Brown Capital Management, an investment management company, released its “The Brown Capital Management Small Company Strategy” Q3 2022 investor letter. A copy of the same can be downloaded here. The Small Company Composite returned -3.06% in the quarter compared to 0.24% for the Russell 2000 Growth Index. The rise in interest rates and inflation concerns drove equity market volatility in the quarter. In this scenario, despite the strong fundamentals, the strategy underperformed its benchmark index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Brown Capital Management highlighted stocks like Veeva Systems Inc. (NYSE:VEEV) in its Q3 2022 investor letter. Headquartered in Pleasanton, California, Veeva Systems Inc. (NYSE:VEEV) is a cloud-based software provider for the life sciences industry. On December 16, 2022, Veeva Systems Inc. (NYSE:VEEV) stock closed at $168.26 per share. One-month return of Veeva Systems Inc. (NYSE:VEEV) was -7.39%, and its shares lost 32.89% of their value over the last 52 weeks. Veeva Systems Inc. (NYSE:VEEV) has a market capitalization of $26.196 billion.
Brown Capital Management made the following comment about Veeva Systems Inc. (NYSE:VEEV) in its Q3 2022 investor letter:
“Veeva Systems Inc. (NYSE:VEEV) provides cloud-based software to the global life-sciences industry. Veeva’s modern Customer Relationship Management (CRM) solution offers greater functionality and integration than competing solutions as evidenced by the company’s dominant position in the pharmaceutical market. Veeva Vault is an open-ended content management and collaboration platform on which the company has launched multiple successful products for the clinical side of life-sciences companies. These include eTMF (electronic Trial Master File), CTMS (Clinical Trial Management System), CDMS (Clinical Data Management System), regulatory, as well as quality- and safety-management solutions, all of which have significantly expanded the company’s market opportunity over time. Finally, Veeva has begun to sell solutions outside of life sciences in recent years, further growing its target market. Going forward, we see a large opportunity for cross-selling, continued innovation and market expansion.
During the quarter, Veeva reduced 2023 revenue guidance by 1%, citing foreign currency exchange as well as macroeconomic headwinds. We believe Veeva will continue to execute its growth plan, generating strong revenue growth and cash flow.”
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Veeva Systems Inc. (NYSE:VEEV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held Veeva Systems Inc. (NYSE:VEEV) at the end of the second quarter, which was 45 in the previous quarter..
We discussed Veeva Systems Inc. (NYSE:VEEV) in another article and shared the list of stocks stocks that recently received revised price targets from analysts after their recent earnings. 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.
