Here’s What Makes Nuvei Corp. (NVEI) a Great Long-Term Investment

Baron Funds, an asset management firm, published its “Baron Fintech Fund” second quarter 2022 investor letter – a copy of which can be downloaded here. In the quarter ended June 30, 2022, Baron FinTech Fund (the “Fund”) fell 22.40% (Institutional Shares) compared with a 16.10% decline for the S&P 500 Index (the “Benchmark”) and a 22.80% decline for the FactSet Global FinTech Index (the “Index”). Since inception (December 31, 2019), the Fund has risen 3.81% on an annualized basis compared with an 8.27% gain for the Benchmark and a 5.25% decline for the FactSet Global FinTech Index. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.

In its Q2 2022 investor letter, Baron Fintech Fund mentioned Nuvei Corporation (NASDAQ:NVEI) and explained its insights for the company. Founded in 2003, Nuvei Corporation (NASDAQ:NVEI) is a Canada-based IT service management company with a $4.0 billion market capitalization. Nuvei Corporation (NASDAQ:NVEI) delivered a -55.97% return since the beginning of the year, while its 12-month returns are down by -76.74%. The stock closed at $28.61 per share on September 06, 2022.

Here is what Baron Fintech Fund has to say about Nuvei Corporation (NASDAQ:NVEI) in its Q2 2022 investor letter:

“Nuvei Corporation provides payment processing services mostly for online merchants around the world. Quarterly financial results exceeded Street expectations, with 43% revenue growth and 31% EPS growth, and management reaffirmed full-year guidance of 30% organic revenue growth. However, shares fell due to soft guidance for the second quarter, adverse foreign currency movements, and concerns about a broader slowdown in e-commerce. We remain shareholders due to Nuvei’s numerous growth opportunities and strong execution.”

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Our calculations show that Nuvei Corporation (NASDAQ:NVEI) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Nuvei Corporation (NASDAQ:NVEI) was in 15 hedge fund portfolios at the end of the second quarter of 2022, compared to 20 funds in the previous quarter. Nuvei Corporation (NASDAQ:NVEI) delivered a -43.64% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.

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