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ClearBridge Investments Adds Steady Compounder Copart, Inc. (CPRT) to its Portfolio

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ClearBridge Investments, an investment management company, released its “ClearBridge Select Strategy” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund underperformed its benchmark index. Stocks from IT, healthcare, industrials, and consumer discretionary posted losses during the quarter, however stocks from consumer staples and financials sectors contributed to the performance of the fund. To know about the fund’s best picks in 2022, please check its top 5 holdings.

In the letter, ClearBridge Investments discussed its Select Strategy portfolio. The firm holds stocks like Copart, Inc. (NASDAQ:CPRT). Copart, Inc. (NASDAQ:CPRT) is an online auction company, headquartered in Dallas, Texas. The stock of Copart, Inc. (NASDAQ:CPRT) closed at $130.24 per share on August 3, 2022. One-month return of Copart, Inc. (NASDAQ:CPRT) was 13.13% and its shares lost 12.12% of their value over the last 52 weeks. Copart, Inc. (NASDAQ:CPRT) has a market capitalization of $30.955 billion.

Here is what ClearBridge Select Strategy specifically said about Copart, Inc. (NASDAQ:CPRT)  in its second-quarter investor letter:

“The pressure on equities has created new opportunities to put excess cash to work. As prices fell, we reduced our cash position from 9% at the start of the period to approximately 2% by the end. In addition to the activity previously mentioned, we trimmed several industrials positions while adding to steady compounders including car auction operator Copart, Inc. (NASDAQ:CPRT)."

Used cars, used car, selling a used car

Copyright: sonyae / 123RF Stock Photo

Although ClearBridge Investments Select Strategy added Copart, Inc. (NASDAQ:CPRT) to its portfolio, the stock is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held Copart, Inc. (NASDAQ:CPRT) at the end of the first quarter which was 47 in the previous quarter.

We discussed Copart, Inc. (NASDAQ:CPRT) in another article that shared Motley Fool Asset Management’s views on investing in stocks. 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.