Baron Funds, an investment management company, released its “Baron Discovery Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. Compared to the Russell 2000 Growth Index benchmark, which was slightly positive, the fund (institutional shares) was flat in the third quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
In the third-quarter letter, Baron Funds discussed stocks like Navitas Semiconductor Corporation (NASDAQ:NVTS). Based in El Segundo, California, Navitas Semiconductor Corporation (NASDAQ:NVTS) is a gallium nitride (GaN) power integrated circuits manufacturer. On October 28, 2022, Navitas Semiconductor Corporation (NASDAQ:NVTS) stock closed at $4.2400 per share. One-month return of Navitas Semiconductor Corporation (NASDAQ:NVTS) was -12.58% and its shares lost 64.90% of their value over the last 52 weeks. Navitas Semiconductor Corporation (NASDAQ:NVTS) has a market capitalization of $644.387 million.
Baron Funds made the following comment about Navitas Semiconductor Corporation (NASDAQ:NVTS) in its Q3 2022 investor letter:
“During the quarter, we purchased additional shares of Navitas Semiconductor Corporation (NASDAQ:NVTS), a leader in gallium nitride (GaN) power semiconductors. We took advantage of what we believe to be a dislocation in the stock due to near-term weakness in mobile phone demand, especially in China. Navitas’ GaN products continue to see strong share gains driven by its monolithically integrated GaN power ICs (full power systems on a single chip), which provide greater reliability and performance compared to competitors who supply discrete (non-integrated) power devices. Navitas also remains on track with its higher-power products targeting data center, renewable energy, and automotive end-markets in the coming years. Additionally, the company recently acquired GeneSiC, a small and rapidly growing silicon carbide (SiC) power semiconductor designer, which is already shipping its SiC products into Navitas’ targeted higher-power endmarkets and can leverage Navitas’ existing global organization to accelerate growth. GaN and SiC are highly complementary products, and Navitas is now the only pure-play one-stop-shop for these energy efficient next generation power semiconductors. As GaN and SiC power devices continue to take market share from silicon-based products due to their improved efficiency, size, and power density, Navitas will disproportionately benefit as a technology leader, and we believe the current stock price does not reflect the tremendous growth opportunity over the coming decade.”
Navitas Semiconductor Corporation (NASDAQ:NVTS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 8 hedge fund portfolios held Navitas Semiconductor Corporation (NASDAQ:NVTS) at the end of the second quarter which was 7 in the previous quarter.
We discussed Navitas Semiconductor Corporation (NASDAQ:NVTS) in another article and shared the list of the best small-cap semiconductor 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.
