Here’s Why Guidewire Software (GWRE) Outperformed in the Second Quarter

Baron Funds, an asset management company, released its “Baron Growth Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund fell 18.69%. The fund performed moderately better in the quarter compared to a 19.25% decline in the Russell 2000 Growth benchmark Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

In the second quarter investor letter, Baron Funds discussed stocks like Guidewire Software, Inc. (NYSE:GWRE). Headquartered in San Mateo, California, Guidewire Software, Inc. (NYSE:GWRE) is a software-providing company for property and casualty insurers. On September 1, 2022, Guidewire Software, Inc. (NYSE:GWRE) stock closed at $68.77 per share. One-month return of Guidewire Software, Inc. (NYSE:GWRE) was -13.71% and its shares lost 41.94% of their value over the last 52 weeks. Guidewire Software, Inc. (NYSE:GWRE) has a market capitalization of $5.764 billion.

Here is what Baron Funds specifically said about Guidewire Software, Inc. (NYSE:GWRE):

“Guidewire Software, Inc. (NYSE:GWRE), the leader in P&C insurance core systems software, reported outstanding financial results in June that included record new deal activity and 49% growth in its core recurring subscription revenue line. Guidewire has invested heavily to transition its software to be delivered in the cloud and is now benefiting from a virtuous cycle of customer adoption.”

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Photo by Danial Igdery on Unsplash

Guidewire Software, Inc. (NYSE:GWRE) is not on the list of  30 Most Popular Stocks Among Hedge Funds. As per our database, Guidewire Software, Inc. (NYSE:GWRE) was held by 28 hedge fund portfolios at the end of the second quarter, which was 28 in the previous quarter.

We discussed Guidewire Software, Inc. (NYSE:GWRE) in another article and shared Baron Funds’ views on the company. 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.