Do You Think Recession Concerns Affected the Performance of Mettler-Toledo International (MTD)?

Baron Funds, an investment management company, released its “Baron Asset Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund (institutional shares) declined 2.07% compared to a 0.65% decline for the Russell Midcap Growth Index. Differences in sector weights led to the underperformance of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Baron Funds discussed stocks like Mettler-Toledo International Inc. (NYSE:MTD) in the Q3 2022 investor letter. Headquartered in Columbus, Ohio, Mettler-Toledo International Inc. (NYSE:MTD) is a precision instrument manufacturer and supplier. On October 21, 2022, Mettler-Toledo International Inc. (NYSE:MTD) stock closed at $1,174.38 per share. One-month return of Mettler-Toledo International Inc. (NYSE:MTD) was 3.74% and its shares lost 20.10% of their value over the last 52 weeks. Mettler-Toledo International Inc. (NYSE:MTD) has a market capitalization of $26.431 billion.

Baron Funds made the following comment about Mettler-Toledo International Inc. (NYSE:MTD) in its Q3 2022 investor letter:

Mettler-Toledo International Inc. (NYSE:MTD) is a leading provider of weighing instruments for use in laboratory, industrial, and food retailing applications. Mettler detracted from performance as the stock fell due to investor concerns about a possible global recession and the impact of foreign currency fluctuations on the company’s earnings. We believe that Mettler’s business has historically proved resilient in the face of macroeconomic challenges, and we expect Mettler will continue to compound its earnings at mid-teens or better growth rates over the long term.”

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Mettler-Toledo International Inc. (NYSE:MTD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held Mettler-Toledo International Inc. (NYSE:MTD) at the end of the second quarter, which was 36 in the previous quarter.

We discussed Mettler-Toledo International Inc. (NYSE:MTD) in another article and shared top ten stock picks in billionaire Richard Chilton’s latest 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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Disclosure: None. This article is originally published at Insider Monkey.