Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund was up 5.3% compared to a 4.1% return for the Russell Midcap Index benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Madison Mid Cap Fund highlighted stocks like Copart, Inc. (NASDAQ:CPRT) in the first quarter 2023 investor letter. Headquartered in Dallas, Texas, Copart, Inc. (NASDAQ:CPRT) is an online auction and vehicle remarketing services company. On April 17, 2023, Copart, Inc. (NASDAQ:CPRT) stock closed at $77.42 per share. One-month return of Copart, Inc. (NASDAQ:CPRT) was 8.78%, and its shares gained 28.58% of their value over the last 52 weeks. Copart, Inc. (NASDAQ:CPRT) has a market capitalization of $36.898 billion.
Madison Mid Cap Fund made the following comment about Copart, Inc. (NASDAQ:CPRT) in its Q1 2023 investor letter:
“Despite being long-time admirers of both its business model and top-notch executive team, Copart, Inc. (NASDAQ:CPRT) continues to surprise us with its resilient revenue and profits even in the face of various headwinds in the salvage car market. One positive factor is that high used car prices are helping to prop up salvage car auction values, which prop up Copart revenues. Even as unit growth in its core business remains challenged, the company is finding ways to grow in newer, related areas.”
Copart, Inc. (NASDAQ:CPRT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held Copart, Inc. (NASDAQ:CPRT) at the end of the fourth quarter which was 49 in the previous quarter.
We discussed Copart, Inc. (NASDAQ:CPRT) in another article and shared the list of best used car stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q1 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.