Concentrated, long-only equity strategy focused on tax-efficient compounding of investor capital.
Joined January 2021
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The letter below provides a brief update on the state of the markets along with an exciting business update.
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November Navigating the Currents: An update on Q3 earnings themes and their impact on the market. The letter also discusses a current portfolio holding, Globus Medical. $GMED
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HCM's Q3 Investor Letter includes a discussion of the only topic that matters for equity markets today, the AI investment cycle. For investors interested in something other than AI, an overview of $DRVN is also included.
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September Navigating the Currents: Weak Hiring Data Suggest Rate Cuts are on the Horizon. This month's newsletter discusses the causes of weak employment and implications of a potential Fed easing cycle.
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HEADWATERS CAPITAL WANTS TO REMIND ALL CURRENT & POTENTIAL INVESTORS THAT HCM DOES NOT UTILIZE THIRD PARTY SOLICITORS & NO THIRD PARTY IS AUTHORIZED TO SOLICIT BUSINESS ON THE FIRM'S BEHALF. HCM WILL NEVER SOLICIT INVESTOR FUNDS VIA SOCIAL MEDIA WEBSITES, INClUDING WHATSAPP.
Small Cap M&A: Activity and Take-Out Premiums Increasing. Nine deals announced in Q3 '25 with premiums > 40% compared to 15 deals in all of 2024. Willing buyers of small caps at significant premiums. Read more in this month's Navigating the Currents.
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HCM Q2 '25 Investor Letter $TECH $TMDX $GMED
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HCM Q2 '25 State of the Markets: Most Attractive Opportunity in Small Caps Since 1999
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This month's Navigating the Currents explores the concentration of CAPEX spending in the US along with a brief discussion of V-shaped market recoveries.
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This month's Navigating the Currents discusses current valuations for quality small caps and provides an update on a portfolio company in the medical robotic space. $GMED
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HCM Q1 '25 Investor Letter. Includes a discussion around historical precedents for recent volatility and provides a framework for how to think about the risk/reward in the market today. $BRO $CBZ
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In this month's Navigating the Currents, I discuss a portfolio company that is capitalizing on AI and broader technology innovation. I also share some brief thoughts on the recent market volatility.
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In this month's Navigating the Currents, I discuss a framework for considering an allocation to small cap equities along with a profile of Lamar Advertising, the largest billboard owner in the U.S. $LAMR
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The HCM Q4 '24 Investor Letter discusses recent performance and provides updated thoughts on the current market environment (2021 Déjà vu). $CLMB $TMDX
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In this month's Navigating the Currents, I discuss US energy independence along with an updated outlook for small cap earnings growth in 2025.
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In this month's Navigating the Currents, I discuss a long-term theme that HCM has invested behind, a unique analysis of the buy and hold investment approach and the recent technical breakout for small cap stocks.
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"Navigating the Currents" is a new monthly newsletter that briefly discusses interesting topics impacting the HCM portfolio (link below).
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Please visit the website if you are interested in subscribing.
Great to see the NYT profile of $TMDX, an HCM portfolio company. If you are interested in learning more about the company, I discussed it in detail as part of this interview with @SumZero last year.
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