Headwaters Capital Management, an investment management company, released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund’s portfolio gained 1.6% net compared to a -3.4% decline for the Russell Mid Cap index. The portfolio’s outperformance in the third quarter was attributed to stock selection. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Headwaters Capital discussed stocks like UFP Technologies, Inc. (NASDAQ:UFPT) in the Q3 2022 investor letter. Headquartered in Newburyport, Massachusetts, UFP Technologies, Inc. (NASDAQ:UFPT) is a manufacturer of components, subassemblies, products, and packaging utilizing specialized foams, films, and plastics for the medical industry. On October 25, 2022, UFP Technologies, Inc. (NASDAQ:UFPT) stock closed at $89.00 per share. One-month return of UFP Technologies, Inc. (NASDAQ:UFPT) was 4.56% and its shares gained 47.06% of their value over the last 52 weeks. UFP Technologies, Inc. (NASDAQ:UFPT) has a market capitalization of $673.421 million.
Headwaters Capital made the following comment about UFP Technologies, Inc. (NASDAQ:UFPT) in its Q3 2022 investor letter:
“UFP Technologies, Inc. (NASDAQ:UFPT) engages in the design, development and manufacturing of custom-engineered components, devices and packaging primarily in the medical end market. Leveraging its access to and engineering expertise in specialty foams, plastics and composites, the company designs and manufactures parts and devices that are singleuse in nature. Representative products include surgical robotic drapes, vascular tools, wound therapy products and orthopedic devices.
In many ways, UFP serves as an outsourced R&D partner for clients by assisting during front-end product design and engineering. Through the development of customized machinery, manufacturing expertise and a network of FDA certified manufacturing facilties and clean rooms, UFP can oversee the transition from prototype to commercial production. The highly engineered nature of UFP’s products and the rigorous FDA approval process for both new product introductions and manufacturing techniques leads to deep and long-lasting customer relationships for the company. UFP counts 26 of the top 30 medical device companies as customers, which highlights the company’s design, engineering and manufacturing expertise in the medical market.
UFP’s revenues are highly visible as the medical end market has relatively stable demand given the critical nature of the products and most of UFP’s end products are consumable in nature in the form of single-use or single patient devices. Long-term contracts with high switching costs provide even greater revenue visibility for the company. The steady nature of UFP’s revenue allows the company to invest confidently in both R&D and capacity expansions that generate high returns on capital. As the company continues to focus more on product development alongside customers, it not only builds stronger customer relationships, but it will also result in higher margin revenue as these more innovative products come to market…” (Click here to read the full text)
UFP Technologies, Inc. (NASDAQ:UFPT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 5 hedge fund portfolios held UFP Technologies, Inc. (NASDAQ:UFPT) at the end of the second quarter which was 8 in the previous quarter.
We discussed UFP Technologies, Inc. (NASDAQ:UFPT) in another article and shared the stock pick of Touk Sinantha’s AltraVue Capital. 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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