Headwaters Capital Management, an investment management company, released its second-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund’s portfolio performed exceptionally well in the second quarter of 2023 and gained +17.4% (17.2% net) returns compared to a +4.8% return for the Russell Mid Cap 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 Cryoport, Inc. (NASDAQ:CYRX) in the second quarter 2023 investor letter. Headquartered in Brentwood, Tennessee, Cryoport, Inc. (NASDAQ:CYRX) provides logistics solutions to the life science industry. On July 28, 2023, Cryoport, Inc. (NASDAQ:CYRX) stock closed at $16.17 per share. One-month return of Cryoport, Inc. (NASDAQ:CYRX) was -6.96%, and its shares lost 56.24% of their value over the last 52 weeks. Cryoport, Inc. (NASDAQ:CYRX) has a market capitalization of $736.468 million.
Headwaters Capital Management made the following comment about Cryoport, Inc. (NASDAQ:CYRX) in its second quarter 2023 investor letter:
“Top Detractor: Cryoport, Inc. (NASDAQ:CYRX) -28%: CryoPort, the leader in cryogenic logistics for cell and gene therapies, saw share price weakness in the quarter following narrower approval of a key customer’s gene therapy, which will result in fewer shipments for CYRX in the near term. Due to small position size, the CYRX position was sold following the end of Q2.”
Cryoport, Inc. (NASDAQ:CYRX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held Cryoport, Inc. (NASDAQ:CYRX) at the end of first quarter which was 10 in the previous quarter.
We discussed Cryoport, Inc. (NASDAQ:CYRX) in another article and shared Conestoga Micro Cap Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.