- 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 portfolio returned +3.0% gross (2.8% net) versus a -0.9% decline for the Russell Mid Cap index in Q3 2021.
- Top Contributor: SPS Commerce (SPSC) +62%; Top Detractor: Fair Isaac Corporation (FICO) -21%.
- Trading Activity: Sells: The LendingTree; Buys: Transcat.
For further details see:
Headwaters Capital's Q3 2021 Investor Letter