Wedgewood Partners, an investment management company, released its “Focused SMID Cap Strategy” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned -14.1% compared to a return of -17.0% for the Russell 2500 Index. Since inception, the fund returned 10.3% compared to 4.9% for its benchmark index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
In the second quarter 2022 investor letter, Wedgewood Partners discussed stocks like Broadridge Financial Solutions, Inc. (NYSE:BR). Headquartered in Lake Success, New York, Broadridge Financial Solutions, Inc. (NYSE:BR) is a financial technology company. On September 28, 2022, Broadridge Financial Solutions, Inc. (NYSE:BR) stock closed at $148.89 per share. One-month return of Broadridge Financial Solutions, Inc. (NYSE:BR) was -13.02% and its shares lost 11.59% of their value over the last 52 weeks. Broadridge Financial Solutions, Inc. (NYSE:BR) has a market capitalization of $17.465 billion.
Here is what Wedgewood Partners specifically said about Broadridge Financial Solutions, Inc. (NYSE:BR) in its Q2 2022 investor letter:
“Broadridge Financial Solutions, Inc. (NYSE:BR) grew its core recurring revenue at a +6% organic rate driven by the increase in the number of open equity and ETF positions at its platform customers. We think this increase in position count was a pleasant surprise compared to the downturn in asset prices seen during most of the quarter. Broadridge customers include large online brokerage providers that have expanded into the mass market. As more investors carry more positions and instruments (regardless of size) Broadridge’s services are necessary to connect these investors with corporate governance communications from issuers and other service providers. All told, we think the expansion of capital markets is a healthy long-term trend that Broadridge should continue to benefit from.”
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Broadridge Financial Solutions, Inc. (NYSE:BR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Broadridge Financial Solutions, Inc. (NYSE:BR) at the end of the second quarter which was 17 in the previous quarter.
We discussed Broadridge Financial Solutions, Inc. (NYSE:BR) in another article and shared the list of stocks to buy in 2022 according to Motley Fool’s 1623 Capital. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
