company, released its “Baron Global Advantage Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund gained 1.7% (Institutional Shares) compared to a 6.8% decline for the MSCI ACWI Index and a 5.9% decline for the MSCI ACWI Growth Index. Stock selection contributed to the fund’s outperformance 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 Endava plc (NYSE:DAVA) in the Q3 2022 investor letter. Headquartered in London, the United Kingdom, Endava plc (NYSE:DAVA) is a technology services provider. On November 2, 2022, Endava plc (NYSE:DAVA) stock closed at $71.72 per share. One-month return of Endava plc (NYSE:DAVA) was -8.32% and its shares lost 56.50% of their value over the last 52 weeks. Endava plc (NYSE:DAVA) has a market capitalization of $4.016 billion.

Baron Funds made the following comment about Endava plc (NYSE:DAVA) in its Q3 2022 investor letter:

Endava plc (NYSE:DAVA) provides consulting and outsourced software development for business customers. Shares declined 9% despite strong business momentum with 35% year-over-year revenue growth and 23% EPS growth in the recent quarter and a positive outlook for the next fiscal year. The share price decline likely reflects concerns about the impact of macroeconomic uncertainty on client demand and the impact of currency depreciation given that two-thirds of revenues are from non-U.S. customers. We believe Endava will continue gaining share in the large global market for IT services for years to come and therefore remain shareholders.”

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Endava plc (NYSE:DAVA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Endava plc (NYSE:DAVA) at the end of the second quarter which was 15 in the previous quarter.

We discussed Endava plc (NYSE:DAVA) in another article and shared Polen Capital’s views on the company. 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.