Baron Funds, an asset management firm, published its “Baron Durable Advantage Fund” second quarter 2022 investor letter – a copy of which can be downloaded here. Baron Durable Advantage Fund (the “Fund”) declined 15.7% (Institutional Shares) during the second quarter, roughly in line with the 16.1% decline for the S&P 500 Index (the “Index”), the Fund’s benchmark. Year-to-date, the Fund has declined by 24.4% compared to the 20.0% decline for the Index. 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 Durable Advantage Fund mentioned Accenture plc (NYSE:ACN) and explained its insights for the company. Founded in 1989, Accenture plc (NYSE:ACN) is a Dublin, Ireland-based information technology company with a $182.2 billion market capitalization. Accenture plc (NYSE:ACN) delivered a -30.54% return since the beginning of the year, while its 12-month returns are down by -15.58%. The stock closed at $287.96per share on September 08, 2022.
Here is what Baron Durable Advantage Fund has to say about Accenture plc (NYSE:ACN) in its Q2 2022 investor letter:
"Accenture plc provides consulting and technology services to corporate clients worldwide. Quarterly financial results exceeded Street expectations with 22% revenue growth and 23% operating income growth. However, shares fell 17.5% during the quarter due to adverse foreign currency movements weighing on next quarter’s guidance and investor concerns about macroeconomic uncertainty impacting client demand. We believe demand for Accenture’s services will be resilient over the long term and the company will continue gaining share in a large global market helping its clients digitally transform."
Our calculations show that Accenture plc (NYSE:ACN) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Accenture plc (NYSE:ACN) was in 61 hedge fund portfolios at the end of the second quarter of 2022, compared to 63 funds in the previous quarter. Accenture plc (NYSE:ACN) delivered a -2.53% return in the past 3 months.
In June 2021, we also shared another hedge fund’s views on Accenture plc (NYSE:ACN) 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.