Wedgewood Partners, an investment management company, released its first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, Wedgewood Composite’s net return was 11.5% compared to the Standard & Poor’s 10.6%, Russell 1000 Growth Index’s 11.4%, and Russell 1000 Value Index’s 9.0% return for the same period. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Wedgewood Partners featured stocks like CDW Corporation (NASDAQ:CDW) in the first quarter 2024 investor letter. Headquartered in Vernon Hills, Illinois, CDW Corporation (NASDAQ:CDW) is an information technology (IT) solutions provider. On April 16, 2024, CDW Corporation (NASDAQ:CDW) stock closed at $240.01 per share. One-month return of CDW Corporation (NASDAQ:CDW) was -3.22%, and its shares gained 26.13% of their value over the last 52 weeks. CDW Corporation (NASDAQ:CDW) has a market capitalization of $32.25 billion.
Wedgewood Partners stated the following regarding CDW Corporation (NASDAQ:CDW) in its first quarter 2024 investor letter:
“CDW Corporation (NASDAQ:CDW) was a positive relative performer. The Company generated nearly flat gross profit growth in 2023 off difficult 2022 (+31%) comparisons (partially from M&A). The Company has done a remarkable job helping its small and medium-sized customers shift from hardware-centric IT layouts to hybrid and software-based implementations. CDW’s core customer typically has constraints in both IT department staf2ing and related resources, making it difficult for large enterprise-focused IT vendors to reach those customers. As a result, there are plenty of proven technologies that have been adopted by larger businesses, often long ago, that will eventually find their way into small and medium-sized businesses with the help of CDW. CDW is agnostic to the consumption models or form factors of technologies, which is why the Company has been able to maintain superior returns over many different technology cycles and innovation trends. We think helping small and medium-sized businesses setup and run their IT departments is more important than any specific technology that happens to enable those departments and should help the Company continue to grow and take share of IT budgets over time.”
An IT Executive reviewing blueprints and schematics for a hardware solution.
CDW Corporation (NASDAQ:CDW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, CDW Corporation (NASDAQ:CDW) was held by 30 hedge fund portfolios, compared to 31 in the previous quarter, according to our database.
We previously discussed CDW Corporation (NASDAQ:CDW) in another article, where we shared Cooper Investors Global Equities Fund’s perspective on the company. In addition, please check out our hedge fund investor letters Q1 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.
