Baron Funds Likes FIGS (FIGS)’s Long-Term Growth Prospects

Baron Funds, an asset management company, released its “Baron Focused Growth Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. The fund declined 19.91% in the second quarter compared to a 19.55% fall for the Russell 2500 Growth Index. Inflation, the Ukraine war, and interest rate hikes impacted the quarterly performance of the fund. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Baron Funds discussed stocks like FIGS, Inc. (NYSE:FIGS) in the second quarter investor letter. Headquartered in Santa Monica, California, FIGS, Inc. (NYSE:FIGS) is a healthcare apparel company. On September 12, 2022, FIGS, Inc. (NYSE:FIGS) stock closed at $12.54 per share. One-month return of FIGS, Inc. (NYSE:FIGS) was -5.22% and its shares lost 69.04% of their value over the last 52 weeks. FIGS, Inc. (NYSE:FIGS) has a market capitalization of $2.073 billion.

Here is what Baron Funds specifically said about FIGS, Inc. (NYSE:FIGS) in its Q2 2022 investor letter:

“Figs Inc. (NYSE:FIGS) is a direct-to-consumer health care apparel brand. The stock price fell in the earlier part of the quarter due to a combination of poor market conditions for newly public companies and a reduction in guidance given the volatile backdrop for consumer spending. Shares contributed during the period owned after we took advantage of the weakness to initiate a position. We like Figs’ long-term growth prospects as the company disrupts the commoditized and unbranded scrubs industry with its superior, premium product offering.”

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FIGS, Inc. (NYSE:FIGS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held FIGS, Inc. (NYSE:FIGS) at the end of the second quarter which was 18 in the previous quarter.

We discussed FIGS, Inc. (NYSE:FIGS) in another article and shared 1 Main Capital’s views on the company. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

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