Baron Funds, an investment management company, released its “Baron Opportunity Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund declined 4.54% (Institutional Shares) compared to a 2.31% return for the Russell 3000 Growth Index and a 7.56% return for the S&P 500 Index. For the one-year period, the fund fell sharply trailing both indexes. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron Opportunity Fund highlighted stocks like Advanced Micro Devices, Inc. (NASDAQ:AMD) in the Q4 2022 investor letter. Headquartered in Santa Clara, California, Advanced Micro Devices, Inc. (NASDAQ:AMD) is a semiconductor company. On February 28, 2023, Advanced Micro Devices, Inc. (NASDAQ:AMD) stock closed at $78.58 per share. One-month return of Advanced Micro Devices, Inc. (NASDAQ:AMD) was -7.16%, and its shares lost 33.56% of their value over the last 52 weeks. Advanced Micro Devices, Inc. (NASDAQ:AMD) has a market capitalization of $126.699 billion.
Baron Opportunity Fund made the following comment about Advanced Micro Devices, Inc. (NASDAQ:AMD) in its Q4 2022 investor letter:
“During the quarter, we added to our position in Advanced Micro Devices, Inc. (NASDAQ:AMD), a global fabless semiconductor company focusing on high performance computing technology, software, and products. AMD designs leading high-performance central and graphics processing units (known as CPUs and GPUs) and integrates them with hardware and software to build differentiated solutions for customers. While the company is seeing weakness in its PC business in the short term, we continue to believe AMD will be one of the lead beneficiaries of growing data center infrastructure spending driven by expanded use cases for AI and cloud computing across its product portfolio. AMD’s largest share gain opportunity is in its data-center-server CPUs, which continue to take share from incumbent Intel given a superior total cost of ownership proposition driven by better performance per watt of energy consumption across many computing workloads. We also believe Xilinx, a recent acquisition, offers AMD diversification opportunities through which it can benefit from the broader proliferation of semiconductors into all aspects of the industrial and consumer economies.”
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Advanced Micro Devices, Inc. (NASDAQ:AMD) is in 25th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 97 hedge fund portfolios held Advanced Micro Devices, Inc. (NASDAQ:AMD) at the end of the fourth quarter which was 89 in the previous quarter.
We discussed Advanced Micro Devices, Inc. (NASDAQ:AMD) in another article and shared the list of best stocks to buy for high returns. 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.
