Brown Capital Management, an investment management company, released its “The Brown Capital Management Mid Company Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The Mid Company Fund returned 5.43% in the quarter compared to a 6.90% return for the Russell Midcap Growth Index. For the full year, the fund declined 37.12% compared to a -26.72% return for the benchmark. In addition, check the fund’s top five holdings to know its best picks in 2022.
The Brown Capital Management Mid Company Fund highlighted stocks like Insulet Corporation (NASDAQ:PODD) in the Q4 2022 investor letter. Headquartered in Acton, Massachusetts, Insulet Corporation (NASDAQ:PODD) is an insulin delivery systems manufacturer. On March 17, 2023, Insulet Corporation (NASDAQ:PODD) stock closed at $309.09 per share. One-month return of Insulet Corporation (NASDAQ:PODD) was 4.42%, and its shares gained 18.87% of their value over the last 52 weeks. Insulet Corporation (NASDAQ:PODD) has a market capitalization of $21.495 billion.
The Brown Capital Management Mid Company Fund made the following comment about Insulet Corporation (NASDAQ:PODD) in its Q4 2022 investor letter:
“As Warren Buffett once said, “Bad news is an investor’s best friend. It lets you buy a slice of America’s future at a marked down price.” The bear market of 2022 may make you feel like the world is shrinking, and the walls are caving in; however, we cannot lose sight of the fact that EGCs, with bold leaders, make their finest moves during times like these. While some are paralyzed into a wait-and-see mindset, the best leaders act.
Insulet Corporation (NASDAQ:PODD) is a prime example of this. The company makes a tubeless pump, called an Omnipod, for people with diabetes. Over the last few years, Insulet has been working on the latest iteration of its product, the Omnipod 5, which not only syncs diabetes devices without tubes, but also is waterproof and wearable. During the same time period, the company has encountered several technological setbacks, including numerous requests for more data and testing from the Food and Drug Administration, delays which frustrated Wall Street to no end. Management did not listen to the noise from the Street, and, instead, continued to pour resources, time and effort into Insulet’s product. The product finally received approval this year. So far, the response to the Omnipod 5 has surpassed expectations. The U.S. Omnipod franchise delivered 42% year[1]over-year growth in the third quarter and the unit’s strongest performance in over a decade. The Omnipod 5 represented more than 80% of new U.S. patient starts in the third quarter.”
Insulet Corporation (NASDAQ:PODD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Insulet Corporation (NASDAQ:PODD) at the end of the fourth quarter which was 39 in the previous quarter.
We discussed Insulet Corporation (NASDAQ:PODD) in another article and shared Alger Mid Cap Focus Fund’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.