Investment management firm Andvari Associates has released its investor letter for the fourth quarter of 2022. A copy of the same can be downloaded here. For the full year of 2022, the fund fell 33.8% after fees, compared to his SPDR S&P 500 ETF, which fell 18.2%. Plus, check out the fund’s top five holdings to see our best picks for 2022.
Andvari Associates focused on stocks such as Copart, Inc. (NASDAQ:CPRT) in its fourth quarter 2022 investor letter. Headquartered in Dallas, Texas, Copart, Inc. (NASDAQ:CPRT) is an online auction and vehicle remarketing services company. On January 31, 2023, Copart, Inc. (NASDAQ: CPRT) stock closed at $66.61 per share. Copart, Inc.’s (NASDAQ:CPRT) one-month return is his 7.47%, and the company’s stock has risen 1.03% over the past 52 weeks. Copart, Inc. (NASDAQ:CPRT) has a market capitalization of $31.726 billion.
Andvari Associates made the following comments about Copart, Inc. (NASDAQ:CPRT) in its fourth quarter 2022 investor letter:
“Founded by Willis Johnson Copart Co., Ltd. (NASDAQ:CPRT) was founded in 1982 as an automobile scrapper and today the company is the world’s largest auctioneer of damaged and total vehicles. It sells over 3.5 million vehicles annually and operates over 250 of his locations in 11 countries. 250,000 vehicles are put up for auction every day.
Copart’s primary customers are auto insurance companies. This is GEICO, Progressive, State Farm, and many others around the world. If a policyholder’s car is damaged, the insurance company decides whether to repair the car or pay the owner the value of the car as a total. Insurance companies will add up a car if the repair costs exceed the value of the car before the accident. When they total the car, the insurance company writes a check for the pre-accident value of the car, then he uses Copart to auction the car to recover the remaining value…” Click here to read)
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Copart, Inc. (NASDAQ:CPRT) isn’t on the list of the 30 most popular hedge funds. According to our database, 49 hedge fund portfolios held his Copart, Inc. (NASDAQ:CPRT) as of the end of the third quarter, compared with 50 last quarter.
We covered Copart, Inc. (NASDAQ:CPRT) in a separate article and shared a list of the world’s most valuable e-commerce companies. Additionally, for investor letters from hedge funds and other leading investors, visit the Hedge Fund Investor Letters Q4 2022 page.
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Disclosure: None. This article was originally published on Insider Monkey.
