Brown Capital Management, an investment management company, released its “The Brown Capital Management Mid Company Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The Mid Company Fund returned 5.43% in the quarter compared to a 6.90% return for the Russell Midcap Growth Index. For the full year, the fund declined 37.12% compared to a -26.72% return for the benchmark. In addition, check the fund’s top five holdings to know its best picks in 2022.
The Brown Capital Management Mid Company Fund highlighted stocks like Bentley Systems, Incorporated (NASDAQ:BSY) in the Q4 2022 investor letter. Headquartered in Exton, Pennsylvania, Bentley Systems, Incorporated (NASDAQ:BSY) is an infrastructure engineering software solutions provider. On March 17, 2023, Bentley Systems, Incorporated (NASDAQ:BSY) stock closed at $40.98 per share. One-month return of Bentley Systems, Incorporated (NASDAQ:BSY) was 0.22%, and its shares gained 0.02% of their value over the last 52 weeks. Bentley Systems, Incorporated (NASDAQ:BSY) has a market capitalization of $11.911 billion.
The Brown Capital Management Mid Company Fund made the following comment about Bentley Systems, Incorporated (NASDAQ:BSY) in its Q4 2022 investor letter:
“Bentley Systems, Incorporated (NASDAQ:BSY) is an infrastructure-engineering software company. Bentley Systems has the broadest, deepest portfolio of infrastructure-engineering software. The company serves different types of assets—infrastructure assets, roads and bridges and electric utilities. Most of the infrastructure mega projects around the world, whether in China or India or Europe or the U.S., use Bentley software. While Bentley faces competition in its primary products, there is more co-opetition in the space than is understood. Bentley’s competitive moat is in its engineering domain expertise across the long infrastructure lifecycle. New competitors crop up in the construction space, but Bentley’s breadth and scale in infrastructure is difficult to replicate.
The U.S. Infrastructure Investment and Jobs Act, signed into law in November 2021, was a tailwind in the quarter and the entire year. There are also growth opportunities for Bentley in Europe and Asia as well. One differentiator for Bentley is its digital twin technology, which provides a virtual representation of a physical asset. This technology enables Bentley Systems to use data to simulate and predict real-world conditions, helping infrastructure organizations to become more productive. A recent Goldman Sachs study found that in order for the world to meet its 2030 goals in terms of zero-carbon, clean-water and other infrastructure goals, the world needs to invest approximately $6 trillion a year in infrastructure. Right now, the world is investing about $3.2 trillion. Bentley Systems has lots of potential opportunities going forward.”
Photo by Denys Nevozhai on Unsplash
Bentley Systems, Incorporated (NASDAQ:BSY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held Bentley Systems, Incorporated (NASDAQ:BSY) at the end of the fourth quarter which was 22 in the previous quarter.
We discussed Bentley Systems, Incorporated (NASDAQ:BSY) in another article and shared ClearBridge SMID Cap Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.
