Wasatch Global Investors, an asset management company, released its “Wasatch Small Cap Growth Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy underperformed its benchmark indexes, the Russell 2000 Growth Index and the Russell 2000 Index. The weakness of investments in health care, information technology (IT), and industrials was responsible for the underperformance of the strategy in the quarter relative to the Russell 2000 Growth Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Wasatch Global Investors highlighted stocks like Neogen Corporation (NASDAQ:NEOG) in the Q3 2022 investor letter. Headquartered in Lansing, Michigan, Neogen Corporation (NASDAQ:NEOG) is a global food and animal safety company. On December 9, 2022, Neogen Corporation (NASDAQ:NEOG) stock closed at $15.10 per share. One-month return of Neogen Corporation (NASDAQ:NEOG) was -5.45%, and its shares lost 62.36% of their value over the last 52 weeks. Neogen Corporation (NASDAQ:NEOG) has a market capitalization of $3.263 billion.
Wasatch Global Investors made the following comment about Neogen Corporation (NASDAQ:NEOG) in its Q3 2022 investor letter:
“Neogen Corporation (NASDAQ:NEOG) was the largest detractor from strategy performance in the third quarter. The company provides products to food and animal producers that help keep the world’s food supply safe from pathogens and other risks. Although rising costs for freight and supply-chain management have impacted gross margins, we don’t think Neogen is any more vulnerable than competitors. Additionally, we believe Neogen’s margin erosion is temporary because the company’s products are still in strong demand. Another factor that may have impacted the stock was Neogen’s acquisition of 3M’s food-safety business, which has increased the debt on the balance sheet. In our view, the acquisition was strategically sound, and we see the debt level as reasonable.”
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Neogen Corporation (NASDAQ:NEOG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Neogen Corporation (NASDAQ:NEOG) at the end of the third quarter, which was 21 in the previous quarter.
We discussed Neogen Corporation (NASDAQ:NEOG) in another article and shared the list of best aggressive stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2022 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.
