Wasatch Global Investors, an asset management company, released its “Wasatch U.S. Select Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy slightly underperformed its benchmark, the Russell 3000Growth Index, which declined -3.37% in the quarter. The stock price weakness in the sector holdings of consumer-discretionary and health care dragged the strategy’s performance in the quarter, while the investments in information technology (IT) sector performed strongly and contributed to the performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Wasatch Global Investors highlighted stocks like Five Below, Inc. (NASDAQ:FIVE) in its Q3 2022 investor letter. Headquartered in Philadelphia, Pennsylvania, Five Below, Inc. (NASDAQ:FIVE) is a specialty value retailer. On December 9, 2022, Five Below, Inc. (NASDAQ:FIVE) stock closed at $176.76 per share. One-month return of Five Below, Inc. (NASDAQ:FIVE) was 16.78%, and its shares lost 7.81% of their value over the last 52 weeks. Five Below, Inc. (NASDAQ:FIVE) has a market capitalization of $9.813 billion.
Wasatch Global Investors made the following comment about Five Below, Inc. (NASDAQ:FIVE) in its Q3 2022 investor letter:
“Another top contributor was Five Below, Inc. (NASDAQ:FIVE). The company operates a chain of specialty discount stores aimed at “tweens” and teens that sell products that cost up to $5, plus a small assortment of products priced from $6 to $25. While the company lowered guidance for the full year and missed consensus estimates in its most recent quarterly earnings report, guidance for the all-important fourth-quarter holiday season included some positive takeaways. Management also said it expects operating margin expansion due to tight expense controls. In addition, the company is accelerating new store openings, following a pandemic-driven slowdown and construction challenges, which we think will provide future revenue growth.”
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Five Below, Inc. (NASDAQ:FIVE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Five Below, Inc. (NASDAQ:FIVE) at the end of the third quarter, which was 31 in the previous quarter.
We discussed Five Below, Inc. (NASDAQ:FIVE) in another article and shared Polen Capital’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.
