Here’s Why Baron Funds Added Coupang (CPNG) to its Portfolio

Baron Funds, an asset management company, released its “Baron Global Advantage Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund fell 32.3% compared to a 15.7% decline for the MSCI ACWI Index and 20.2% for the MSCI ACWI Growth Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Baron Funds discussed stocks like Coupang, Inc. (NYSE:CPNG) in the second quarter investor letter. Headquartered in Seoul, South Korea, Coupang, Inc. (NYSE:CPNG) is an e-commerce company. On September 8, 2022, Coupang, Inc. (NYSE:CPNG) stock closed at $16.76 per share. One-month return of Coupang, Inc. (NYSE:CPNG) was -11.18% and its shares lost 44.10% of their value over the last 52 weeks. Coupang, Inc. (NYSE:CPNG) has a market capitalization of $29.61 billion.

Here is what Baron Funds specifically said about Coupang, Inc. (NYSE:CPNG) in its Q2 2022 investor letter:

“During the quarter, we also added to our position in the leading Korean e-commerce player, Coupang, Inc. (NYSE:CPNG), taking advantage of the stock’s volatility. While the stock sold off, the business remains robust, growing revenues by 32% in the most recent quarter (year-over-year in constant currency) while gaining market share (the industry grew 8%) and reaching profitability in its product commerce segment three quarters ahead of plan.”

Coupang, Inc. (NYSE:CPNG) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, Coupang, Inc. (NYSE:CPNG) was held by 37 hedge fund portfolios at the end of the second quarter, which was 39 in the previous quarter.

We discussed Coupang, Inc. (NYSE:CPNG) in another article and shared a list of beaten-down Asian stocks to buy. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.

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