Wedgewood Partners, an investment management company, released its “Wedgewood Partners Large Cap Focused Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, Wedgewood Composite’s net return was -2.4% compared to the Standard & Poor’s -3.3%, Russell 1000 Growth Index’s -3.1%, and Russell 1000 Value Index’s -3.2% return for the same period. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Wedgewood Partners highlighted stocks like CDW Corporation (NASDAQ:CDW) in the third quarter 2023 investor letter. Headquartered in Vernon Hills, Illinois, CDW Corporation (NASDAQ:CDW) is an information technology (IT) solutions provider. On October 20, 2023, CDW Corporation (NASDAQ:CDW) stock closed at $200.42 per share. One-month return of CDW Corporation (NASDAQ:CDW) was -2.60%, and its shares gained 23.39% of their value over the last 52 weeks. CDW Corporation (NASDAQ:CDW) has a market capitalization of $26.866 billion.
Wedgewood Partners made the following comment about CDW Corporation (NASDAQ:CDW) in its Q3 2023 investor letter:
“CDW Corporation (NASDAQ:CDW) also contributed to the performance during the quarter as the Company’s gross profit dollars grew slightly on a very difficult comparison (+35%) from a year ago. Much of this growth was driven by robust demand for software-as-a-services solution that more than offset double-digit declines in hardware from post-pandemic digestion. Software vendors partner with CDW because the Company has relationships with over 250,000 small and medium- sized customers (SMBs). It is often cost-prohibitive for software vendors to sell directly to this “long tail” of SMB customers, so CDW provides value for both IT consumers and vendors. The Company is well-positioned to intermediate technology vendors’ cutting-edge solutions and SMB’s growing IT-budgets, regardless of what new technology comes to dominate those budgets.”
An IT Executive reviewing blueprints and schematics for a hardware solution. Editorial photo for a financial news article. 8k. –ar 16:9
CDW Corporation (NASDAQ:CDW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held CDW Corporation (NASDAQ:CDW) at the end of second quarter which was 33 in the previous quarter.
We discussed CDW Corporation (NASDAQ:CDW) in another article and shared Madison Mid Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
