Headwaters Capital Management, an investment management company, released its first-quarter 2024 investor letter. A copy of the investor letter can be downloaded here. The fund increased by +10.6% (+10.4% net) in the first quarter compared to a +8.6% return for the Russell Mid Cap Index. During Q1, large caps, led by the S&P 500 with a 10.4% gain, outperformed small caps, represented by the Russell 2000 with a 5% gain. Headwaters portfolio exceeded the Russell Mid Cap benchmark due to favorable stock selection. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Headwaters Capital Management featured stocks UFP Technologies, Inc. (NASDAQ:UFPT) in the first quarter 2024 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 April 9, 2024, UFP Technologies, Inc. (NASDAQ:UFPT) stock closed at $248.85 per share. One-month return of UFP Technologies, Inc. (NASDAQ:UFPT) was 27.24%, and its shares gained 92.92% of their value over the last 52 weeks. UFP Technologies, Inc. (NASDAQ:UFPT) has a market capitalization of $1.902 billion.
Headwaters Capital Management stated the following regarding UFP Technologies, Inc. (NASDAQ:UFPT) in its first quarter 2024 investor letter:
“Top Contributor: UFP Technologies, Inc. (NASDAQ:UFPT) +47%: UFPT had a strong fourth quarter as revenue from its top customer in the medical end market continued to exceed expectations due to market share gains with this customer. During the first quarter, this customer also signed a five-year supply agreement with UFPT, which provides increased visibility and certainty of future revenue. Additionally, as UFPT has grown, the stock has gained interest from larger shareholders thanks to increased analyst coverage. This has supported multiple expansion as the market begins to appreciate UFPT’s significant business transformation over the last three years (see Q3 2022 letter for more details).”
A closeup of a pile of disposable wound care products on a lighted background.
UFP Technologies, Inc. (NASDAQ:UFPT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, UFP Technologies, Inc. (NASDAQ:UFPT) was held by 16 hedge fund portfolios, compared to 16 in the previous quarter, according to our database.
We discussed UFP Technologies, Inc. (NASDAQ:UFPT) in another article and shared Headwaters Capital Management’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2024 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.
