Baron Funds, an investment management company, released its “Baron Fifth Avenue Growth Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 2.9% (Institutional Shares) compared to a 3.6% decline for the Russell 1000 Growth Index and a 4.9% decline for the S&P 500 Index. Holdings in Consumer Discretionary and Communication sectors contributed significantly to the fund’s performance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron Funds highlighted stocks like EPAM Systems, Inc. (NYSE:EPAM) in its Q3 2022 investor letter. Headquartered in Newtown, Pennsylvania, EPAM Systems, Inc. (NYSE:EPAM) is a global digital platform engineering and software development services provider. On November 22, 2022, EPAM Systems, Inc. (NYSE:EPAM) stock closed at $341.29 per share. One-month return of EPAM Systems, Inc. (NYSE:EPAM) was -1.96% and its shares lost 43.40% of their value over the last 52 weeks. EPAM Systems, Inc. (NYSE:EPAM) has a market capitalization of $19.629 billion.
Baron Funds made the following comment about EPAM Systems, Inc. (NYSE:EPAM) in its Q3 2022 investor letter:
"EPAM Systems, Inc. (NYSE:EPAM) provides outsourced software development to business customers. Shares were up 23% in the third quarter, rebounding from their steep decline earlier this year, after the company reported financial results that beat consensus and demonstrated resilience despite major disruptions from the Russia-Ukraine war. Organic revenue growth was 34% year-over-year in the second quarter, and management is confident that strong growth will persist despite relocating a significant portion of its workforce outside of the impacted regions. This strong performance is enabled by EPAM’s ability to maintain its high quality of project delivery despite employee relocations and accelerated hiring outside of the impacted regions. While we continue monitoring the ongoing situation in Ukraine, we remain shareholders due to EPAM’s long runway for growth, which is underpinned by accelerated demand for digital transformations across industries and economies."
EPAM Systems, Inc. (NYSE:EPAM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held EPAM Systems, Inc. (NYSE:EPAM) at the end of the third quarter, which was 36 in the previous quarter.
We discussed EPAM Systems, Inc. (NYSE:EPAM) in another article and shared the biggest technology stock drops in 2022. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.