Investment management company Polen Capital has released its “Polen US Small Company Growth Strategy” Q1 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund delivered 1.42% gross and 1.11% net, excluding fees. In comparison, the Russell 2000 Growth Index returned 7.58% and the S&P SmallCap 600 Growth Index returned 4.77%. This was a historic quarter for the Russell 2000 Growth Index, with more than half of its performance coming from Super Micro Computers and MicroStrategy. Additionally, you can check out the fund’s top five holdings to learn about the best stocks for 2024.
Polen US Small Company Growth Strategy’s Q1 2024 Investor Letter featured stocks such as Core & Main, Inc. (NYSE:CNM). Core & Main, Inc. (NYSE:CNM), headquartered in St. Louis, Missouri, sells water, wastewater, storm drainage and fire protection products. On May 17, 2024, Core & Main, Inc. (NYSE: CNM) stock closed at $60.15 per share. Core & Main, Inc. (NYSE: CNM)’s 1-month return is his 10.14%, and the company’s stock has increased his 120.41% in value over the past 52 weeks. Core & Main, Inc. (NYSE:CNM) has a market capitalization of $12.112 billion.
Polen US Small Company Growth Strategy says this about Core & Main, Inc. (NYSE:CNM) in its Q1 2024 investor letter:
“The largest relative and absolute contributors to the portfolio’s quarterly performance were Wingstop; Core and Main Co., Ltd. (NYSE:CNM), AppFolio. Core & Main is an industrial distributor specializing in water and fire protection, offering a wide range of over 200,000 products to the water infrastructure market. The company’s underlying performance has exceeded expectations and it continues to successfully execute its disciplined M&A strategy. We position Core & Main with numerous competitive advantages and reinvestment opportunities, supported by structural tailwinds that account for the need to repair and replace aging municipal water infrastructure. We believe that we are a high quality business. ”
Aerial view of an industrial facility where various water products are loaded onto tanker trucks.
Core & Main, Inc. (NYSE:CNM) isn’t on our list of 30 most popular stocks among hedge funds. Our database shows that 43 hedge fund portfolios held Core & Main, Inc. (NYSE:CNM) at the end of the fourth quarter, compared to 37 in the prior quarter. Additionally, for investor letters from hedge funds and other leading investors, please visit our Hedge Fund Investor Letters Q1 2024 page.
In another article, we discussed Core & Main, Inc. (NYSE:CNM) and shared Vulcan Value Partners’ view on the company. Vulcan Value Partners sold Core & Main, Inc. (NYSE:CNM) during the quarter as the stock rose. Polen US Small Company Growth Strategy added Core & Main, Inc. (NYSE:CNM) to its portfolio last quarter and deemed it an attractive investment opportunity.
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Disclosure: None.This article was first published Insider Monkey.
