Here’s What Prompted Baron Funds to Sell its Grid Dynamics Holdings (GDYN) Shares

Baron Funds, an asset management firm, published its “Baron FinTech Fund” fourth quarter 2021 investor letter – a copy of which can be downloaded here. A return of 2.53% was delivered by the fund’s institutional shares for the fourth quarter of 2021, compared to its benchmarks, the S&P 500 Index, which appreciated 11.03%, and the FactSet Global FinTech Index which rose 7.68% for the same period. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.

Baron FinTech Fund, in its Q4 2021 investor letter, mentioned Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) and discussed its stance on the firm. Founded in 2006, Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) is a San Ramon, California-based information technology services provider with a $639.4 million market capitalization, and is currently spearheaded by its CEO, Leonard Livschitz. Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) delivered a -75.77% return since the beginning of the year, while its 12-month returns are down by -41.33%. The stock closed at $9.20 per share on March 15, 2022.

Here is what Baron FinTech Fund has to say about Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) in its Q4 2021 investor letter:

“During the quarter, the Fund initiated three new positions and exited five positions. Below we discuss some of our top net purchases and sales. We trimmed our position in Grid Dynamics Holdings, Inc. following significant share price appreciation for both stocks due to concerns about rising geopolitical risk in Russia and Ukraine.”

Finance, Investments

Our calculations show that Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) was in 15 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 18 funds in the previous quarter. Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) delivered a -75.13% return in the past 3 months.

In December 2021, we also shared another hedge fund’s views on Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) in another article. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.

Disclosure: None. This article is originally published at Insider Monkey.