Baron Funds, an investment management company, released its “Baron Focused Growth Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund increased by 2.18% (Institutional Shares), compared to a 0.12% decline for the Russell 2500 Growth Index and a 4.88% decline for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron Funds discussed stocks like FactSet Research Systems Inc. (NYSE:FDS) in the Q3 2022 investor letter. Headquartered in Norwalk, Connecticut, FactSet Research Systems Inc. (NYSE:FDS) is a software company that provides financial data and market analytics. On November 2, 2022, FactSet Research Systems Inc. (NYSE:FDS) stock closed at $415.26 per share. One-month return of FactSet Research Systems Inc. (NYSE:FDS) was -0.95% and its shares lost 6.38% of their value over the last 52 weeks. FactSet Research Systems Inc. (NYSE:FDS) has a market capitalization of $15.821 billion.
Baron Funds made the following comment about FactSet Research Systems Inc. (NYSE:FDS) in its Q3 2022 investor letter:
“FactSet Research Systems Inc. (NYSE:FDS), a financial intelligence provider to the investment community, increased 4.1% in the quarter and helped performance in the period by 18 bps. FactSet shares increased as the company’s revenue growth accelerated with improved margins, as recent investments continue to generate strong returns. FactSet’s revenue growth accelerated due to the introduction of new tools, which the company has begun to sell to both new and existing clients. This has led to increased pricing power and new use cases without any change in retention rates. We expect further revenue and earnings growth in 2022 and beyond, as well as improved cash flow from its recent CUSIP acquisition. FactSet will likely use its increased cash flow for additional acquisitions and share repurchases. FactSet’s prospects remain favorable due to its large addressable market, strong financial technology expertise, and consistent execution on both new product development and financial results.
Shares of FactSet Research Systems, Inc., a leading provider of investment management tools, contributed to performance. While some investors may have been looking for slightly greater margin expansion, the company overall continued to perform quite well, and earnings demonstrated strong revenue growth. We retain conviction in FactSet due to the large addressable market, consistent execution on both new product development and financial results, and robust free cash flow generation.”
Speedcurve Performance Analytics
FactSet Research Systems Inc. (NYSE:FDS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held FactSet Research Systems Inc. (NYSE:FDS) at the end of the second quarter which was 34 in the previous quarter.
We discussed FactSet Research Systems Inc. (NYSE:FDS) in another article and shared the list of dividend paying stocks you should avoid according to Morgan Stanley’s quant screen. 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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