Cooper Investors, an investment management firm, released its “Cooper Investors Global Equities Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned -0.48% in the third quarter, compared to a -0.37% return for the benchmark MSCI ACWI. Global stocks closed lower at quarter-end due to rising bond yields, higher energy prices, and a strong dollar, which are typically unfriendly for equities. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Cooper Investors highlighted stocks like Costco Wholesale Corporation (NASDAQ:COST) in the third quarter 2023 investor letter. Based in Issaquah, Washington, Costco Wholesale Corporation (NASDAQ:COST) engages in the operation of membership warehouses. On November 1, 2023, Costco Wholesale Corporation (NASDAQ:COST) stock closed at $555.78 per share. One-month return of Costco Wholesale Corporation (NASDAQ:COST) was -2.28%, and its shares gained 14.44% of their value over the last 52 weeks. Costco Wholesale Corporation (NASDAQ:COST) has a market capitalization of $246.452 billion.
Cooper Investors made the following comment about Costco Wholesale Corporation (NASDAQ:COST) in its Q3 2023 investor letter:
“With the market rally in the first half of 2023 driving double digit returns we took the opportunity early in the quarter to reassess Value Latency embedded in the portfolio. The spotlight was on more highly valued stocks that represent some of our longest held positions and among the better performers over the years. The outcome is that we have exited several long-term positions at what we consider attractive prices, where the balance of Risk Adjusted Value Latency was no longer in our favour.
We remain admirers of these businesses and they remain on our watchlist, but the reality is their appeal is widely recognised today. Management have executed well on earnings growth, but returns have also come from substantial multiple re-ratings that we see as unlikely to reoccur from today’s higher base.
Costco Wholesale Corporation (NASDAQ:COST) was acquired in March 2015 at ~$150 and has more than tripled over its holding period to ~$550 today, delivering a total return with dividends reinvested of ~330% in USD or IRR of 20%. Over the journey the multiple re-rated from 25 times to ~35 times.”
omar-abascal-9Um7Huux0as-unsplash
Costco Wholesale Corporation (NASDAQ:COST) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 67 hedge fund portfolios held Costco Wholesale Corporation (NASDAQ:COST) at the end of second quarter which was 63 in the previous quarter.
We discussed Costco Wholesale Corporation (NASDAQ:COST) in another article and shared the list of best cyclical stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- Analysts on Wall Street Lower Ratings for These 10 Stocks
- 11 Best Military Drone Stocks To Invest In
- 25 Worst States for Human Trafficking in America
Disclosure: None. This article is originally published at Insider Monkey.
