Wedgewood Partners, an investment management company, released its fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, Wedgewood Composite’s net return was 11.4% compared to the Standard & Poor’s 11.7%, Russell 1000 Growth Index’s 14.2%, and Russell 1000 Value Index’s 9.5% return for the same period. Year-to-date, the fund returned 29.2% compared to 26.3%, 42.7%, and 11.5%, respectively for the indexes. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Wedgewood Partners featured stocks such as Edwards Lifesciences Corporation (NYSE:EW) in the fourth quarter 2023 investor letter. Headquartered in Irvine, California, Edwards Lifesciences Corporation (NYSE:EW) is a medical technology company. On January 12, 2024, Edwards Lifesciences Corporation (NYSE:EW) stock closed at $74.03 per share. One-month return of Edwards Lifesciences Corporation (NYSE:EW) was -3.73%, and its shares lost 5.47% of their value over the last 52 weeks. Edwards Lifesciences Corporation (NYSE:EW) has a market capitalization of $44.899 billion.
Wedgewood Partners stated the following regarding Edwards Lifesciences Corporation (NYSE:EW) in its fourth quarter 2023 investor letter:
“Edwards Lifesciences Corporation (NYSE:EW) was a bottom contributor to performance despite reporting double-digit growth in revenue compared to a year ago. This was driven by +10% constant currency growth in the Company’s flagship transcatheter aortic valve replacement franchise. The Company also announced plans to spin-off its slower-growing critical care unit which tends to have different research and development needs compared to the segment dedicated to structural heart ailments. Edwards (along with many medical technology stocks) was out of favor during 2023 due to investor’s focus on the effects of “GLP-1″ drugs on the general health of populations. We believe structural heart disease is a not problem that can be easily alleviated by GLP-1 drugs. There is a very large, untreated population suffering from severe aortic stenosis, as well as other forms of structural heart disease which the Company should continue to serve for the foreseeable future. During the quarter, the stock traded to forward earnings multiples that were near multi-year lows despite this opportunity, so we added to our position in the portfolio.”
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Edwards Lifesciences Corporation (NYSE:EW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held Edwards Lifesciences Corporation (NYSE:EW) at the end of third quarter which was 51 in the previous quarter.
We discussed Edwards Lifesciences Corporation (NYSE:EW) in another article and shared Carillon Scout Mid Cap Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 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.
