Wasatch Global Investors, an investment management firm, released its “Wasatch Small Cap Growth Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. Stocks fell broadly in the quarter as investors worried about the consequences of rising interest rates and a possible recession. During the quarter, the strategy declined but surpassed its benchmark, the Russell 2000 Growth Index, which fell -7.32% and the broader Russell 2000 Index lost -5.13%. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Wasatch Small Cap Growth Strategy highlighted stocks like Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) in the third quarter 2023 investor letter. Headquartered in Harrisburg, Pennsylvania, Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) is a retailer of brand-name merchandise. On December 21, 2023, Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) stock closed at $70.85 per share. One-month return of Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) was -9.41%, and its shares gained 55.61% of their value over the last 52 weeks. Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) has a market capitalization of $4.382 billion.
Wasatch Small Cap Growth Strategy made the following comment about Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) in its Q3 2023 investor letter:
“The third quarter’s top contributor to strategy performance was Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI). The company’s stores offer a constantly changing selection of close-out items and other brand-name merchandise at deeply discounted prices. A steady flow of inventory acquired from distressed retailers has attracted customers to Ollie’s and boosted sales. In the company’s most recent quarter, net sales rose a better-than-expected 13.7% year over year, driven by an increase of 7.9% in comparable-store sales and the addition of six new locations. With margins and earnings also exceeding estimates, management upped its guidance for fiscal year 2023. Because the discounts at Ollie’s help consumers stretch their dollars, we think the company is better situated than most other retailers in the current inflationary environment.”
A shopper browsing through a discount retailers merchandise aisle filled with a wide variety of items.
Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) at the end of third quarter which was 26 in the previous quarter.
We discussed Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) in another article and shared Harding Loevner Global Small Companies Equity Strategy’s views on the company. 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.
