Investor Concerns Affected the Performance of Vail Resorts (MTN) 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 Vail Resorts, Inc. (NYSE:MTN). Vail Resorts, Inc. (NYSE:MTN) is a Broomfield, Colorado-based mountain resort company. On September 1, 2022, Vail Resorts, Inc. (NYSE:MTN) stock closed at $222.76 per share. One-month return of Vail Resorts, Inc. (NYSE:MTN) was -5.94% and its shares lost 24.69% of their value over the last 52 weeks. Vail Resorts, Inc. (NYSE:MTN) has a market capitalization of $8.973 billion.

Here is what Baron Funds specifically said about Vail Resorts, Inc. (NYSE:MTN):

“Vail Resorts, Inc. (NYSE:MTN), the premier ski resort network in North America, reported continued strong destination visitation trends during its ski season on its June call. Vail is also experiencing strong conversion to ski passes, which grew 9% in units and 11% in dollars versus the prior year through June 1.

Vail Resorts, Inc., a global ski resort owner/operator, detracted in the quarter due to investor concerns that a possible recession will result in a slowdown or decline in growth. We remain investors. Vail saw no material change to its visitation or spend levels at its resorts and continued to generate robust results. Season pass sales for the 2022-2023 season increased from last season’s record levels, and the company has more than 60% of lift ticket revenue locked in before the season starts. Its strong balance sheet should help it weather any downturn.”

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Vail Resorts, Inc. (NYSE:MTN) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, Vail Resorts, Inc. (NYSE:MTN) was held by 42 hedge fund portfolios at the end of the second quarter, which was 47 in the previous quarter.

We discussed Vail Resorts, Inc. (NYSE:MTN) in another article and shared Diamond Hill Capital’s 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.