Headwaters Capital Management’s Q3 2023 Investor Letter

Headwaters Capital Management, an investment management company, released its third-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund declined -7.6% (-7.8% net) in the third quarter compared to a -4.7% return for the Russell Mid Cap Index. The YTD results stand at +14.2% (+13.5% net) compared to a +3.9% return for the index.  The firm remains optimistic about the prospects of the companies in its portfolio. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.