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 Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the Q4 2022 investor letter. Headquartered in Manchester, New Hampshire, Allegro MicroSystems, Inc. (NASDAQ:ALGM) is a sensor integrated circuits (ICs) and application-specific analog power ICs for motion control and energy-efficient systems manufacturer. On February 24, 2023, Allegro MicroSystems, Inc. (NASDAQ:ALGM) stock closed at $43.23 per share. One-month return of Allegro MicroSystems, Inc. (NASDAQ:ALGM) was 25.56%, and its shares gained 50.78% of their value over the last 52 weeks. Allegro MicroSystems, Inc. (NASDAQ:ALGM) has a market capitalization of $8.279 billion.
Baron Discovery Fund made the following comment about Allegro MicroSystems, Inc. (NASDAQ:ALGM) in its Q4 2022 investor letter:
“Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM), a fabless designer and manufacturer of integrated circuit (IC)-based sensors and application-specific analog power ICs for automotive and industrial markets, rose in the quarter. The company reported strong quarterly earnings results and raised its full fiscal year financial outlook despite investor concerns for a potential downcycle in the industry. The company continues to benefit from its focus on electrification and Advanced Driving Assistance System applications in automobiles as well as data center cooling applications, which are driving continued growth in higher-margin newer products. We believe Allegro continues to have a large opportunity for growth in electronic content in vehicles and as industrial applications continue to grow due to megatrends in electrification, increased safety standards, and automation.”
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Allegro MicroSystems, Inc. (NASDAQ:ALGM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held Allegro MicroSystems, Inc. (NASDAQ:ALGM) at the end of the fourth quarter which was 18 in the previous quarter.
We discussed Allegro MicroSystems, Inc. (NASDAQ:ALGM) in another article and shared the list of best lidar 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.
