Wasatch Global Investors, an investment management firm, released its “Wasatch U.S. Select Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. Concerns about the impact of rising interest rates and the possibility of a recession caused stocks to decline in the third quarter. In this context, the fund’s Investor Class slipped -4.81% and underperformed its benchmark, the Russell 3000 Growth Index, which fell -3.34%. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Wasatch U.S. Select Fund highlighted stocks like Novanta Inc. (NASDAQ:NOVT) in the third quarter 2023 investor letter. Headquartered in Bedford, Massachusetts, Novanta Inc. (NASDAQ:NOVT) provides core technology solutions to healthcare and advanced industrial original equipment manufacturers. On December 26, 2023, Novanta Inc. (NASDAQ:NOVT) stock closed at $171.27 per share. One-month return of Novanta Inc. (NASDAQ:NOVT) was 18.67%, and its shares gained 26.15% of their value over the last 52 weeks. Novanta Inc. (NASDAQ:NOVT) has a market capitalization of $6.133 billion.
Wasatch U.S. Select Fund made the following comment about Novanta Inc. (NASDAQ:NOVT) in its Q3 2023 investor letter:
“Novanta Inc. (NASDAQ:NOVT) also detracted. The company designs, develops, manufactures and sells precision photonics and motion-control components and subsystems. Novanta offers its products to original equipment manufacturers in the markets for medical equipment and advanced industrial technologies. We think the stock was down because Novanta’s growth rate slowed somewhat, calling into question the company’s higher valuation. But we expect its growth rate to eventually tick back up and its gross margins to continue to expand.”
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Novanta Inc. (NASDAQ:NOVT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Novanta Inc. (NASDAQ:NOVT)at the end of third quarter which was 13 in the previous quarter.
We discussed Novanta Inc. (NASDAQ:NOVT) in another article and shared the list of best automation stocks to buy. 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.