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Headwaters Capital Management, an investment management company, released its third-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund declined -7.6% (-7.8% net) in the third quarter compared to a -4.7% return for the Russell Mid Cap Index. The YTD results stand at +14.2% (+13.5% net) compared to a +3.9% return for the index. The firm remains optimistic about the prospects of the companies in its portfolio. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Headwaters Capital Management highlighted stocks like Abcam plc (NASDAQ:ABCM) in the third quarter 2023 investor letter. Headquartered in Cambridge, the United Kingdom, Abcam plc (NASDAQ:ABCM) is a global life science company that focuses on identifying, developing, and distributing reagents and tools. On November 14, 2023, Abcam plc (NASDAQ:ABCM) stock closed at $23.23 per share. One-month return of Abcam plc (NASDAQ:ABCM) was 1.57%, and its shares gained 37.46% of their value over the last 52 weeks. Abcam plc (NASDAQ:ABCM) has a market capitalization of $5.346 billion.
Headwaters Capital Management made the following comment about Abcam plc (NASDAQ:ABCM) in its Q3 2023 investor letter:
"In lieu of any new portfolio additions this quarter, I wanted to provide an update on Danaher’s (“DHR”) proposed acquisition of Abcam plc (NASDAQ:ABCM), which Headwaters Capital continues to oppose. Hopefully most investors saw the initial letter to shareholders on 9/21/23 outlining why Headwaters Capital is opposed to the transaction. On October 18, 2023, Headwaters released a follow-up letter in response to Abcam’s Independent Directors’ Q&A about how they arrived at the recommendation to sell to Danaher at a $24 price. The full letter is attached at the end of this letter.
A close-up of a laboratory worker in a hazmat suit examining cultures and reagents to develop a pharmaceutical drug.