Baron Funds, an investment management company, released its “Baron Asset Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund (institutional shares) declined 2.07% compared to a 0.65% decline for the Russell Midcap Growth Index. Differences in sector weights led to the underperformance of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron Funds discussed stocks like Ceridian HCM Holding Inc. (NYSE:CDAY) in the Q3 2022 investor letter. Headquartered in Minneapolis, Minnesota, Ceridian HCM Holding Inc. (NYSE:CDAY) is a human capital management software providing company. On October 21, 2022, Ceridian HCM Holding Inc. (NYSE:CDAY) stock closed at $57.91 per share. One-month return of Ceridian HCM Holding Inc. (NYSE:CDAY) was 6.73% and its shares lost 55.11% of their value over the last 52 weeks. Ceridian HCM Holding Inc. (NYSE:CDAY) has a market capitalization of $8.864 billion.
Baron Funds made the following comment about Ceridian HCM Holding Inc. (NYSE:CDAY) in its Q3 2022 investor letter:
“Shares of Ceridian HCM Holding Inc. (NYSE:CDAY), a leader in global payroll and human capital management software, gained in the period. Growth in Ceridian’s flagship Dayforce platform reaccelerated to 30%, helped by market share gains, more sales to larger-size customers, early traction in international markets, and growing success in cross-selling additional products to existing customers. We expect Ceridian’s growth rate to be enhanced by its Wallet suite, which allows employees to request and receive wages as they are earned at no cost to employer or employee. Workers will likely prefer this feature to most current payroll systems that distribute wages only weekly or bi-weekly. We also expect Ceridian to benefit from higher interest rates, which the company earns on its significant short-term cash balances.”
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 Artisan Partners’ 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.
