Headwaters Capital Management, an investment management company, released its third-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund declined -7.6% (-7.8% net) in the third quarter compared to a -4.7% return for the Russell Mid Cap Index. The YTD results stand at +14.2% (+13.5% net) compared to a +3.9% return for the index. The firm remains optimistic about the prospects of the companies in its portfolio. 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 UFP Technologies, Inc. (NASDAQ:UFPT) in the third quarter 2023 investor letter. Headquartered in Newburyport, Massachusetts, UFP Technologies, Inc. (NASDAQ:UFPT) manufactures solutions for medical devices, sterile packaging, and other highly engineered custom products. On November 14, 2023, UFP Technologies, Inc. (NASDAQ:UFPT) stock closed at $152.82 per share. One-month return of UFP Technologies, Inc. (NASDAQ:UFPT) was -3.00%, and its shares gained 31.62% of their value over the last 52 weeks. UFP Technologies, Inc. (NASDAQ:UFPT) has a market capitalization of $1.167 billion.
Headwaters Capital Management made the following comment about UFP Technologies, Inc. (NASDAQ:UFPT) in its Q3 2023 investor letter:
“A quick note on UFP Technologies, Inc. (NASDAQ:UFPT), which was also impacted by weight loss drug fears and declined -16.7% during the quarter. A significant portion of UFPT’s revenue is tied to single-use sterile drapes that are used as part of Intuitive Surgical’s da Vinci robots. There is concern that lower levels of obesity will result in lower robotic surgery procedures, specifically bariatric procedures. Bariatric procedures account for ~5% of da Vinici procedures, so the ultimate impact to ISRG and, by association, UFPT is likely to be minimal even if there is widespread adoption of these drugs.”
A doctor holding a specialized foam device, demonstrating the companies medical contributions.
UFP Technologies, Inc. (NASDAQ:UFPT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database,13 hedge fund portfolios held UFP Technologies, Inc. (NASDAQ:UFPT) at the end of second quarter which was 13 in the previous quarter.
We discussed UFP Technologies, Inc. (NASDAQ:UFPT) in another article and shared Diamond Hill Small Cap Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.
