Next Century Growth Investors, LLC, an investment Management Company, released its “SMID Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. October had negative returns from the equity markets in the fourth quarter of 2023, but November and December saw a robust market rally that produced positive returns for the quarter. The strategy returned 4.84% (net of fees) compared to 12.59% for the Russell 2500™ Growth Index. Over the trailing year, the strategy returned 15.46% compared to 18.93% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
NCG SMID Cap Growth Strategy featured stocks like Tandem Diabetes Care, Inc. (NASDAQ:TNDM) in the fourth quarter 2023 investor letter. Headquartered in San Diego, California, Tandem Diabetes Care, Inc. (NASDAQ:TNDM) is a medical device company. On March 19, 2024, Tandem Diabetes Care, Inc. (NASDAQ:TNDM) stock closed at $30.80 per share. One-month return of Tandem Diabetes Care, Inc. (NASDAQ:TNDM) was 36.59%, and its shares lost 25.71% of their value over the last 52 weeks. Tandem Diabetes Care, Inc. (NASDAQ:TNDM) has a market capitalization of $2.021 billion.
NCG SMID Cap Growth Strategy stated the following regarding Tandem Diabetes Care, Inc. (NASDAQ:TNDM) in its fourth quarter 2023 investor letter:
“Tandem Diabetes Care, Inc. (NASDAQ:TNDM) offers a next-generation insulin pump for patients with diabetes. TNDM is a company we have owned in the past but sold as they went through a period of slowing growth rates due to a lack of product innovation. With 4 new product launches expected in 2024, the stage is set for a reacceleration of growth in this large and growing end market. With expectations low and valuation depressed from historical averages, there is room for upside if TNDM can deliver on their 2024 guidance and the new products rollout as expected.”
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Tandem Diabetes Care, Inc. (NASDAQ:TNDM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Tandem Diabetes Care, Inc. (NASDAQ:TNDM) was held by 24 hedge fund portfolios, compared to 17 in the previous quarter, according to our database.
We discussed Tandem Diabetes Care, Inc. (NASDAQ:TNDM) in another article and shared the list of best diabetes stocks to buy. In addition, please check out our hedge fund investor letters Q4 2023 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.
