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 Euronet Worldwide, Inc. (NASDAQ:EEFT) in the Q3 2023 investor letter. Headquartered in Leawood, Kansas, Euronet Worldwide, Inc. (NASDAQ:EEFT) payment and transaction processing and distribution solutions provider. On December 21, 2023, Euronet Worldwide, Inc. (NASDAQ:EEFT) stock closed at $102.25 per share. One-month return of Euronet Worldwide, Inc. (NASDAQ:EEFT) was 16.84%, and its shares gained 11.38% of their value over the last 52 weeks. Euronet Worldwide, Inc. (NASDAQ:EEFT) has a market capitalization of $4.716 billion.
Wasatch Small Cap Growth Strategy made the following comment about Euronet Worldwide, Inc. (NASDAQ:EEFT) in its Q3 2023 investor letter:
“Among our sells, we exited Euronet Worldwide, Inc. (NASDAQ:EEFT)—which was a poor performer during the third quarter. The company provides cash-dispensing automated-teller machines (ATMs), point-of-sale transaction processing and related financial services. Euronet has historically benefited from the need for physical cash when Westerners travel abroad—as its ATM network in vacation hotspots has long been an outsized contributor to the company’s earnings. However, we recently noticed that while travel had returned to pre-pandemic levels, Euronet’s ATM traffic hadn’t. During the pandemic, travelers and retailers increasingly moved toward electronic payments as a way to avoid handling physical cash. We had forecasted for some time electronic payments would grow in popularity, but the speed at which that occurred was unexpected. Although we believe Euronet will have a profitable business of dispensing physical cash for years to come, the company will need to make significant capital expenditures in the more competitive business of electronic payments.”
A business person using a mobile point of sale device outside of a retail store.
Euronet Worldwide, Inc. (NASDAQ:EEFT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Euronet Worldwide, Inc. (NASDAQ:EEFT) at the end of third quarter which was 29 in the previous quarter.
We discussed Euronet Worldwide, Inc. (NASDAQ:EEFT) in another article and shared ClearBridge All Cap Value 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.
Suggested Articles:
- 12 Best Lithium and Battery Stocks to Buy According to Financial Media
- 20 Cheapest Beach Towns to Retire in the US
- 30 Most Fun Cities in the US
Disclosure: None. This article is originally published at Insider Monkey.
