Wasatch Global Investors, an investment management firm, released its “Wasatch Core Growth Fund” fourth quarter 2023 investor letter. The same can be downloaded here. The market witnessed an escalation of the trend in which the robust operating results of high-quality companies were mirrored in the stock prices during the fourth quarter of 2023. In the fourth quarter, the fund’s Investor Class increased 17.15% outperforming the benchmark Russell 2000 Growth Index, which rose 12.75%, while the broader Russell 2000 Index increased 14.03%. During the year the fund appreciated 33.43% well ahead of the indexes’ returns of 18.66% and 16.93%. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Wasatch Core Growth Fund featured stocks like XPEL, Inc. (NASDAQ:XPEL) in the fourth quarter 2023 investor letter. Headquartered in San Antonio, Texas, XPEL, Inc. (NASDAQ:XPEL) manufactures and distributes automotive products. On March 14, 2024, XPEL, Inc. (NASDAQ:XPEL) stock closed at $48.56 per share. One-month return of XPEL, Inc. (NASDAQ:XPEL) was -13.66%, and its shares lost 24.71% of their value over the last 52 weeks. XPEL, Inc. (NASDAQ:XPEL) has a market capitalization of $1.342 billion.
Wasatch Core Growth Fund stated the following regarding XPEL, Inc. (NASDAQ:XPEL) in its fourth quarter 2023 investor letter:
“XPEL, Inc. (NASDAQ:XPEL) was also a major detractor. The company develops and manufactures automotive products including window tints and cut-to-fit protective films for painted surfaces. The stock was down on news that Tesla, a prominent XPEL customer, started offering color and clear paint-protection film wraps in two California service centers without using XPEL’s products. This news caused investors to question how much business XPEL might lose if Tesla’s recent move is the start of a broader trend. Our initial reaction to the news isn’t overly pessimistic because Tesla vehicles account for only about 5% of XPEL’s revenues and because other automobile manufacturers have been increasing the use of XPEL’s products. Nevertheless, our senses are heightened as we continue to evaluate our position in the stock.”
An experienced mechanic installing a headlight protection kit on a car in a garage.
XPEL, Inc. (NASDAQ:XPEL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, XPEL, Inc. (NASDAQ:XPEL) was held by 17 hedge fund portfolios, compared to 14 in the previous quarter, according to our database.
We discussed XPEL, Inc. (NASDAQ:XPEL) in another article and shared Polen U.S. Small Company Growth Strategy’s views on the company. 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.
