Wedgewood Partners, an investment management company, released its first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, Wedgewood Composite’s net return was 11.5% compared to the Standard & Poor’s 10.6%, Russell 1000 Growth Index’s 11.4%, and Russell 1000 Value Index’s 9.0% return for the same period. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Wedgewood Partners featured stocks like Pool Corporation (NASDAQ:POOL) in the first quarter 2024 investor letter. Headquartered in Covington, Louisiana, Pool Corporation (NASDAQ:POOL) is a swimming pool supplies, equipment, and related leisure products distributor. On April 16, 2024, Pool Corporation (NASDAQ:POOL) stock closed at $369.98 per share. One-month return of Pool Corporation (NASDAQ:POOL) was -8.68%, and its shares gained 9.16% of their value over the last 52 weeks. Pool Corporation (NASDAQ:POOL) has a market capitalization of $14.239 billion.
Wedgewood Partners stated the following regarding Pool Corporation (NASDAQ:POOL) in its first quarter 2024 investor letter:
“Pool Corporation (NASDAQ:POOL)’s stock was flat during the first quarter. The Company reported sales in their last quarter that declined -8% due to mild weather earlier in the year and after a few years of elevated sales driven by COVID-19 dynamics. We view these declines as transient and are not reflective of longer-term industry competitive dynamics. The Company continues to take market share in the North American pool care business and has maintained excellent profit and return metrics during this post-Covid digestion period. Pool Corp differentiates itself by carrying a large array of industry-specific products compared to mass-market retailers that carry more standardized products or smaller industry competitors that have less availability or narrower selections. This sweet spot positions Pool Corp well in the expanding pool care and development market and the Company should be able to drive double-digit earnings growth over the next several years.”
Aerial view of a swimming pool with outdoor furniture surrounding it.
Pool Corporation (NASDAQ:POOL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Pool Corporation (NASDAQ:POOL) was held by 42 hedge fund portfolios, compared to 41 in the previous quarter, according to our database.
We previously discussed Pool Corporation (NASDAQ:POOL) in another article, where we shared Artisan Mid Cap Fund’s perspective on the company. In addition, please check out our hedge fund investor letters Q1 2024 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.
