Wedgewood Partners, an investment management company, released its “Wedgewood Partners Large Cap Focused Growth Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, Wedgewood Composite’s net return was 8.1% compared to the Standard & Poor’s 8.7%, Russell 1000 Growth Index’s 12.8%, and Russell 1000 Value Index’s 4.1% 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 Large Cap Focused Growth Fund highlighted stocks like CDW Corporation (NASDAQ:CDW) in the second quarter 2023 investor letter. Headquartered in Vernon Hills, Illinois, CDW Corporation (NASDAQ:CDW) provides information technology (IT) solutions. On July 19, 2023, CDW Corporation (NASDAQ:CDW) stock closed at $189.75 per share. One-month return of CDW Corporation (NASDAQ:CDW) was 6.28%, and its shares gained 10.80% of their value over the last 52 weeks. CDW Corporation (NASDAQ:CDW) has a market capitalization of $25.576 billion.
Wedgewood Partners Large Cap Focused Growth Fund made the following comment about CDW Corporation (NASDAQ:CDW) in its second quarter 2023 investor letter:
“CDW Corporation (NASDAQ:CDW) detracted from performance during the quarter as the Company’s gross profit slightly declined. Many of CDW’s larger customers (by employee base) saw a slowdown in near[1]term spending as they navigated the banking turmoil earlier this year, in addition to digesting purchases made during the pandemic “omni-office” boom. CDW organizes itself across several end-markets, with each of these end markets at different stages of building out their omni-office presences. In the meantime, the post-pandemic IT environment has quickly evolved from supply scarcity (due to vendor shortages and strong demand) where CDW flexed its balance sheet to ensure inventory availability, to more recently helping customers manage never before seen levels of complexity related to a work-from everywhere workforce. CDW’s outstanding returns on capital, cheap multiple, and mission critical functions it offers to vendors and customers continue to be an attractive risk-reward for portfolios.”
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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 first quarter which was 36 in the previous quarter.
We discussed CDW Corporation (NASDAQ:CDW) in another article and shared Fiduciary Management Inc.’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.
