Baron Funds: “Kinsale (KNSL) is Well Managed and has a Long Runway for Growth”

Baron Funds, an asset management firm, published its “Baron Fintech Fund” second quarter 2022 investor letter – a copy of which can be downloaded here. In the quarter ended June 30, 2022, Baron FinTech Fund (the “Fund”) fell 22.40% (Institutional Shares) compared with a 16.10% decline for the S&P 500 Index (the “Benchmark”) and a 22.80% decline for the FactSet Global FinTech Index (the “Index”). Since inception (December 31, 2019), the Fund has risen 3.81% on an annualized basis compared with an 8.27% gain for the Benchmark and a 5.25% decline for the FactSet Global FinTech Index. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.

In its Q2 2022 investor letter, Baron Fintech Fund mentioned Kinsale Capital Group, Inc. (NASDAQ:KNSL) and explained its insights for the company. Founded in 2009, Kinsale Capital Group, Inc. (NASDAQ:KNSL) is a Richmond, Virginia-based insurance company with a $5.7 billion market capitalization. Kinsale Capital Group, Inc. (NASDAQ:KNSL) delivered a 6.42% return since the beginning of the year, while its 12-month returns are up by 38.50%. The stock closed at $253.17 per share on September 06, 2022.

Here is what Baron Fintech Fund has to say about Kinsale Capital Group, Inc. (NASDAQ:KNSL) in its Q2 2022 investor letter:

“Specialty insurer Kinsale Capital Group, Inc. contributed after reporting quarterly results that beat consensus expectations. Gross written premiums grew 45% and EPS grew 47%. Market conditions remain favorable with rate increases above loss cost trends, leading to faster premium growth, better margins, and favorable reserve development. We continue to own the stock because we believe Kinsale is well managed and has a long runway for growth in an attractive segment of the insurance market.”

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Our calculations show that Kinsale Capital Group, Inc. (NASDAQ:KNSL) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Kinsale Capital Group, Inc. (NASDAQ:KNSL) was in 17 hedge fund portfolios at the end of the second quarter of 2022, compared to 18 funds in the previous quarter. Kinsale Capital Group, Inc. (NASDAQ:KNSL) delivered a 6.70% return in the past 3 months.

In July 2022, we also shared another hedge fund’s views on Kinsale Capital Group, Inc. (NASDAQ:KNSL) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.

Disclosure: None. This article is originally published at Insider Monkey.