Baron Funds, an investment management company, released its “Baron Discovery Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The fund’s performance was flat compared to the Russell 2000 Growth Index in the fourth quarter. The fund (institutional shares) returned 0.22% compared to the benchmark return of 4.13%. The fund (institutional shares) fell by 35.12% for the full year compared to a 26.36% decline for the benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron Discovery Fund highlighted stocks like Montrose Environmental Group, Inc. (NYSE:MEG) in the Q4 2022 investor letter. Headquartered in North Little Rock, Arkansas, Montrose Environmental Group, Inc. (NYSE:MEG) is an environmental services company. On February 24, 2023, Montrose Environmental Group, Inc. (NYSE:MEG) stock closed at $50.70 per share. One-month return of Montrose Environmental Group, Inc. (NYSE:MEG) was -3.59%, and its shares gained 14.94% of their value over the last 52 weeks. Montrose Environmental Group, Inc. (NYSE:MEG) has a market capitalization of $1.506 billion.
Baron Discovery Fund made the following comment about Montrose Environmental Group, Inc. (NYSE:MEG) in its Q4 2022 investor letter:
“Montrose Environmental Group, Inc. (NYSE:MEG), a leading environmental services company, outperformed as the stock rallied back from weakness earlier in the quarter. The company continues to execute and benefits from strong growth drivers including methane emissions monitoring, biogas solutions, and PFAS (pen- and polyfluoroalkyl substances) remediation. We continue to be holders of the stock as we think the company will benefit from strong secular trends, which include increasing environmental regulation as well as corporate focus on sustainability. We remain confident in Montrose’s plan to grow revenues organically and through acquisitions in excess of 20%.”
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Montrose Environmental Group, Inc. (NYSE:MEG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 8 hedge fund portfolios held Montrose Environmental Group, Inc. (NYSE:MEG) at the end of the fourth quarter which was 8 in the previous quarter.
We discussed Montrose Environmental Group, Inc. (NYSE:MEG) in another article and shared the list of best recycling stocks to buy. 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.
