Reasons For the Outperformance of Copart (CPRT)

The London Company, an investment management company, released “The London Company Mid Cap Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 6.5% gross, (6.4% net) compared to a 4.1% return for the Russell Midcap Index. The outperformance of the fund is due to strong stock selection and limited exposure to banks. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

The London Company Mid Cap Strategy 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 providing company. On June 29, 2023, Copart, Inc. (NASDAQ:CPRT) stock closed at $90.26 per share. One-month return of Copart, Inc. (NASDAQ:CPRT) was 2.53%, and its shares gained 63.86% of their value over the last 52 weeks. Copart, Inc. (NASDAQ:CPRT) has a market capitalization of $43.094 billion.

The London Company Mid Cap Strategy made the following comment about Copart, Inc. (NASDAQ:CPRT) in its first quarter 2023 investor letter:

“Copart, Inc. (NASDAQ:CPRT) – CPRT was one of the better performing stocks during Q1 reflecting market share gains. CPRT is benefiting from structural shifts in the industry such as an increase in vehicle complexity, higher repair costs, and stronger auction involvement from both domestic and international buyers. CPRT has leading market share in all of its markets and continues to widen its moat with capacity expansions. CPRT’s fundamentals and trends remain strong.”

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 first quarter 2023 which was 48 in the previous quarter.

We discussed Copart, Inc. (NASDAQ:CPRT) in another article and shared Conestoga Mid Cap Strategy’s views on the company. 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.