Headwaters Capital’s Q3 2021 Investor Letter

Headwaters Capital, an investment management firm, published its third-quarter 2021 investor letter – a copy of which can be downloaded here. A quarterly portfolio net return of 2.8% was recorded by the fund for the third quarter of 2021, outperforming the Russell Mid Cap Index that delivered a -0.9% return for the same period. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.