Here’s Why the London Company Mid Cap Strategy Reduced its Position in Copart (CPRT)
The London Company, an investment management company, released “The London Company Mid Cap Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. Q4 saw a remarkable broadening of market strength, with small and mid-cap companies posting robust increases. In Q4, the fund gained 12.9% (12.8, net) vs a 12.8% gain for the Russell Midcap Index. Positive stock selection boosted the fund's outperformance in the quarter, partly offset by headwinds from sector exposure. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company Mid Cap Strategy featured stocks such as Copart, Inc. (NASDAQ:CPRT) in the fourth quarter 2023 investor letter. Headquartered in Dallas, Texas, Copart, Inc. (NASDAQ:CPRT) is an online auction and vehicle remarketing services providing company. On February 7, 2024, Copart, Inc. (NASDAQ:CPRT) stock closed at $50.85 per share. One-month return of Copart, Inc. (NASDAQ:CPRT) was 6.34%, and its shares gained 46.92% of their value over the last 52 weeks. Copart, Inc. (NASDAQ:CPRT) has a market capitalization of $48.828 billion.
The London Company Mid Cap Strategy stated the following regarding Copart, Inc. (NASDAQ:CPRT) in its fourth quarter 2023 investor letter:
"Reduced: Copart, Inc. (NASDAQ:CPRT) - Reduction reflects the strong rally in CPRT over many years, including a >60% return YTD. Following the recent rally, the market cap of CPRT is approaching $50B, which is at the upper end of the range for the Mid Cap portfolio."
A line of used vehicles in a spacious lot, ready to be sold at an auction.
Copart, Inc. (NASDAQ:CPRT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held Copart, Inc. (NASDAQ:CPRT) at the end of third quarter which was 46 in the previous quarter.
In another article, we mentioned Copart, Inc. (NASDAQ:CPRT) and shared Jim Cramer's list of recommended stocks, stating that a recession is unlikely. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.
