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 NVIDIA Corporation (NASDAQ:NVDA) and discussed its stance on the firm. Founded in 1993, NVIDIA Corporation (NASDAQ:NVDA) is a Santa Clara, California-based multinational technology company with a $659.2 billion market capitalization, and is currently spearheaded by its CEO, Jensen Huang. NVIDIA Corporation (NASDAQ:NVDA) delivered a -10.06% return since the beginning of the year, while its 12-month returns are up by 105.93%. The stock closed at $264.53 per share on March 18, 2022.
Here is what Baron Opportunity Fund has to say about NVIDIA Corporation (NASDAQ:NVDA) in its Q4 2021 investor letter:
“NVIDIA Corporation is a fabless semiconductor company and a leader in gaming cards and accelerated computing chips. NVIDIA is powering the growth of artificial intelligence from the data center to the edge. Shares of NVIDIA rose 42.0% in the fourth quarter on financial results and guidance that were significantly above Street expectations, driven by continued strength across both its gaming and data-center segments, which in turn benefited from the upgrade cycle to RTX (ray-tracing technology) and the growing adoption of artificial intelligence (“AI”) applications by both hyperscale cloud and enterprise customers. NVIDIA’s total third quarter revenues of $7.1 billion beat Street expectations by $282 million, growing 50% year-over-year, while fourth quarter revenue guidance was over $0.5 billion above expectations. Given its leading market share in gaming, data centers, and autonomous machines, the size of those markets and how early we are in the penetration of AI/big data, we believe NVIDIA can grow rapidly for years to come.”
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Our calculations show that NVIDIA Corporation (NASDAQ:NVDA) ranks 13th on our list of the 30 Most Popular Stocks Among Hedge Funds. NVIDIA Corporation (NASDAQ:NVDA) was in 110 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 83 funds in the previous quarter. NVIDIA Corporation (NASDAQ:NVDA) delivered a -4.85% return in the past 3 months.
In March 2022, we also shared another hedge fund’s views on NVIDIA Corporation (NASDAQ:NVDA) in another article. 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.
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