Baron Funds, an investment management company, released its “Baron Emerging Markets Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 11.30% (Institutional Shares), compared to an 11.57% decline for its principal benchmark, the MSCI EM Index. Global weakness in equities and bonds affected the fund’s performance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron Funds discussed stocks like Baidu, Inc. (NASDAQ:BIDU) in the Q3 2022 investor letter. Headquartered in Beijing, China, Baidu, Inc. (NASDAQ:BIDU) is an internet search service provider. On November 1, 2022, Baidu, Inc. (NASDAQ:BIDU) stock closed at $78.23 per share. One-month return of Baidu, Inc. (NASDAQ:BIDU) was -36.53% and its shares lost 52.69% of their value over the last 52 weeks. Baidu, Inc. (NASDAQ:BIDU) has a market capitalization of $27.032 billion.
Baron Funds made the following comment about Baidu, Inc. (NASDAQ:BIDU) in its Q3 2022 investor letter:
“As part of our digitization theme, we reiterate our conviction in Baidu, Inc. (NASDAQ:BIDU) and InPost S.A. Baidu is a leading Chinese artificial intelligence company, which, in our view, is trading well below intrinsic value due to short-term economic and geopolitical uncertainties. We expect significant long-term upside given the company’s strong competitive position across several of China’s key growth industries. Baidu’s mobile ecosystem, which includes China’s dominant search engine, has over 620 million monthly active users. In our view, this ecosystem will benefit from the secular growth of China’s digital advertising industry, as well as the expansion of searchable content from established social media and e-commerce platforms resulting from recent regulatory reforms regarding data interoperability. Beyond its core search business, Baidu has invested heavily in cutting-edge technologies including cloud, autonomous driving, smart devices, and AI semiconductor chips. The company’s cloud business is one of the largest and fastest growing in China and is differentiated by its AI solutions and higher-value PaaS/SaaS offerings. Baidu has also developed leading autonomous driving technologies that it is commercializing through partnerships with top-tier Chinese auto manufacturers. We expect the company to sustain solid double-digit earnings growth over the next three to five years.”
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Baidu, Inc. (NASDAQ:BIDU) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Baidu, Inc. (NASDAQ:BIDU) at the end of the second quarter which was 47 in the previous quarter.
We discussed Baidu, Inc. (NASDAQ:BIDU) in another article and shared the list of emerging market stocks to buy. 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.
