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 Meta Platforms, Inc. (NASDAQ:META) in the Q3 2022 investor letter. Meta Platforms, Inc. (NASDAQ:META) is a technology conglomerate headquartered in Menlo Park, California. On November 15, 2022, Meta Platforms, Inc. (NASDAQ:META) stock closed at $117.08 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was -12.12% and its shares lost 65.64% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $310.443 billion.
Baron Funds made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q3 2022 investor letter:
“Shares of Meta Platforms, Inc. (NASDAQ:META), the world’s largest social network, were down 16% during the quarter primarily due to broader digital advertising weakness and continued difficulties with advertising effectiveness as a result of Apple’s enhanced privacy features implemented in late 2021. We believe Meta will successfully resolve its short-term advertising technology issues by increasing AI adoption and by driving greater in-App user engagement with businesses, enabling it to grow its understanding of people’s interests based on first-party data. Longer term, we believe Meta will utilize its leadership in mobile advertising, massive user base, and technological scale to provide global advertisers targeted marketing capabilities at scale, with additional monetization opportunities ahead in newer areas such as Reels (Meta’s competing solution to TikTok) and e-commerce.”
Meta Platforms, Inc. (NASDAQ:META) is in 4th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 184 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) at the end of the second quarter which was 200 in the previous quarter.
We discussed Meta Platforms, Inc. (NASDAQ:META) in another article and shared the list of top 10 stock picks from the Ken Fisher portfolio. 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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