Wedgewood Partners, an investment management company, released its “Focused SMID Cap Strategy” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned -14.1% compared to a return of -17.0% for the Russell 2500 Index. Since inception, the fund returned 10.3% compared to 4.9% for its benchmark index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
In the second quarter 2022 investor letter, Wedgewood Partners discussed stocks like Steven Madden, Ltd. (NASDAQ:SHOO). Headquartered in Long Island City, New York, Steven Madden, Ltd. (NASDAQ:SHOO) designs and markets footwear and other fashion accessories. On September 28, 2022, Steven Madden, Ltd. (NASDAQ:SHOO) stock closed at $28.11 per share. One-month return of Steven Madden, Ltd. (NASDAQ:SHOO) was -3.14% and its shares lost 30.00% of their value over the last 52 weeks. Steven Madden, Ltd. (NASDAQ:SHOO) has a market capitalization of $2.221 billion.
Here is what Wedgewood Partners specifically said about Steven Madden, Ltd. (NASDAQ:SHOO) in its Q2 2022 investor letter:
“Steven Madden, Ltd. (NASDAQ:SHOO) reaped the results of its competitively advantaged supply chain and generated a +55% increase in revenue while tripling earnings per share. Many retail vendors have been struggling to replenish their own stores let alone wholesale customers with inventory, but Steve Madden has done an excellent job fulfilling customer needs and is able to take ample pricing as a result. Many of the Company’s smaller competitors cannot meet demand as they were hobbled, if not completely wiped out, by COVID-19 induced shutdowns over the past few years. As economies continue to reopen, Steve Madden should continue to compound its market share gains at increasingly attractive returns, not unlike how the industry evolved in the aftermath of the 2008-2009 financial crisis. With the stock trading at a multi-decade low forward earnings multiple, we viewed the pullback in shares as an attractive opportunity and added to positions in the portfolios during the quarter.”
Steven Madden, Ltd. (NASDAQ:SHOO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Steven Madden, Ltd. (NASDAQ:SHOO) at the end of the second quarter which was 24 in the previous quarter.
We discussed Steven Madden, Ltd. (NASDAQ:SHOO) in another article and shared the list of stocks that announced dividend hikes of more than 15%. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
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