Headwaters Capital Management, an investment management company, released its first-quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio gained 5.2% (gross) in the first quarter compared to a 4.1% return for the Russell Mid Cap Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Headwaters Capital Management highlighted stocks like National Vision Holdings, Inc. (NASDAQ:EYE) in the first quarter 2023 investor letter. Headquartered in Duluth, Georgia, National Vision Holdings, Inc. (NASDAQ:EYE) is an optical retailer. On May 8, 2023, National Vision Holdings, Inc. (NASDAQ:EYE) stock closed at $22.33 per share. One-month return of National Vision Holdings, Inc. (NASDAQ:EYE) was 11.99%, and its shares lost 33.48% of their value over the last 52 weeks. National Vision Holdings, Inc. (NASDAQ:EYE) has a market capitalization of $1.74 billion.
Headwaters Capital Management made the following comment about National Vision Holdings, Inc. (NASDAQ:EYE) in its Q1 2023 investor letter:
“Top Detractor: National Vision Holdings, Inc. (NASDAQ:EYE): National Vision is a low-cost optical retailer operating under the brands America’s Best and Eyeglass World. Results have been negatively impacted by a combination of spending normalization following a stimulus fueled boost to sales in 2021/2022 and staffing challenges that are pressuring both sales and margins. Despite these issues, I continue to believe that EYE’s position as the low-cost optical retailer will enable the company to gain market share and that sales will eventually normalize given the medical necessity of eyewear. Staffing challenges could prove more durable, especially in the short term, but the company is rolling out remote eye exam capabilities to address these issues. It’s also worth noting that the company has experienced private equity ownership twice in the past and I believe any ongoing challenges would likely result in renewed private equity interest.”
National Vision Holdings, Inc. (NASDAQ:EYE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held National Vision Holdings, Inc. (NASDAQ:EYE) at the end of the fourth quarter which was 12 in the previous quarter.
We discussed National Vision Holdings, Inc. (NASDAQ:EYE) in another article and shared the list of best small-cap growth stocks to buy. In addition, please check out our hedge fund investor letters Q1 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.
