Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund (Class Y) returned 7.17% compared to the 9.21% increase for the Russell Midcap Index. The Fund returned 12.44%, in the year-to-date nine months, compared to 14.63% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Madison Mid Cap Fund highlighted stocks like Copart, Inc. (NASDAQ:CPRT) in the third quarter 2024 investor letter. Copart, Inc. (NASDAQ:CPRT) is an online auction and vehicle remarketing services providing company. The one-month return of Copart, Inc. (NASDAQ:CPRT) was 4.37%, and its shares gained 22.89% of their value over the last 52 weeks. On October 17, 2024, Copart, Inc. (NASDAQ:CPRT) stock closed at $53.69 per share with a market capitalization of $51.719 billion.
Madison Mid Cap Fund stated the following regarding Copart, Inc. (NASDAQ:CPRT) in its Q3 2024 investor letter:
“The bottom five detractors for the quarter were Dollar Tree, MKS Instruments, PACCAR, Copart, Inc. (NASDAQ:CPRT), and Amphenol. Copart’s steady earnings growth took a pause this quarter as margins were hit by elevated growth in expenses. While some of the costs will prove to be more one-off in nature, management is investing behind growth and efficiency initiatives, which we believe will prove to be capital well spent.”
A busy car auction being held at a leading car dealership, buyers and sellers engaging in active bidding.
Copart, Inc. (NASDAQ:CPRT) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 50 hedge fund portfolios held Copart, Inc. (NASDAQ:CPRT) at the end of the second quarter which was 41 in the previous quarter. While we acknowledge the potential of Copart, Inc. (NASDAQ:CPRT) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Copart, Inc. (NASDAQ:CPRT) and shared the list of best used car stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.