INSP - Headwaters Capital's Q2 2021 Investor Letter

• Headwaters Capital Management is an actively managed, concentrated investment strategy focused on small and mid-capitalization stocks. The strategy seeks to invest in a small number of industry-leading companies with sustainable competitive advantages and the opportunity to generate durable, long-term revenue growth.
• The Headwaters Capital portfolio returned +8.5% gross (+8.3% net) during Q2 21 compared to a +7.5% return for the Russell Mid Cap Index.
• Top Contributor: Bentley Systems +38%; Top Detractor: Inspire Medical Systems -7%.
• Sells position in Masimo during the quarter; Buys Abcam.

For further details see: