ClearBridge Investments, an investment management company, released its “ClearBridge Mid Cap Growth Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. Beginning in July, a significant shift away from large caps fueled a rebound that propelled the Russell Midcap Index 9.21% higher outperforming the large cap Russell 1000 Index’s 6.08% gain. In the third quarter, the Strategy beat its benchmark driven by contributions from its investments in the IT and healthcare sectors. In addition, please check the fund’s top five holdings to know its best picks in 2024.
ClearBridge Mid Cap Growth Strategy highlighted stocks like Copart, Inc. (NASDAQ:CPRT) in the third quarter 2024 investor letter. Copart, Inc. (NASDAQ:CPRT) is an online auction and vehicle remarketing services providing company. The one-month return of Copart, Inc. (NASDAQ:CPRT) was 8.85%, and its shares gained 26.04% of their value over the last 52 weeks. On December 9, 2024, Copart, Inc. (NASDAQ:CPRT) stock closed at $61.77 per share with a market capitalization of $59.517 billion.
ClearBridge Mid Cap Growth Strategy stated the following regarding Copart, Inc. (NASDAQ:CPRT) in its Q3 2024 investor letter:
“Stock selection in the industrials sector, meanwhile, weighed on quarterly performance. The largest detractor in the sector was Copart, Inc. (NASDAQ:CPRT), which provides online auctions and remarketing services for automotive vehicles globally. The company’s stock declined after it announced quarterly earnings that came in below market expectations, driven by some nonrecurring tax issues, storm preparation costs and labor expenses. However, the company has been a strong, multiyear outperformer, and we believe that its position as the dominant player in the automotive auction and remarketing service industry will continue to help drive attractive long-term performance.”
A busy car auction being held at a leading car dealership, buyers and sellers engaging in active bidding.
Copart, Inc. (NASDAQ:CPRT) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held Copart, Inc. (NASDAQ:CPRT) at the end of the third quarter which was 50 in the previous quarter. While we acknowledge the potential of Copart, Inc. (NASDAQ:CPRT) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Copart, Inc. (NASDAQ:CPRT) and shared Wedgewood Partners’ views on the company. In addition, please check out our hedge fund investor letters Q3 2024 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.