Wedgewood Partners, an investment management company, released its “Wedgewood Partners Large Cap Focused Growth Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, Wedgewood Composite’s net return was 8.1% compared to the Standard & Poor’s 8.7%, Russell 1000 Growth Index’s 12.8%, and Russell 1000 Value Index’s 4.1% return for the same period. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Wedgewood Partners Large Cap Focused Growth Fund highlighted stocks like Tractor Supply Company (NASDAQ:TSCO) in the Q2 2023 investor letter. Headquartered in Brentwood, Tennessee, Tractor Supply Company (NASDAQ:TSCO) is a rural lifestyle retailer. On July 19, 2023, Tractor Supply Company (NASDAQ:TSCO) stock closed at $211.16 per share. One-month return of Tractor Supply Company (NASDAQ:TSCO) was -3.86%, and its shares gained 6.42% of their value over the last 52 weeks. Tractor Supply Company (NASDAQ:TSCO) has a market capitalization of $23.136 billion.
Wedgewood Partners Large Cap Focused Growth Fund made the following comment about Tractor Supply Company (NASDAQ:TSCO) in its second quarter 2023 investor letter:
“Tractor Supply Company (NASDAQ:TSCO) also detracted from portfolio performance during the quarter. Despite uncooperative weather earlier in the quarter, the Company has executed nearly-flawlessly since the pandemic erupted in 2020. The Company is seeing early signs of a downshift in inflation which should benefit its margins after management made aggressive overhead and price investments for the benefit of employees and customers early in the pandemic. In addition, Tractor Supply continues remodeling its store fleet which increases a store selling space by up to 80%. Because the Company has not participated in the year-to-date rally for all-things-AI, we think shares are becoming more attractive both on a relative and absolute basis and continue to hold Tractor Supply as a core position.”
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Tractor Supply Company (NASDAQ:TSCO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held Tractor Supply Company (NASDAQ:TSCO) at the end of first quarter which was 49 in the previous quarter.
We discussed Tractor Supply Company (NASDAQ:TSCO) in another article and shared Rowan Street Capital’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.
