Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” fourth-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the fourth quarter, the fund (Class Y) decreased 1.86% compared to the 0.62% increase for the Russell Midcap Index. The Fund returned 10.46% in the full year 2024 period, compared to 15.34% 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 fourth 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 1.78%, and its shares gained 16.50% of their value over the last 52 weeks. On January 29, 2024, Copart, Inc. (NASDAQ:CPRT) stock closed at $57.32 per share with a market capitalization of $55.229 billion.

Madison Mid Cap Fund stated the following regarding Copart, Inc. (NASDAQ:CPRT) in its Q4 2024 investor letter:

"The top five contributors for the quarter were Liberty Formula One, Arista Networks, Copart, Inc. (NASDAQ:CPRT), Brookfield Asset Management, and Lithia Motors. Liberty Formula One, owner of the ‘F1’ international motor racing league, continues to produce strong results. Copart’s most recent quarter showed strong growth in unit volumes as the percentage of cars that get deemed a total loss by insurance companies has bounced back and hit new highs. Perhaps more encouraging for investors was that management seemed to indicate that the recent ramp in expenses is likely to recede in the coming year."

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 30 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held Copart, Inc. (NASDAQ:CPRT) at the end of the third quarter which was 50 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 ClearBridge Mid Cap Growth Strategy's views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2024 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.