Here’s Why Tenaris S.A. (TS) Outperformed in Q4
Baron Funds, an investment management company, released its “Baron Emerging Markets Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund gained 8.58% (Institutional Shares), compared to a 9.70% return for its principal benchmark, the MSCI EM Index, and a 9.28% gain for the MSCI EM IMI Growth Index. In the year, the fund declined 25.82% compared to the MSCI EM Index’s 20.09% decline and the MSCI EM IMI Growth Index’s 23.88% decline. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron Emerging Markets Fund highlighted stocks like Tenaris S.A. (NYSE:TS) in the Q4 2022 investor letter. Headquartered in Luxembourg, Luxembourg, Tenaris S.A. (NYSE:TS) is a steel tubular products manufacturer. On March 13, 2023, Tenaris S.A. (NYSE:TS) stock closed at $30.89 per share. One-month return of Tenaris S.A. (NYSE:TS) was -11.49%, and its shares gained 16.65% of their value over the last 52 weeks. Tenaris S.A. (NYSE:TS) has a market capitalization of $19.041 billion.
Baron Emerging Markets Fund made the following comment about Tenaris S.A. (NYSE:TS) in its Q4 2022 investor letter:
"Tenaris S.A. (NYSE:TS) manufactures seamless steel pipe products with large operations in the U.S., Latin America, and the Middle East. Most of its products are oil country tubular goods (OCTG) supplied for the energy industry. Shares increased on an earnings beat generated by higher margins as a result of shortages of OCTG pipe. As one of the lowest-cost OCTG producers, we think Tenaris will be a major beneficiary of the increase in U.S. drilling capital expenditures needed to increase domestic energy security and reduce global reliance on Russian oil and gas."
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Tenaris S.A. (NYSE:TS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Tenaris S.A. (NYSE:TS) at the end of the fourth quarter which was 17 in the previous quarter.
We discussed Tenaris S.A. (NYSE:TS) in another article and shared the list of high growth international stocks to buy. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
