FIGS (FIGS) Declined in Q4 on Management Guidance

Baron Funds, an investment management company, released its “Baron Partners Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. Through the first nine months of the year, the fund modestly outperformed the Russel Midcap Growth Index. The last quarter caused the fund’s absolute and relative annual performance to be meaningfully lower than its long-term average. The fund declined 19.94% in the fourth quarter compared to the Russell Midcap Growth Index’s 6.90% return. For the calendar year, the fund returned -42.41% compared to a -26.72% return for the Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Baron Partners Fund highlighted stocks like FIGS, Inc. (NYSE:FIGS) in the Q4 2022 investor letter. Headquartered in Santa Monica, California, FIGS, Inc. (NYSE:FIGS) is a US-based healthcare apparel and lifestyle company. On February 21, 2023, FIGS, Inc. (NYSE:FIGS) stock closed at $8.89 per share. One-month return of FIGS, Inc. (NYSE:FIGS) was 12.53%, and its shares lost 45.83% of their value over the last 52 weeks. FIGS, Inc. (NYSE:FIGS) has a market capitalization of $1.475 billion.

Baron Partners Fund made the following comment about FIGS, Inc. (NYSE:FIGS) in its Q4 2022 investor letter:

“FIGS, Inc. (NYSE:FIGS) is a leading direct-to-consumer health care apparel brand. Shares declined following disappointing guidance for the remainder of the year. While Figs remains the favorite brand for many health care professionals, the company now expects growth to be slower than it had previously forecast, as its customers are cutting back on purchases given the challenging macroeconomic environment. We retain conviction due to Figs’ strong brand, superior product and merchandising, and direct-to-consumer business model.”

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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, 18 hedge fund portfolios held FIGS, Inc. (NYSE:FIGS) at the end of the fourth quarter which was 20 in the previous quarter.

We discussed FIGS, Inc. (NYSE:FIGS) in another article and shared the list of  internet retail stocks to buy. 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.