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Baron Funds, an asset management firm, published its “Baron FinTech Fund” third quarter 2021 investor letter – a copy of which can be downloaded here. A return of 2.65% was delivered by the fund’s institutional shares for the third quarter of 2021, compared to the S&P 500 Index, which appreciated 0.58%, and the FactSet Global FinTech Index which rose 3.72% for the same period. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.
Baron FinTech Fund, in its Q3 2021 investor letter, mentioned Paypal Holdings, Inc. (NASDAQ: PYPL) and discussed its stance on the firm. Paypal Holdings, Inc. is a San Jose, California-based financial technology company with a $219.8 billion market capitalization. PYPL delivered a -20.09% return since the beginning of the year, while its 12-month returns are up by -12.77%. The stock closed at $187.15 per share on December 02, 2021.
Here is what Baron FinTech Fund has to say about Paypal Holdings, Inc. in its Q3 2021 investor letter:
"PayPal Holdings, Inc. enables digital payments for consumers and merchants worldwide. Shares fell on quarterly financial results and guidance that were below investor expectations due to a faster roll-off of eBay business, which should only be a temporary headwind. PayPal also announced the acquisition of Paidy, the leading buy-now-pay-later provider in Japan, which expands PayPal’s addressable market into a fast-growing category. We remain investors because we believe PayPal is a prime beneficiary of the secular growth of e-commerce and digital financial services."
Based on our calculations, Paypal Holdings, Inc. (NASDAQ: PYPL) ranks 9th in our list of the 30 Most Popular Stocks Among Hedge Funds. PYPL was in 123 hedge fund portfolios at the end of the third quarter of 2021, compared to 143 funds in the previous quarter. Paypal Holdings, Inc. (NASDAQ: PYPL) delivered a -34.46% return in the past 3 months.
Disclosure: None. This article is originally published at Insider Monkey.