Wasatch Global Investors, an asset management company, released its “Wasatch U.S. Select Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy slightly underperformed its benchmark, the Russell 3000Growth Index, which declined -3.37% in the quarter. The stock price weakness in the sector holdings of consumer-discretionary and health care dragged the strategy’s performance in the quarter, while the investments in information technology (IT) sector performed strongly and contributed to the performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Wasatch Global Investors highlighted stocks like ICON Public Limited Company (NASDAQ:ICLR) in the Q3 2022 investor letter. Headquartered in Dublin, Ireland, ICON Public Limited Company (NASDAQ:ICLR) is a clinical research company. On December 9, 2022, ICON Public Limited Company (NASDAQ:ICLR) stock closed at $194.77 per share. One-month return of ICON Public Limited Company (NASDAQ:ICLR) was -10.28%, and its shares lost 29.83% of their value over the last 52 weeks. ICON Public Limited Company (NASDAQ:ICLR) has a market capitalization of $15.902 billion.
Wasatch Global Investors made the following comment about ICON Public Limited Company (NASDAQ:ICLR) in its Q3 2022 investor letter:
“Another detractor was ICON Public Limited Company (NASDAQ:ICLR), a health-care company that provides contracted clinical-research services to global biotechnology and pharmaceutical firms. Services include overseeing clinical studies, managing data, consulting on regulatory issues, and assisting in the development of pharmaceuticals through the use of centralized laboratories. Concern about the funding market for biotech companies likely weighed on the stock, but so far ICON’s backlog of orders for services continues to grow. We also like that the company has accelerated paying down its debt from a prior acquisition. In our view, ICON is a less risky way to invest in biotech innovation. Unlike a biotech startup, whose success or failure may hinge on the results of a clinical trial for a single therapy, ICON benefits from innovation more broadly, and from the growing number of companies bringing new treatments to market.”
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ICON Public Limited Company (NASDAQ:ICLR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held ICON Public Limited Company (NASDAQ:ICLR) at the end of the third quarter, which was 26 in the previous quarter.
We discussed ICON Public Limited Company (NASDAQ:ICLR) in another article and shared Baron Funds’ views on the company. 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.
