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Baron Funds: “FIGS has a Long Growth Runway Ahead”

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Baron Funds, an asset management firm, published its “Baron Opportunity Fund” fourth quarter 2021 investor letter – a copy of which can be downloaded here. An increase of 3.16% was delivered by the fund’s institutional shares for the fourth quarter of 2021 but trailed the Russell 3000 Growth Index, which increased 10.89%, and the S&P 500 Index, which climbed 11.03%. For the full year 2021, the Fund gained 12.29% but underperformed the two indexes, which advanced 25.85% and 28.71%, respectively Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.

Baron Opportunity Fund, in its Q4 2021 investor letter, mentioned FIGS, Inc. (NYSE:FIGS) and discussed its stance on the firm. Founded in 2013, FIGS, Inc. (NYSE:FIGS) is a Santa Monica, California-based healthcare apparel company with a $2.9 billion market capitalization, and is currently spearheaded by its CEO, Trina Spear. FIGS, Inc. (NYSE:FIGS) delivered an 18.28% and it closed at $19.61 per share on March 18, 2022.

Here is what Baron Opportunity Fund has to say about FIGS, Inc. (NYSE:FIGS) in its Q4 2021 investor letter:

"During the fourth quarter, the Fund increased its position in Figs Inc., an IPO from earlier in the year, at what we believe were attractive prices for a longterm investment. Figs, a founder-led health care apparel and lifestyle brand, is one of the fastest growing and most profitable digitally native, direct-to-consumer companies in the world. The traditional health care apparel market underserved the needs of health care professionals by selling commoditized products through an antiquated distribution network. Figs reimagined the health care professional’s uniform, engineering it for function and style. And by selling directly to consumers, Figs engages with customers in authentic and meaningful ways, giving the company a unique data advantage that the competition cannot replicate. This has enabled the company to maintain best-in-class customer acquisition costs even as it has scaled. With fewer than 2 million active customers out of 21 million health care professionals in the U.S., and even more internationally, we believe Figs has a long growth runway ahead."

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Our calculations show that FIGS, Inc. (NYSE:FIGS) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. FIGS, Inc. (NYSE:FIGS) was in 16 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 21 funds in the previous quarter. FIGS, Inc. (NYSE:FIGS) delivered a -21.97% return in the past 3 months. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.

Disclosure: None. This article is originally published at Insider Monkey.