Wedgewood Partners, an investment management firm, published its fourth quarter 2022 investor letter – a copy of which can be downloaded here. A quarterly net increase of 5.2% has been recorded by the fund for the fourth quarter of 2022, below the S&P 500 Index’s 7.56% gain for the same period. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.
In its Q3 2022 investor letter, Wedgewood Partners mentioned CDW Corporation (NASDAQ:CDW) and explained its insights for the company. Founded in 1984, CDW Corporation (NASDAQ:CDW) is a Vernon Hills, Illinois-based technology products and services provider with a $26.7 billion market capitalization. CDW Corporation (NASDAQ:CDW) delivered a 10.48% return since the beginning of the year, while its 12-month returns are up by 4.40%. The stock closed at $197.29 per share on January 19, 2023.
Here is what Wedgewood Partners has to say about CDW Corporation (NASDAQ:CDW) in its Q3 2022 investor letter:
“CDW contributed to performance during the quarter after logging +19% currency-neutral revenue growth and +26% operating earnings growth. The Company’s “omni-office” strategy of outfitting small and medium businesses with software, hardware and services, wherever workers decide or need to work continues to resonate. 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-every-where workforce. CDW’s consistent returns, cheap multiple, and mission-critical functions it offers to vendors and customers continues to be an attractive risk-reward for portfolios.”
Photo by Austin Distel on Unsplash
Our calculations show that CDW Corporation (NASDAQ:CDW) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. CDW Corporation (NASDAQ:CDW) was in 34 hedge fund portfolios at the end of the second quarter of 2022, compared to 40 funds in the previous quarter. CDW Corporation (NASDAQ:CDW) delivered a 24.54% return in the past 3 months.
In December 2022, we published an article that includes CDW Corporation (NASDAQ:CDW) in 5 Best Breakout Stocks To Buy Now. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q4 2022 page.
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Disclosure: None. This article is originally published at Insider Monkey.
