Baron Funds, an asset management company, released the “Baron Global Advantage Fund” in the third quarter of 2022 investor letter. A copy of it can be downloaded here. In the third quarter, the fund gained 1.7% (Institutional Shares) compared to a 6.8% decline for the MSCI ACWI Index and a 5.9% decline for the MSCI ACWI Growth Index. Stock selection contributed to the fund’s outperformance during the quarter. In addition, you can review the fund’s top 5 holdings to find out its best picks in 2022.
Baron Funds discussed stocks such as Datadog, Inc. (NASDAQ:DDOG) in its Q3 2022 investor letter. Headquartered in New York, New York, Datadog, Inc. (NASDAQ:DDOG) is a monitoring and analytics, platform provider. On November 2, 2022, the stock of Datadog, Inc. closed. (NASDAQ:DDOG) at $74.48 per share. The one month return of Datadog, Inc. (NASDAQ:DDOG) is -20.48% and its shares have lost 55.39% of their value over the past 52 weeks. Datadog, Inc. (NASDAQ:DDOG) has a market capitalization of $23.569 billion.
Baron Funds made the following comment about Datadog, Inc. (NASDAQ:DDOG) in its Q3 2022 investor letter:
“Likewise, we have continued to grow our investment Datadog, Inc. (NASDAQ:DDOG), recognizing significant opportunities for the long term, while most investors remain preoccupied with the here and now. While the company may see some short-term headwinds to growth (the company reported seeing some impact in its volume-driven logs and Application Performance Management modules), the long-term prospects remain bright, in our view. Datadog reported best-in-class gross retention rates in the “mid-to-high 90s%,” 74% year-over-year revenue growth, and 21% adjusted operating margins.
Datadog, Inc. (NASDAQ:DDOG) was not on our list of the 30 Most Popular Stocks in Hedge Funds. According to our database, 81 hedge fund portfolios hold Datadog, Inc. (NASDAQ:DDOG) at the end of the second quarter was 82 last quarter.
We discussed Datadog, Inc. (NASDAQ:DDOG) in another article and we shared the best big data stocks to invest in. In addition, please see our hedge fund investor letter Q3 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article was originally published on Insider Monkey.