Wasatch Global Investors, an investment management company, has announced the fourth quarter 2023 investor letter for the Wasatch Core Growth Fund. You can download the same from here. In the fourth quarter of 2023, the market witnessed a growing trend of strong performance of high-quality companies being reflected in stock prices. In the fourth quarter, the fund's investor class grew 17.15%, outperforming its benchmark Russell 2000 Growth. The index rose 12.75%, while the broader Russell 2000 index rose 14.03%. The fund's annual gain was 33.43%, significantly outpacing the index's returns of 18.66% and 16.93%. Plus, check out the fund's top 5 holdings to find out the best stocks for 2023.
Wasatch Core Growth Fund featured stocks like Bellring Brands (NYSE:BRBR) in its Q4 2023 investor letter. BellRing Brands, Inc. (NYSE:BRBR), headquartered in St. Louis, Missouri, offers a variety of nutritional products. On March 14, 2024, BellRing Brands, Inc. (NYSE:BRBR) stock closed at $59.37 per share. BellRing Brands, Inc. (NYSE:BRBR)'s 1-month return is his 5.38% and the company's stock has increased his 100.78% in value over the past 52 weeks. BellRing Brands, Inc. (NYSE:BRBR) has a market capitalization of $7.776 billion.
Wasatch Core Growth Fund said the following about BellRing Brands, Inc. (NYSE:BRBR) in its Q4 2023 investor letter:
”Bell Ring Brands Co., Ltd. (NYSE:BRBR)) was also a significant contributor. BellRing's products include nutritional shakes, powders, bars and other products sold primarily under the Premier Protein and Dymatize brands. We like the company's asset-light operating model, which relies on outsourced production. Given the low cost of BellRing's products and their perceived value among a loyal and growing group of health-conscious consumers, we believe the company is a durable and economically resilient business. You can Additionally, we believe that the intellectual property associated with BellRing's shelf-stable and good-tasting products is relatively difficult for competitors to replicate. Amid the fallout from the coronavirus disease (Covid-19) pandemic, the company's production capacity was severely limited, impacting its revenue and earnings. In 2023, Berling will be able to add new outsourced production facilities, with more facilities expected to be added in 2024. Finally, the company and its stock benefited from the proliferation of GLP-1 agonists used for weight loss purposes, such as Ozempic. Dieters often consume Bell Ring products to ensure they are getting enough nutrients. That said, the GLP-1 trend was not part of our original investment thesis, so it is not a reason for us to continue holding the stock. ”
A wide shot of a grocery store aisle with a variety of nutritional products.
BellRing Brands, Inc. (NYSE:BRBR) isn't on the list of 30 most popular stocks among hedge funds. At the end of the fourth quarter, Bell Ring Brands (NYSE: BRBR)'s hedge fund portfolio was held in 31 companies, compared to 32 in the previous quarter, according to our database.
We discussed BellRing Brands, Inc. (NYSE:BRBR) in a separate article and shared a list of the best Russell 2000 stocks to buy. Additionally, for investor letters from hedge funds and other leading investors, please visit our Hedge Fund Investor Letters Q4 2023 page.
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Disclosure: None. This article was originally published on Insider Monkey.
