Wasatch Global Investors, an asset management company, released its “Wasatch Micro Cap Value Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy posted a double-digit gain in the fourth quarter but trailed the benchmark Russell Microcap Index which rose 16.06%. In 2023, the strategy appreciated and outperformed the benchmark’s 9.33% return. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Wasatch Micro Cap Value Strategy featured stocks like Impinj, Inc. (NASDAQ:PI) in the fourth quarter 2023 investor letter. Headquartered in Seattle, Washington, Impinj, Inc. (NASDAQ:PI) offers a cloud connectivity platform. On March 12, 2024, Impinj, Inc. (NASDAQ:PI) stock closed at $116.92 per share. One-month return of Impinj, Inc. (NASDAQ:PI) was 13.21%, and its shares lost 7.25% of their value over the last 52 weeks. Impinj, Inc. (NASDAQ:PI) has a market capitalization of $3.18 billion.
Wasatch Micro Cap Value Strategy stated the following regarding Impinj, Inc. (NASDAQ:PI) in its fourth quarter 2023 investor letter:
“Another strong contributor was Impinj, Inc. (NASDAQ:PI). The company, a pioneer in helping develop the “Internet of Things,” provides an infrastructure by which everyday things—such as car parts and even shipping containers— communicate over the internet. Impinj deploys wireless inventory management and tracking platforms for customers in retail, manufacturing, health care and other areas. The company also provides tiny radio-frequency identification chips to connect, count and track individual items. Earlier in the year, the stock fell due to a slowdown in platform deployments and chip orders. The slowdown occurred because customers had previously obtained extra inventory based on fears over Covid-related supply-chain disruptions. However, the stock rebounded after a report of solid third-quarter revenues and profitability that exceeded expectations. Moreover, management expressed optimism that Impinj’s long-term business opportunities remain intact.”
A technician in a telecommunication tower adjusting the receiver of a voice over internet protocol call.
Impinj, Inc. (NASDAQ:PI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Impinj, Inc. (NASDAQ:PI) was held by 16 hedge fund portfolios, compared to 24 in the previous quarter, according to our database.
We discussed Impinj, Inc. (NASDAQ:PI) in another article and shared Wasatch Micro Cap Value Strategy’s views on the company in the previous quarter. 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.
