Baron Funds, an asset management firm, published its “Baron Fifth Avenue Growth Fund” second quarter 2022 investor letter – a copy of which can be downloaded here. Baron Fifth Avenue Growth Fund (the “Fund”) lost 30.6% (Institutional Shares) during the second quarter, which compared to losses of 20.9% for the Russell 1000 Growth Index (“R1KG”) and 16.1% for the S&P 500 Index (“SPX”), the Fund’s benchmarks. Year-to-date, the Fund has lost 45.2% compared to losses of 28.1% and 20.0% for the Fund’s benchmarks, respectively. 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 Fifth Avenue Growth Fund mentioned GitLab Inc. (NASDAQ:GTLB) and explained its insights for the company. Founded in 2011, GitLab Inc. (NASDAQ:GTLB) is a San Francisco, California-based software company with an $8.5 billion market capitalization. GitLab Inc. (NASDAQ:GTLB) delivered a -16.17% return and it closed at $57.98 per share on September 09, 2022.
Here is what Baron Fifth Avenue Growth Fund has to say about GitLab Inc. (NASDAQ:GTLB) in its Q2 2022 investor letter:
"Shares of GitLab Inc., a leading software tools development platform, outperformed in the quarter after reporting strong quarterly results with 75% year-over-year revenue growth while raising annual guidance to over 58% growth. The results were driven by robust net new customer wins with base customers growing 64% year-over-year while existing customers continue expanding rapidly. We continue to believe GitLab’s easy-to-use and open development platform, combined with its disruptive pricing model, position the company well for continued market share gains."
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Our calculations show that GitLab Inc. (NASDAQ:GTLB) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. GitLab Inc. (NASDAQ:GTLB) was in 36 hedge fund portfolios at the end of the second quarter of 2022, compared to 30 funds in the previous quarter. GitLab Inc. (NASDAQ:GTLB) delivered a 28.99% return in the past 3 months.
In June 2022, we also shared another hedge fund’s views on GitLab Inc. (NASDAQ:GTLB) 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.