Wedgewood Partners, an investment management company, released its “Focused SMID Cap Strategy” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned -14.1% compared to a return of -17.0% for the Russell 2500 Index. Since inception, the fund returned 10.3% compared to 4.9% for its benchmark index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
In the second quarter 2022 investor letter, Wedgewood Partners discussed stocks like Steven Madden, Ltd. (NASDAQ:SHOO). Headquartered in Long Island City, New York, Steven Madden, Ltd. (NASDAQ:SHOO) designs and markets footwear and other fashion accessories. On September 28, 2022, Steven Madden, Ltd. (NASDAQ:SHOO) stock closed at $28.11 per share. One-month return of Steven Madden, Ltd. (NASDAQ:SHOO) was -3.14% and its shares lost 30.00% of their value over the last 52 weeks. Steven Madden, Ltd. (NASDAQ:SHOO) has a market capitalization of $2.221 billion.
Here is what Wedgewood Partners specifically said about Steven Madden, Ltd. (NASDAQ:SHOO) in its Q2 2022 investor letter:
“Steven Madden, Ltd. (NASDAQ:SHOO) reaped the results of its competitively advantaged supply chain and generated a +55% increase in revenue while tripling earnings per share. Many retail vendors have been struggling to replenish their own stores let alone wholesale customers with inventory, but Steve Madden has done an excellent job fulfilling customer needs and is able to take ample pricing as a result. Many of the Company’s smaller competitors cannot meet demand as they were hobbled, if not completely wiped out, by COVID-19 induced shutdowns over the past few years. As economies continue to reopen, Steve Madden should continue to compound its market share gains at increasingly attractive returns, not unlike how the industry evolved in the aftermath of the 2008-2009 financial crisis. With the stock trading at a multi-decade low forward earnings multiple, we viewed the pullback in shares as an attractive opportunity and added to positions in the portfolios during the quarter.”
Steven Madden, Ltd. (NASDAQ:SHOO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Steven Madden, Ltd. (NASDAQ:SHOO) at the end of the second quarter which was 24 in the previous quarter.
We discussed Steven Madden, Ltd. (NASDAQ:SHOO) in another article and shared the list of stocks that announced dividend hikes of more than 15%. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.
Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.
At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.
Do the math. According to Musk, this technology could be worth $250 trillion by 2040.
Put another way, that’s roughly equal to:
175 Teslas
107 Amazons
140 Metas
84 Googles
65 Microsofts
And 55 Nvidias
And here’s the wild part — this $250 trillion wave isn’t tied to one company, but to an entire ecosystem of AI innovators set to reshape the global economy.
It’s a leap so massive, it could reshape how businesses, governments, and consumers operate worldwide.
Even if that $250 trillion figure sounds ambitious, major firms like PwC and McKinsey still see AI unlocking multi-trillion-dollar potential.
How could anything be worth that much?
The answer lies in a breakthrough so powerful it’s redefining how humanity works, learns, and creates.
And this breakthrough has already set off a frenzy among hedge funds and Wall Street’s top investors.
What most investors don’t realize is that one under-owned company holds the key to this $250 trillion revolution.
In fact, Verge argues this company’s supercheap AI technology should concern rivals.
Before I reveal the details, let’s talk about how some of the richest people on the planet are positioning themselves.
Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.
When billionaires from Silicon Valley to Wall Street line up behind the same idea — you know it’s worth paying attention to.
Even as we admire what Tesla, Nvidia, Alphabet, and Microsoft have built, we believe an even greater opportunity lies elsewhere…
But the real story isn’t Nvidia — it’s a much smaller company quietly improving the critical technology that makes this entire revolution possible.
And judging by what I’m hearing from both Silicon Valley insiders and Wall Street veterans…
This prediction might not be bold at all:
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