Here’s Why Mastercard Incorporated (MA) Shares Fell in the Third Quarter

Baron Funds, an investment management company, released its “Baron FinTech Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 1.75% (Institutional Shares) compared to a 4.88% decline for the S&P 500 benchmark index and a 4.95% decline for the FactSet Global FinTech Index. Favorable stock selection held up the portfolio better than its benchmark 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 Mastercard Incorporated (NYSE:MA) in the third quarter investor letter. Headquartered in Purchase, New York, Mastercard Incorporated (NYSE:MA) is a global payment technology company. On November 16, 2022, Mastercard Incorporated (NYSE:MA) stock closed at $342.76 per share. One-month return of Mastercard Incorporated (NYSE:MA) was 15.69%, and its shares lost 1.57% of their value over the last 52 weeks. Mastercard Incorporated (NYSE:MA) has a market capitalization of $329.55 billion.

Baron Funds made the following comment about Mastercard Incorporated (NYSE:MA) in its Q3 2022 investor letter:

“Shares of global payment network Mastercard Incorporated (NYSE:MA) fell despite reporting financial results that exceeded Street estimates. Revenue grew 21% and EPS grew 32% in the most recent reported quarter, and strong payment activity has persisted despite high inflation. Share price weakness represented a reversal of outperformance earlier this year and was likely driven by adverse foreign exchange movements and concerns about a potential weakening of consumer spending. We retain conviction due to Mastercard’s long runway for growth and significant competitive advantages.”

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Mastercard Incorporated (NYSE:MA) is in 7th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 146 hedge fund portfolios held Mastercard Incorporated (NYSE:MA) at the end of the third quarter, which was 137 in the previous quarter.

We discussed Mastercard Incorporated (NYSE:MA) in another article and shared the list of biggest ESG companies in the world. 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.