Wedgewood Partners, an investment management company, released its “Focused SMID Cap Strategy” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -5.3% compared to a return of -2.8% for the Russell 2500 Index. Since inception, the fund returned 8.2% compared to 5.4% for its benchmark index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Wedgewood Partners highlighted stocks like FormFactor, Inc. (NASDAQ:FORM) in the Q3 2022 investor letter. Headquartered in Livermore, California, FormFactor, Inc. (NASDAQ:FORM) manufactures probe cards, analytical probes, probe stations, metrology systems, thermal systems, and cryogenic systems. On November 3, 2022, FormFactor, Inc. (NASDAQ:FORM) stock closed at $18.19 per share. One-month return of FormFactor, Inc. (NASDAQ:FORM) was -33.27% and its shares lost 59.04% of their value over the last 52 weeks. FormFactor, Inc. (NASDAQ:FORM) has a market capitalization of $1.403 billion.
Wedgewood Partners made the following comment about FormFactor, Inc. (NASDAQ:FORM) in its Q3 2022 investor letter:
“FormFactor, Inc. (NASDAQ:FORM) detracted from performance after the Company gave a third quarter outlook that reflected a substantial year on year decline in profitability. One of FormFactor’s largest customers, Intel, delayed some product introductions due to engineering problems. In addition, demand for PC’s and smartphones have slowed from recent Pandemic highs which caused some FormFactor customers to pause product development as they reevaluate the demand environment. Despite these near-term pauses, the semiconductor industry’s longterm trend of reinvesting of greater than +20% of revenues into R&D is still intact. Demand for FormFactor test cards is a function of that new product development and should serve to support attractive growth at FormFactor’s over the next several years.”
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FormFactor, Inc. (NASDAQ:FORM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held FormFactor, Inc. (NASDAQ:FORM) at the end of the second quarter, which was 13 in the previous quarter. 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.