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 Copart, Inc. (NASDAQ:CPRT) in the second quarter 2023 investor letter. Headquartered in Dallas, Texas, Copart, Inc. (NASDAQ:CPRT) is an online auction and vehicle remarketing services providing company. On July 19, 2023, Copart, Inc. (NASDAQ:CPRT) stock closed at $92.20 per share. One-month return of Copart, Inc. (NASDAQ:CPRT) was 3.25%, and its shares gained 49.05% of their value over the last 52 weeks. Copart, Inc. (NASDAQ:CPRT) has a market capitalization of $44.02 billion.
Wedgewood Partners Large Cap Focused Growth Fund made the following comment about Copart, Inc. (NASDAQ:CPRT) in its second quarter 2023 investor letter:
“Copart, Inc. (NASDAQ:CPRT) helped contribute to portfolio performance during the quarter. Gross profit rose +11% and operating income grew +12% as the Company benefitted from a combination of a reversion of automobile total loss frequency to levels closer to pre-pandemic levels, as well as continued share gains at U.S. automobile insurance customers. As vehicles, particularly in the U.S., become ever more sophisticated and complex, they become more difficult and expensive to repair. If a vehicle can’t be repaired, Copart’s auctions are the destination of choice for the lion’s share of insured vehicles that are declared total losses. Copart should continue to benefit from this long-term trend, especially as insurers struggle with their own labor retention issues, which we think will incentivize them to utilize more of Copart’s ancillary salvage processing services. We continue to hold Copart as a core position, as its high returns on capital from its dominant competitive positioning should be sustainable over time.”
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 which was 48 in the previous quarter.
We discussed Copart, Inc. (NASDAQ:CPRT) in another article and shared Madison Investors Fund’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.
