That’s why you should consider investing in Advanced Micro Devices (AMD).

Baron Funds, an asset management company, released its second quarter 2022 investor letter, Baron Opportunity Fund. A copy can be downloaded here. The Baron Opportunity Fund (the “Fund”) fell sharply, significantly underperforming the broader market for the second quarter and first half of the year. For the quarter, the fund was down 26.96% (institutional shares), behind the Russell 3000 Growth Index, which fell 20.83%, and the S&P 500 Index, which fell 16.10%. Check out the fund’s top 5 holdings for a look at its top picks for 2022.

In its Q2 2022 investor letter, the Baron Opportunity Fund mentioned Advanced Micro Devices, Inc. (NASDAQ:AMD) and explained his findings for the company. Advanced Micro Devices, Inc. was founded in 1969 (NASDAQ:AMD) is a Santa Clara, California-based semiconductor company with a market capitalization of $121.4 billion. Advanced Micro Devices, Inc. (NASDAQ:AMD) returned -10.19% year-to-date, while 12-month returns are down -47.71%. The stock closed at $75.25 per share on September 20, 2022.

Here’s what the Baron Opportunity Fund says about Advanced Micro Devices, Inc. (NASDAQ:AMD) in his investor letter Q2 2022:

Advanced Micro Devices, Inc. (NASDAQ:AMD) is a global fabless semiconductor company focused on high-performance computing technology, software and products. AMD develops leading-edge, high-performance CPUs and graphics processing units (known as CPUs and GPUs) and integrates them with hardware and software to create differentiated solutions for customers.

AMD has gained significant share of the personal computing and server endpoint markets in recent years due to the performance of its processors and technologies and strong execution of its technology roadmap, and we believe the market share gains will continue over the coming years a combination of AMD’s continued advances and Intel’s stumbling blocks in developing its cutting-edge technology.

In addition, the recently completed acquisitions of Xilinx and Pensando improve AMD’s positioning in the data center, a key growth driver for the semiconductor industry, and Xilinx notably opens up several new growth opportunities in new end markets such as industrial, automotive and communications. The company is also generating significant cash flow, giving it an opportunity to allocate capital for further mergers and acquisitions and returning capital to shareholders.”

Our calculations show that Advanced Micro Devices, Inc. (NASDAQ:AMD) ranks 29th on our list of The 30 most popular stocks among hedge funds. Advanced Micro Devices, Inc. (NASDAQ:AMD) was in 87 Hedge fund portfolios at the end of the second quarter of 2022 compared to 83 Average in the previous quarter. Advanced Micro Devices, Inc. (NASDAQ:AMD) returned 10.19% over the last 3 months. You can find more investor letters from hedge funds and prominent investors on our Hedge Fund Investor Letters 2022 Q2 Side.

Disclosure: None. This article was originally published on Insider Monkey.

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