Wedgewood Partners, an investment management company, released its “Large Cap Focused Growth Fund” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -4.1% net, compared to a -4.9% return for the Standard & Poor’s Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Wedgewood Partners discussed stocks like Texas Pacific Land Corporation (NYSE:TPL) in the Q3 2022 investor letter. Headquartered in Dallas, Texas, Texas Pacific Land Corporation (NYSE:TPL) is in the business of land and resource management and water services and business operations. On October 13, 2022, Texas Pacific Land Corporation (NYSE:TPL) stock closed at $2,097.95 per share. One-month return of Texas Pacific Land Corporation (NYSE:TPL) was 18.32% and its shares gained 71.63% of their value over the last 52 weeks. Texas Pacific Land Corporation (NYSE:TPL) has a market capitalization of $16.177 billion.
Here is what Wedgewood Partners specifically said about Texas Pacific Land Corporation (NYSE:TPL) in its Q3 2022 investor letter:
“Texas Pacific Land Corporation (NYSE:TPL) was a top contributor to performance during the quarter. Revenue vaulted over +80% as oil and gas royalties more than doubled, plus water sales nearly doubled. Most of this was driven by higher realized prices on the production of oil and gas on the Company’s acreage. Production of oil and gas also grew +21%. The Company’s royalty interests span over 880,000 acres in West Texas. Most of this land is located in the highly productive Delaware Basin within the Permian Basin. We expect development activity will continue to grow at a rapid pace in this region, primarily driven by both domestic and multinational producers looking to maximize returns on increasingly scarce oil and gas capital expenditures. Further, as the tragic war in Ukraine has unfolded, energy security has become an increasingly important issue for countries around the globe. The production of hydrocarbons on Texas Pacific’s acreage represents a “port in the storm” for the U.S. and for allies too that are dependent on the energy of hostile countries. It is difficult to know how any specific policy will evolve but possessing a commanding acreage position in one of the most productive regions in the country puts the Company in an excellent strategic and competitively advantaged position.”
Image: Texas Pacific Land Trust Office/Credit: Google Maps
Texas Pacific Land Corporation (NYSE:TPL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Texas Pacific Land Corporation (NYSE:TPL) at the end of the second quarter which was 19 in the previous quarter.
We discussed Texas Pacific Land Corporation (NYSE:TPL) in another article and shared Wedgewood Partners’ views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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