Do You believe in the Long-Term Growth Prospects of Copart (CPRT)?

Investment management company Ave Maria recently released its “Ave Maria Growth Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The total return of the fund in the second quarter was 8.55% compared to an 8.74% return for the S&P 500 Index. Year-to-date the fund returned 18.64% compared to 16.89% return for the benchmark. You can check the top 5 holdings of the fund to know its best picks in 2023.

Ave Maria Growth Fund 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 September 19, 2023, Copart, Inc. (NASDAQ:CPRT) stock closed at $44.57 per share. One-month return of Copart, Inc. (NASDAQ:CPRT) was -1.13%, and its shares gained 65.26% of their value over the last 52 weeks. Copart, Inc. (NASDAQ:CPRT) has a market capitalization of $42.787 billion.

Ave Maria Growth Fund made the following comment about Copart, Inc. (NASDAQ:CPRT) in its Q2 2023 investor letter:

“Copart, Inc. (NASDAQ:CPRT), another of our top return contributors, is a longtime holding of the Fund and currently the Fund’s largest position. The company primarily operates automotive salvage auctions for vehicles that have been deemed a total loss after a collision or other catastrophic event. The business operates in a duopoly with one other major auction platform, IAA. A mere eight years ago, Copart and IAA had roughly equivalent market share of units sold. Today, Copart is approximately 2x larger than IAA as its superior strategy, technology, and service has resulted in consistent market share gains. Copart is likely to continue to take market share while enjoying the same industry-wide tailwinds that have helped propel the company’s ten-fold increase in revenue over the last twenty years.”

Cars, Vehicle, wipe

Photo by Nima Sarram on Unsplash

Copart, Inc. (NASDAQ:CPRT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held Copart, Inc. (NASDAQ:CPRT) at the end of second quarter which was 48 in the previous quarter.

We discussed Copart, Inc. (NASDAQ:CPRT) in another article and shared the list of best stocks to buy that are on the rise. 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.