Cooper Investors, an investment management firm, released its “Cooper Investors Global Equities Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned +8.31% in the fourth quarter, compared to an 8.75% return for the benchmark MSCI ACWI. For CY2023, the portfolio produced an absolute return of +19%, which was a solid performance in a year marked by extreme volatility and pessimistic economic forecasts from numerous analysts. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Cooper Investors Global Equities Fund featured stocks such as CDW Corporation (NASDAQ:CDW) in the fourth quarter 2023 investor letter. Headquartered in Vernon Hills, Illinois, CDW Corporation (NASDAQ:CDW) is an information technology (IT) solutions provider. On January 23, 2024, CDW Corporation (NASDAQ:CDW) stock closed at $224.81 per share. One-month return of CDW Corporation (NASDAQ:CDW) was -1.64%, and its shares gained 17.02% of their value over the last 52 weeks. CDW Corporation (NASDAQ:CDW) has a market capitalization of $30.116 billion.
Cooper Investors Global Equities Fund stated the following regarding CDW Corporation (NASDAQ:CDW) in its fourth quarter 2023 investor letter:
“While we can’t predict the impact of the Mag 7 in 2024, history and mean reversion show the challenges top index weights have in repeating feats of outperformance. Capital tends to rotate between leaders and laggards, as valuation discrepancies widen and passive flows chase momentum. While this is not the case every year, our analysis on the S&P500 shows that over long periods (15, 20, 25 and 30 years), the Equal-Weighted S&P500 has out-performed the Market Cap-Weighted S&P 500.2 An outcome of this years’ crowding at the top of the index means many other stocks now offer material relative value. We’ve identified attractive investment opportunities in the mid-to-large cap space (US$2-200bn). These are businesses with multiple latencies that represent industry leaders led by the kind of proprietorial management teams we’re attracted to, often growing earnings faster than mega cap tech. Some are even leveraged to the very same trends that are driving the Mag 7 group, like AI, Cloud and Cybersecurity. An example is CDW Corporation (NASDAQ:CDW) which, as a value-added IT reseller, acts as an intermediary between large enterprise customers and vendors of IT solutions including hyperscalers like Microsoft and Amazon. As complexity and risk grows, the role of companies like CDW to act as trusted advisor and solutions provider to Chief Technology Officers becomes ever more critical.”
A team of Information Technology professionals creating complicated algorithms at their desks.
CDW Corporation (NASDAQ:CDW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held CDW Corporation (NASDAQ:CDW) at the end of third quarter which was 33 in the previous quarter.
We discussed CDW Corporation (NASDAQ:CDW) in another article and shared the list of Morgan Stanley’s top stock picks for 2023. 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.