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 Fox Factory Holding Corp. (NASDAQ:FOXF) in the fourth quarter 2023 investor letter. Headquartered in Duluth, Georgia, Fox Factory Holding Corp. (NASDAQ:FOXF) is a ride dynamics products manufacturer. On March 14, 2024, Fox Factory Holding Corp. (NASDAQ:FOXF) stock closed at $47.29 per share. One-month return of Fox Factory Holding Corp. (NASDAQ:FOXF) was -29.58%, and its shares lost 58.96% of their value over the last 52 weeks. Fox Factory Holding Corp. (NASDAQ:FOXF) has a market capitalization of $1.984 billion.
Wasatch Core Growth Fund stated the following regarding Fox Factory Holding Corp. (NASDAQ:FOXF) in its fourth quarter 2023 investor letter:
“The fourth quarter’s greatest detractor was Fox Factory Holding Corp. (NASDAQ:FOXF). The company manufactures suspension products and other components for cycling and motorsports applications. Investors reacted negatively to news that Fox Factory had entered into an agreement to acquire Marucci Sports, a manufacturer of baseball and softball bats and other sports-related products. Although acquisitions are often met with skepticism, in this case it was especially unclear why Fox Factory had decided to venture outside its core business. The unusual nature of the deal requires us to engage in discussions with management and perform an ongoing evaluation of the purported growth opportunities and operational synergies.”
A cyclist in full gear on their mountain bike, the Performance Cycling Components visible.
Fox Factory Holding Corp. (NASDAQ:FOXF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Fox Factory Holding Corp. (NASDAQ:FOXF) was held by 22 hedge fund portfolios, compared to 14 in the previous quarter, according to our database.
We discussed Fox Factory Holding Corp. (NASDAQ:FOXF) in another article and shared Baron Small Cap Fund’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.
