Polen Capital, an investment management company, released its “Polen U.S. SMID Company Growth Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio returned 5.94% gross and 5.82% net of fees in the second quarter compared to a 6.42% return for the Russell 2500 Growth Index. The quarter showed an illustration of how rapidly market sentiment can shift. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen U.S. SMID Company Growth Strategy highlighted stocks like Copart, Inc. (NASDAQ:CPRT) in the second quarter 2023 investor letter. Headquartered in Dallas, Texas, Copart, Inc. (NASDAQ:CPRT) is an online auction and vehicle remarketing services providing company. On August 11, 2023, Copart, Inc. (NASDAQ:CPRT) stock closed at $87.85 per share. One-month return of Copart, Inc. (NASDAQ:CPRT) was -6.28%, and its shares gained 33.69% of their value over the last 52 weeks. Copart, Inc. (NASDAQ:CPRT) has a market capitalization of $41.943 billion.
Polen U.S. SMID Company Growth Strategy made the following comment about Copart, Inc. (NASDAQ:CPRT) in its second quarter 2023 investor letter:
“Lastly, Copart, Inc. (NASDAQ:CPRT), a global provider of online vehicle auctions for automotive resellers, continues to compound its value in the face of difficult comparisons and used car pricing normalization. The company is benefitting from structural advantages owing to the long-term oriented investments the company has made that others in the industry have not.
By contrast, we trimmed our position in Copart. While we maintain our conviction in the long-term opportunity, the stock is up 50% YTD and the relative valuation has become less attractive. As a result, we used this trim as a source of funds to add to Alight, SiTime, and Morningstar, where the risk/reward is more compelling.”
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Copart, Inc. (NASDAQ:CPRT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held Copart, Inc. (NASDAQ:CPRT) at the end of the first quarter which was 48 in the previous quarter.
We discussed Copart, Inc. (NASDAQ:CPRT) in another article and shared Conestoga Mid Cap Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.
