Wedgewood Partners, an investment management company, released its “Focused SMID Cap Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 14.8% compared to a 7.4% return for the Russell 2500 Index. For the year 2022, the fund returned -19.0% compared to a -18.4% return for the benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Wedgewood Partners highlighted stocks like Steven Madden, Ltd. (NASDAQ:SHOO) in its Q4 2022 investor letter. Headquartered in Long Island City, New York, Steven Madden, Ltd. (NASDAQ:SHOO) is a fashion brand that designs and sources private-label footwear, apparel, and accessories. On March 7, 2023, Steven Madden, Ltd. (NASDAQ:SHOO) stock closed at $35.52 per share. One-month return of Steven Madden, Ltd. (NASDAQ:SHOO) was 5.03%, and its shares lost 10.21% of their value over the last 52 weeks. Steven Madden, Ltd. (NASDAQ:SHOO) has a market capitalization of $2.731 billion.
Wedgewood Partners made the following comment about Steven Madden, Ltd. (NASDAQ:SHOO) in its Q4 2022 investor letter:
“Steven Madden, Ltd. (NASDAQ:SHOO) is a fashion footwear designer and seller with a dominant market position in the North American wholesale market, particularly in the women’s fashion category. Major wholesale customers span the broad consumer spectrum, from Nordstrom to Macy’s to Amazon, mass market, and off-price retailers. In addition, the company operates a small fleet of its own stores and complementary wholesale businesses in apparel and accessories, as well as a small international business.
While the company would not have existed at all in the first place if not for founder Steven Madden’s skill in designing fashionable shoes, the most important thing to understand about this business is that it now has little or nothing to do with the company’s skills in designing fashionable shoes. The business model’s repeated success over time has been driven entirely, in our opinion, by its supply chain model…” (Click here to read the full text)
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Steven Madden, Ltd. (NASDAQ:SHOO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Steven Madden, Ltd. (NASDAQ:SHOO) at the end of the fourth quarter which was 24 in the previous quarter.
We discussed Steven Madden, Ltd. (NASDAQ:SHOO) in another article and shared Wedgewood Partners’ views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2022 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.