Baron Funds, an asset management firm, published its “Baron Fifth Avenue Growth Fund” second quarter 2022 investor letter – a copy of which can be downloaded here. Baron Fifth Avenue Growth Fund (the “Fund”) lost 30.6% (Institutional Shares) during the second quarter, which compared to losses of 20.9% for the Russell 1000 Growth Index (“R1KG”) and 16.1% for the S&P 500 Index (“SPX”), the Fund’s benchmarks. Year-to-date, the Fund has lost 45.2% compared to losses of 28.1% and 20.0% for the Fund’s benchmarks, respectively. 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 Fifth Avenue Growth Fund mentioned ZoomInfo Technologies Inc. (NASDAQ:ZI) and explained its insights for the company. Founded in 2019, ZoomInfo Technologies Inc. (NASDAQ:ZI) is a Vancouver, Washington-based software company with a $18.2 billion market capitalization. ZoomInfo Technologies Inc. (NASDAQ:ZI) delivered a -29.58% return since the beginning of the year, while its 12-month returns are down by -28.42%. The stock closed at $45.21 per share on September 09, 2022.
Here is what Baron Fifth Avenue Growth Fund has to say about ZoomInfo Technologies Inc. (NASDAQ:ZI) in its Q2 2022 investor letter:
“ZoomInfo Technologies Inc. operates a cloud-based B2B platform that provides sales, marketing, and HR teams with comprehensive business intelligence, enabling shorter sales cycles and higher win rates. Shares declined 44.4% during the quarter, driven by the broad sell-off in growth stocks as well as a short report that questioned ZoomInfo’s compliance with existing and upcoming privacy regulations.
Based on our diligence including outside counsel, we remain comfortable that the company is compliant with all current legislation and that it has every intent and likelihood to remain compliant with any new or pending privacy legislation. While the stock corrected, fundamentals remain strong with quarterly revenues up 58% year-over-year (over 49% organically) along with 39% adjusted operating margins. New products are building momentum, and we believe ZoomInfo can become a much larger company over time as it grows into its $100 billion total addressable market.”
Photo by Austin Distel on Unsplash
Our calculations show that ZoomInfo Technologies Inc. (NASDAQ:ZI) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. ZoomInfo Technologies Inc. (NASDAQ:ZI) was in 37 hedge fund portfolios at the end of the second quarter of 2022, compared to 51 funds in the previous quarter. ZoomInfo Technologies Inc. (NASDAQ:ZI) delivered a 29.28% return in the past 3 months.
In August 2022, we also shared another hedge fund’s views on ZoomInfo Technologies Inc. (NASDAQ:ZI) in another article. 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.
