Baron Funds, an investment management company, released its “Baron Opportunity Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 2.38% (Institutional Shares) compared to a 3.37% decline for the Russell 3000 Growth Index and a 4.88% decline for the S&P 500 Index. The fund fell sharply for the year-to-date and trailing 12-month periods; however, the philosophy of the fund is to achieve strong long-term performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron Funds discussed stocks like Microsoft Corporation (NASDAQ:MSFT) in the Q3 2022 investor letter. Microsoft Corporation (NASDAQ:MSFT) is a multinational technology company headquartered in Redmond, Washington. On October 31, 2022, Microsoft Corporation (NASDAQ:MSFT) stock closed at $232.13 per share. One-month return of Microsoft Corporation (NASDAQ:MSFT) was -6.73% and its shares lost 30.32% of their value over the last 52 weeks. Microsoft Corporation (NASDAQ:MSFT) has a market capitalization of $1.73 trillion.
Here is what Baron Funds specifically said about Microsoft Corporation (NASDAQ:MSFT) in its Q3 2022 investor letter:
“Shares of Microsoft Corporation (NASDAQ:MSFT) pulled back with the overall software industry on the back of macroeconomic issues, including inflation concerns and rising interest rates. The company reported another strong quarter, highlighted by total revenues growing 16% on a constant currency basis and Microsoft Cloud revenues, now 48% of total sales, growing 33%, with Azure (Microsoft’s infrastructure cloud) growing 46%. These results were driven by strong demand for large commercial cloud contracts, as more businesses are standardizing on Microsoft’s platform and the company is signing larger and longer deals. Initial fiscal year 2023 guidance calls for healthy double-digit revenue and operating income growth. Both foreign exchange and personal computer headwinds were contemplated in the guidance and have continued to worsen, but we have conviction in the company’s strong competitive positioning, durable growth drivers, and margin expansion opportunity over the mid- to long term.”
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Microsoft Corporation (NASDAQ:MSFT) holds the top position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 258 hedge fund portfolios held Microsoft Corporation (NASDAQ:MSFT) at the end of the second quarter which was 259 in the previous quarter.
We discussed Microsoft Corporation (NASDAQ:MSFT) in another article and shared the list of biggest global tech companies by market cap. 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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