Should You Hold Watsco (WSO) for the Long-Term?

Conestoga Capital Advisors, an asset management company, released its “SMid Cap Growth Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The Conestoga SMid Cap Growth Composite rose 8.52% net of fees in the second quarter, compared to the Russell 2500 Growth Index’s 6.41% return. A mix of both sector allocation and stock selection contributed positively to the relative return of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga Smid Strategy highlighted stocks like Watsco, Inc. (NYSE:WSO) in the second quarter 2023 investor letter. Based in Miami, Florida, Watsco, Inc. (NYSE:WSO) distributes air conditioning, heating, refrigeration equipment, and related parts and supplies. On August 9, 2023, Watsco, Inc. (NYSE:WSO) stock closed at $357.53 per share. One-month return of Watsco, Inc. (NYSE:WSO) was -3.07%, and its shares gained 22.05% of their value over the last 52 weeks. Watsco, Inc. (NYSE:WSO) has a market capitalization of $13.897 billion.

Conestoga Smid Strategy made the following comment about Watsco, Inc. (NYSE:WSO) in its second quarter 2023 investor letter:

“Watsco, Inc. (NYSE:WSO): WSO is the nation’s largest distributor of heating, ventilation, and air conditioning (HVAC) equipment, parts and supplies with 80% of revenue tied to the Sun Belt region. Coming off two years of strong volumes and record pricing, the stock continued to march higher as gross profit margin gains are proving durable.”

Pixabay/Public Domain

Watsco, Inc. (NYSE:WSO) is not on our list of 30 Most Popular Stocks Among Hedge Funds As per our database, 36 hedge fund portfolios held Watsco, Inc. (NYSE:WSO) at the end of the first quarter which was 32 in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

• 20 Biggest Internet of Things Companies in the World
• 20 Countries With the Most YouTube Users in 2023
• Top 30 Countries With The Most Immigrants

Disclosure: None. This article is originally published at Insider Monkey.