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 Booking Holdings Inc. (NASDAQ:BKNG) in the third quarter 2023 investor letter. Headquartered in Norwalk, Connecticut, Booking Holdings Inc. (NASDAQ:BKNG) provides online travel and restaurant booking services. On October 20, 2023, Booking Holdings Inc. (NASDAQ:BKNG) stock closed at $2,756.64 per share. One-month return of Booking Holdings Inc. (NASDAQ:BKNG) was -9.99%, and its shares gained 51.23% of their value over the last 52 weeks. Booking Holdings Inc. (NASDAQ:BKNG) has a market capitalization of $98.391 billion.
Wedgewood Partners made the following comment about Booking Holdings Inc. (NASDAQ:BKNG) in its Q3 2023 investor letter:
“Booking Holdings Inc. (NASDAQ:BKNG) also contributed to portfolio performance during the quarter. The Company reported continued healthy travel demand during the quarter that ended in June, with accelerating trends into July. In addition, Booking’s alt-accommodations sub-segment (about 35% of Booking’s total room nights) reported +11% room night growth, in-line with the Company’s largest pure-play alt-accommodations competitor, Airbnb. We estimate Booking’s total alt-accommodation room nights per quarter are approaching parity with Airbnb, yet Booking has a vastly superior GAAP operating margin structure – even as Booking aggressively outspends Airbnb on merchandising and payment functions, as well as paid search marketing efforts. There is still plenty of room for Booking to take wallet share in consumer travel budgets, which are still pent-up from the pandemic, particularly outside the United States.”
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Booking Holdings Inc. (NASDAQ:BKNG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 78 hedge fund portfolios held Booking Holdings Inc. (NASDAQ:BKNG) at the end of second quarter which was 77 in the previous quarter.
We discussed Booking Holdings Inc. (NASDAQ:BKNG) in another article and shared the list of best booming stocks to buy now according to hedge funds. 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.
