Baron Funds, an investment manager, released its third quarter 2022 investor letter, Baron Fifth Avenue Growth Fund. A copy can be downloaded here. In the third quarter, the fund was down 2.9% (institutional shares), compared to a 3.6% decline in the Russell 1000 Growth Index and a 4.9% decline in the S&P 500 Index. Holdings in the consumer discretionary and communications sectors were significant contributors to Fund performance during the quarter. Also, check out the fund’s top five holdings for its top picks in 2022.
Baron Funds highlighted stocks like EPAM Systems, Inc. (NYSE:EPAM) in its Q3 2022 investor letter. EPAM Systems, Inc. (NYSE:EPAM), headquartered in Newtown, Pennsylvania, is a global digital platform engineering and software development services provider. On November 22, 2022, EPAM Systems, Inc. (NYSE:EPAM) stock closed at $341.29 per share. EPAM Systems, Inc. (NYSE:EPAM)’s one month yield was -1.96% and its shares lost 43.40% of their value in the last 52 weeks. EPAM Systems, Inc. (NYSE:EPAM) has a market capitalization of $19.629 billion.
Baron Funds made the following comment on EPAM Systems, Inc. (NYSE:EPAM) in its Q3 2022 Letter to Investors:
“EPAM Systems, Inc. (NYSE:EPAM) provides outsourced software development to business customers. Shares rose 23% in the third quarter, rebounding from their sharp decline earlier this year after the company reported better-than-consensus financial results and showed resilience despite greater disruption from the Russia-Ukraine war. Organic revenue growth was 34% year over year in the second quarter, and management is confident the strong growth will continue despite relocating a significant portion of its workforce from impacted regions. This strong performance is made possible by EPAM’s ability to maintain the high quality of project delivery despite staff relocations and accelerated hiring outside of affected regions. As we continue to monitor the current situation in Ukraine, we remain shareholders due to EPAM’s long growth path, underpinned by accelerating demand for digital transformation across industries and economies.
Photo by mahdis mousavi on Unsplash
EPAM Systems, Inc. (NYSE:EPAM) is not on our list of the top 30 most popular hedge fund stocks. According to our database, 34 hedge fund portfolios held EPAM Systems, Inc. (NYSE:EPAM) at the end of the third quarter, up from 36 in the previous quarter.
We talked about EPAM Systems, Inc. (NYSE:EPAM) in another article and reported on the biggest tech stock price declines of 2022. For more investor letters from hedge funds and other leading investors, visit our Hedge Fund Investor Letters Q3 2022 page.
Disclosure: None. This article was originally published on Insider Monkey.