Wedgewood Partners, an investment management company, released its “Large Cap Focused Growth Fund” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -4.1% net, compared to a -4.9% return for the Standard & Poor’s Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Wedgewood Partners discussed stocks like Copart, Inc. (NASDAQ:CPRT) in the Q3 2022 investor letter. Headquartered in Dallas, Texas, Copart, Inc. (NASDAQ:CPRT) is an online vehicle auction and remarketing services provider. On October 13, 2022, Copart, Inc. (NASDAQ:CPRT) stock closed at $110.54 per share. One-month return of Copart, Inc. (NASDAQ:CPRT) was 0.40% and its shares lost 23.76% of their value over the last 52 weeks. Copart, Inc. (NASDAQ:CPRT) has a market capitalization of $26.315 billion.
Here is what Wedgewood Partners specifically said about Copart, Inc. (NASDAQ:CPRT) in its Q3 2022 investor letter:
“Copart, Inc. (NASDAQ:CPRT) reported +8% growth in operating income driven by a +5% increase in volume of totaled vehicles processed and an +8% increase in the value of those units. Although overhead expenses outstripped revenues in the face of persistent wage inflation, Copart can contain these costs over a multi-year time horizon. The Company maintains an effective duopoly in U.S. salvage vehicle auctions (along with IAA Inc.) and has been able to flex is salvage business to conform to the changes filtering through from the unprecedented supply (and demand) challenges of the new and used vehicle market. This is due to Copart’s unique, two-sided network platform that consists of the largest North American P&C insurance carriers and automobile dealerships, which are getting increasing access to foreign salvage buyers. As automobiles are becoming more sophisticated with hard-to-repair electronics and computers on-board, we think Copart is helping insurance partners find a life “after salvage” with consumers, particularly outside the U.S., that place a higher value on these vehicles, often simply due to different regulatory regimes. Copart can grow at attractive double-digit rates as this phenomenon continues for the foreseeable future.”
Copart, Inc. (NASDAQ:CPRT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 50 hedge fund portfolios held Copart, Inc. (NASDAQ:CPRT) at the end of the second quarter which was 44 in the previous quarter.
We discussed Copart, Inc. (NASDAQ:CPRT) in another article and shared the top stock picks of Claar Advisors. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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