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 YETI Holdings, Inc. (NYSE:YETI) in the Q3 2023 investor letter. Headquartered in Austin, Texas, YETI Holdings, Inc. (NYSE:YETI) engages in the business of outdoor and recreation products. On December 21, 2023, YETI Holdings, Inc. (NYSE:YETI) stock closed at $53.56 per share. One-month return of YETI Holdings, Inc. (NYSE:YETI) was 27.37%, and its shares gained 28.94% of their value over the last 52 weeks. YETI Holdings, Inc. (NYSE:YETI) has a market capitalization of $4.652 billion.
Wasatch Small Cap Growth Strategy made the following comment about YETI Holdings, Inc. (NYSE:YETI) in its Q3 2023 investor letter:
“YETI Holdings, Inc. (NYSE:YETI) was also a significant contributor. The company designs, markets and distributes coolers, beverage holders, and other types of outdoor and recreational gear. Last year, the stock was down because YETI issued a recall on a popular line of coolers due to defects in magnet-lined closures. That recall negatively impacted sales and earnings, especially during the important holiday shopping season. This year, YETI has benefited because the defects have been fixed and consumer spending has been strong. Going into 2023’s holiday shopping season, we think the stock will be supported by the company beating year-ago revenues and earnings. We recently met with the management team in Austin, Texas. We came away from the meeting with confidence in our investment thesis: YETI offers premium products at premium prices, generates high margins, self-funds its expansion without debt, and operates in a market that allows for double-digit annual revenue and earnings growth for years on end.”
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YETI Holdings, Inc. (NYSE:YETI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held YETI Holdings, Inc. (NYSE:YETI) at the end of third quarter which was 25 in the previous quarter.
We discussed YETI Holdings, Inc. (NYSE:YETI) in another article and shared Polen Capital’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.
