Wedgewood Partners, an investment management company, released its fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, Wedgewood Composite’s net return was 11.4% compared to the Standard & Poor’s 11.7%, Russell 1000 Growth Index’s 14.2%, and Russell 1000 Value Index’s 9.5% return for the same period. Year-to-date, the fund returned 29.2% compared to 26.3%, 42.7%, and 11.5%, respectively for the indexes. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Wedgewood Partners featured stocks such as Tractor Supply Company (NASDAQ:TSCO) in the Q4 2023 investor letter. Headquartered in Brentwood, Tennessee, Tractor Supply Company (NASDAQ:TSCO) is a rural lifestyle retailer. On January 12, 2024, Tractor Supply Company (NASDAQ:TSCO) stock closed at $223.57 per share. One-month return of Tractor Supply Company (NASDAQ:TSCO) was 2.89%, and its shares gained 1.12% of their value over the last 52 weeks. Tractor Supply Company (NASDAQ:TSCO) has a market capitalization of $24.176 billion.
Wedgewood Partners stated the following regarding Tractor Supply Company (NASDAQ:TSCO) in its fourth quarter 2023 investor letter:
“Tractor Supply Company (NASDAQ:TSCO) was a bottom contributor to performance during the quarter. Sales grew just +4% due to adverse weather trends that affected their seasonal categories; however, earnings per share grew +11% as the Company has done an excellent job harvesting leverage from the large price and infrastructure investments made during Covid-19. Weather is impossible to predict in the short-term, however, over a longer time frame excellent businesses like Tractor Supply are able to adapt to and take advantage of the environment and still drive superior returns. For example, the Company has been dramatically expanding its selling floor space with minimal net investment, while aggressively investing in the areas of e-Commerce that have better profitability compared to traditional brick and mortar strategies such as “buy online, pick up in store.” The Company is consistently focused on a niche market of relatively higher-income rural landowners who need merchandise that is not as widely or conveniently available at big-box or storeless e-commerce sites. Their long-held strategy should continue to drive superior returns over the long-term, despite short-term variability in weather patterns.”
Kingcraft/Shutterstock.com
Tractor Supply Company (NASDAQ:TSCO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Tractor Supply Company (NASDAQ:TSCO) at the end of third quarter which was 37 in the previous quarter.
We discussed Tractor Supply Company (NASDAQ:TSCO) in another article and shared the list of best pet stocks to buy. 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:
- 20 Cheap Tropical Places to Live that Speak English
- 15 Strongest Currencies in the World in 2024
- 20 Best Non-Alcoholic Beers to Try in Dry January
Disclosure: None. This article is originally published at Insider Monkey.
