Baron Funds, an investment management company, released its “Baron Asset Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The fund increased by 12.21% in the fourth quarter, outperforming the Russell Midcap Growth Index which returned 6.90%. Stock selection and underexposure to stocks with high measures of Residual Volatility and Beta led the fund to outperform in the quarter. For 2022, the fund fell 25.87% compared to a -26.72% return for the Russell Midcap Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Baron Asset Fund highlighted stocks like Fidelity National Information Services, Inc. (NYSE:FIS) in its Q4 2022 investor letter. Headquartered in Jacksonville, Florida, Fidelity National Information Services, Inc. (NYSE:FIS) is a financial technology solutions provider. On February 13, 2023, Fidelity National Information Services, Inc. (NYSE:FIS) stock closed at $66.00 per share. One-month return of Fidelity National Information Services, Inc. (NYSE:FIS) was -5.38%, and its shares lost 40.81% of their value over the last 52 weeks. Fidelity National Information Services, Inc. (NYSE:FIS) has a market capitalization of $39.163 billion.

Baron Asset Fund made the following comment about Fidelity National Information Services, Inc. (NYSE:FIS) in its Q4 2022 investor letter:

"Fidelity National Information Services, Inc. (NYSE:FIS) provides technology solutions to financial institutions and also enables merchants to accept electronic payments. Shares fell in the quarter after the company reduced its financial guidance for the fourth quarter. The company’s growth slowed as banks delayed technology investments because of macroeconomic uncertainty and weaker consumer spending in Britain, a key market, reduced merchant processing growth. Wage inflation and higher supplier costs are also weighing on its margins. We believe the company is a durable growth business and the depressed valuation more than reflects near-term headwinds."

Fidelity National Information Services, Inc. (NYSE:FIS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 60 hedge fund portfolios held Fidelity National Information Services, Inc. (NYSE:FIS) at the end of the third quarter, which was 67 in the previous quarter.

We discussed Fidelity National Information Services, Inc. (NYSE:FIS) in another article and shared Diamond Hill Capital’s views on the company. 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.