Baron Funds, an investment management company, released its “Baron Durable Advantage Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 5.0% (Institutional Shares) compared to a 4.9% decline for the S&P 500 Index. Holdings in Health Care, Industrials, and Consumer Staples contributed to the fund’s relative performance in the quarter, whereas holdings in Financials, Consumer Discretionary, and Information Technology detracted. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron Funds highlighted stocks like S&P Global Inc. (NYSE:SPGI) in its third-quarter investor letter. Headquartered in New York, New York, S&P Global Inc. (NYSE:SPGI) is a credit ratings, benchmarks, analytics, and workflow solutions provider. On November 15, 2022, S&P Global Inc. (NYSE:SPGI) stock closed at $354.66 per share. One-month return of S&P Global Inc. (NYSE:SPGI) was 19.47%, and its shares lost 23.81% of their value over the last 52 weeks. S&P Global Inc. (NYSE:SPGI) has a market capitalization of $115.548 billion.
Baron Funds made the following comment about S&P Global Inc. (NYSE:SPGI) in its Q3 2022 investor letter:
“Shares of rating agency and data provider S&P Global Inc. (NYSE:SPGI) fell 9% during the third quarter due to continued weak debt issuance activity and headwinds to the Indices business from equity market declines. Credit markets were exceptionally soft during the quarter with non-financial corporate bond issuance down 36% for investment grade and down 84% for high yield, reflecting greater investor risk aversion, rising interest rates, and a drop-off in M&A activity. We believe this ratings weakness is temporary and diversification benefits from the acquisition of IHS Markit should support earnings growth next year. Over the long term, the company should continue benefiting from the secular trends of increasing bond issuance, growth in passive investing, and demand for data and analytics, while enjoying meaningful and durable competitive advantages that, in our view, are only strengthening following the merger with IHS Markit.”
S&P Global Inc. (NYSE:SPGI) is in 27th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 84 hedge fund portfolios held S&P Global Inc. (NYSE:SPGI) at the end of the second quarter which was 97 in the previous quarter.
We discussed S&P Global Inc. (NYSE:SPGI) in another article and shared the list of stocks that insiders were piling. In addition, please check out our hedge fund investor letters Q3 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.
