Wedgewood Partners, an investment management company, released its fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, Wedgewood Composite’s net return was 11.4% compared to the Standard & Poor’s 11.7%, Russell 1000 Growth Index’s 14.2%, and Russell 1000 Value Index’s 9.5% return for the same period. Year-to-date, the fund returned 29.2% compared to 26.3%, 42.7%, and 11.5%, respectively for the indexes. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Wedgewood Partners featured stocks such as Motorola Solutions, Inc. (NYSE:MSI) in the fourth quarter 2023 investor letter. Headquartered in Chicago, Illinois, Motorola Solutions, Inc. (NYSE:MSI) is a public safety and enterprise security solutions provider. On January 12, 2024, Motorola Solutions, Inc. (NYSE:MSI) stock closed at $316.31 per share. One-month return of Motorola Solutions, Inc. (NYSE:MSI) was 1.87%, and its shares gained 18.91% of their value over the last 52 weeks. Motorola Solutions, Inc. (NYSE:MSI) has a market capitalization of $52.497 billion.
Wedgewood Partners stated the following regarding Motorola Solutions, Inc. (NYSE:MSI) in its fourth quarter 2023 investor letter:
“Motorola Solutions, Inc. (NYSE:MSI) was a top contributor to performance during the quarter. The Company continues to post steady revenue growth, driven by sales of Land Mobile Radio (LMR), video surveillance, and 911 command center solutions. In addition, most of the expense headwinds from last year’s chip shortages are not repeating because supply has eased somewhat, helping drive the double-digit growth of adjusted operating profit growth. Motorola’s customers primarily consist of local, state and federal public safety agencies and commercial enterprises, all of which require very high uptime for their communication and security networks. The funding environment for these customers has been particularly strong not only due to solid normal public budgets, but also to the array of federal and state stimulus measures taken over the past few years. Many of these customers are very conservative and have long-lead times when making decisions, so Motorola has plenty of runway to upgrade them to proven technologies that have been on the market for years. We trimmed some of our position to recognize some of the healthy valuation multiple expansion over the past few years, even though we continue to hold the stock as a core weighting.”
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Motorola Solutions, Inc. (NYSE:MSI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Motorola Solutions, Inc. (NYSE:MSI) at the end of third quarter which was 43 in the previous quarter.
We discussed Motorola Solutions, Inc. (NYSE:MSI) in another article and shared Leon Cooperman’s long term stock picks. In addition, please check out our hedge fund investor letters Q4 2023 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.
