The London Company, an investment management company, released “The London Company SMID Cap Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 5.0% (-5.1% net) compared to a 4.8% fall in the Russell 2500 Index. A lack of exposure to the Energy sector drove the portfolio’s underperformance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company SMID Cap Strategy highlighted stocks like Waters Corporation (NYSE:WAT) in the Q3 2023 investor letter. Headquartered in Milford, Massachusetts, Waters Corporation (NYSE:WAT) is a specialty measurement company that provides analytical workflow solutions. On November 2, 2023, Waters Corporation (NYSE:WAT) stock closed at $245.41 per share. One-month return of Waters Corporation (NYSE:WAT) was -8.22%, and its shares lost 19.56% of their value over the last 52 weeks. Waters Corporation (NYSE:WAT) has a market capitalization of $14.504 billion.
The London Company SMID Cap Strategy made the following comment about Waters Corporation (NYSE:WAT) in its Q3 2023 investor letter:
“Initiated: Waters Corporation (NYSE:WAT) – WAT designs, manufactures, sells, and services high-performance liquid chromatography (HPLC), mass spectrometry (MS), and thermal analysis technologies. These solutions are invaluable tools in R&D and quality control processes for industries like pharmaceuticals, life sciences, and food & beverage. Sources of moat include its entrenched leadership position, the heavily regulated nature of drug production, high switching costs, & its Empower software— which is the standard in HPLC Quality Assurance/Quality Control settings. We’re attracted to its strong balance sheet, predictable cash flows (~60% recurring revenue), and compelling economic moat.”
A technician in a lab coat monitoring a chromatography machine.
Waters Corporation (NYSE:WAT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 36 hedge fund portfolios held Waters Corporation (NYSE:WAT) at the end of the second quarter, which was 44 in the previous quarter.
We discussed Waters Corporation (NYSE:WAT) in another article and shared Artisan Mid Cap Value Fund’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.
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Disclosure: None. This article is originally published at Insider Monkey.