Baron Funds, an investment management company, released its “Baron Small Cap Fund” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. The fund was 4.24% up in the fourth quarter compared to a 4.13% return for the Russell 2000 Growth Index and a 7.56% return for the S&P 500 Index. For 2022, the fund was down 31.05% compared to a 26.36% fall for the Russell 2000 Growth Index and an 18.11% decline for the S&P 500 Index. Inflation and aggressive fed tightening impacted the fund’s performance in 2022. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron Small Cap Fund highlighted stocks like DexCom, Inc. (NASDAQ:DXCM) in its Q4 2022 investor letter. Headquartered in San Diego, California, DexCom, Inc. (NASDAQ:DXCM) is a medical device company. On February 16, 2023, DexCom, Inc. (NASDAQ:DXCM) stock closed at $117.26 per share. One-month return of DexCom, Inc. (NASDAQ:DXCM) was 10.41%, and its shares gained 21.12% of their value over the last 52 weeks. DexCom, Inc. (NASDAQ:DXCM) has a market capitalization of $45.311 billion.
Baron Small Cap Fund made the following comment about DexCom, Inc. (NASDAQ:DXCM) in its Q4 2022 investor letter:
“DexCom, Inc. (NASDAQ:DXCM) is a leading provider of continuous glucose monitoring (CGM) devices for people with diabetes. The stock rose in response to strong results in the third quarter and positive developments in reimbursement and product approvals. Revenues rose 20% on an organic basis in the quarter, and EBITDA margins approached 30%, both ahead of expectations. Medicare approved coverage of CGM for non-intensive Type 2 diabetes. Commercial insurance plans are expected to follow along. In December, the FDA granted clearance for the company’s new and improved version of its product called G7. This unit is the smallest, most accurate, and most user-friendly device to be offered, and we believe it is an exciting update. We see a continued long runway of growth for DexCom.”
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DexCom, Inc. (NASDAQ:DXCM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 62 hedge fund portfolios held DexCom, Inc. (NASDAQ:DXCM) at the end of the third quarter, which was 56 in the previous quarter.
We discussed DexCom, Inc. (NASDAQ:DXCM) in another article and shared Artisan Partners’ views on the company. In addition, please check out our hedge fund investor letters Q4 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.
