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Brown Capital Management, an investment management company, released its “The Brown Capital Management Mid Company Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The Mid Company Fund returned 5.43% in the quarter compared to a 6.90% return for the Russell Midcap Growth Index. For the full year, the fund declined 37.12% compared to a -26.72% return for the benchmark. In addition, check the fund’s top five holdings to know its best picks in 2022.
The Brown Capital Management Mid Company Fund highlighted stocks like DexCom, Inc. (NASDAQ:DXCM) in the Q4 2022 investor letter. Headquartered in San Diego, California, DexCom, Inc. (NASDAQ:DXCM) is a medical device company. On March 17, 2023, DexCom, Inc. (NASDAQ:DXCM) stock closed at $113.93 per share. One-month return of DexCom, Inc. (NASDAQ:DXCM) was -0.72%, and its shares lost 2.63% of their value over the last 52 weeks. DexCom, Inc. (NASDAQ:DXCM) has a market capitalization of $44.268 billion.
The Brown Capital Management Mid Company Fund made the following comment about DexCom, Inc. (NASDAQ:DXCM) in its Q4 2022 investor letter:
"DexCom, Inc. (NASDAQ:DXCM) develops market-leading continuous glucose monitors (CGMs) for diabetics. On Dec. 8, DexCom received Food and Drug Administration (FDA) approval for its next-generation G7 device for all diabetes, including Type 1 and Type 2. The G7 device will launch in early 2023, with the company working to expand reimbursement coverage for the product. We expect the commercial Durable Medical Equipment and Medicare channels to provide coverage relatively soon following approval, with commercial pharmacy coverage coming sometime in the second or third quarters of 2023. The G7 device has some powerful form factors that should generate new patient demand. The G7 device is 60% smaller than the G6, with only a 30- minute warmup period, and both attributes are superior to their main competitor, Abbott’s Libre 3 device.