Headwaters Capital’s Q4 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 4.5% was recorded by the fund for the fourth quarter of 2021, underperforming the Russell Mid Cap Index that delivered a +6.4% return for the same period. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.