Investment management company Vulcan Value Partners recently released its first quarter 2024 investor letter. A copy of the letter can be downloaded here. The firm is happy with the first quarter’s outcomes. All of the strategic composites generated positive returns, and many of them outperformed their respective benchmarks. In the quarter, the fund’s Large Cap Composite returned 12.0% net of fees and expenses, the Small Cap Composite returned 0.2% net, the Focus Composite returned 12.7% net, the Focus Plus composite returned 12.9%, and the All-Cap Composite returned 6.6% net. You can check the top 5 holdings of the fund to know its best picks in 2023.
Vulcan Value Partners featured stocks like Core & Main, Inc. (NYSE:CNM) in the first quarter 2024 investor letter. Headquartered in St. Louis, Missouri, Core & Main, Inc. (NYSE:CNM) distributes water, wastewater, storm drainage, and fire protection products. On May 9, 2024, Core & Main, Inc. (NYSE:CNM) stock closed at $59.51 per share. One-month return of Core & Main, Inc. (NYSE:CNM) was 5.63%, and its shares gained 121.64% of their value over the last 52 weeks. Core & Main, Inc. (NYSE:CNM) has a market capitalization of $11.984 billion.
Vulcan Value Partners stated the following regarding Core & Main, Inc. (NYSE:CNM) in its first quarter 2024 investor letter:
“Core & Main, Inc. (NYSE:CNM) was a great investment for us. Core & Main is a national distributor of water, wastewater, storm drainage, and fire protection products to municipalities and contractors across municipal, residential, and non-residential end markets. During the time we owned the company, it generated over $1 billion of free cash flow which represented 19% of the market cap at the entry of our investment. While our value grew materially over our holding period, the company’s stock price grew more quickly than our value and our margin of safety narrowed. We followed our discipline and reallocated capital to more discounted names. Core & Main remains on our MVP list, and we would be happy to own the company again.”
An aerial view of an industrial facility with a variety of water products being loaded into tanker trucks.
Core & Main, Inc. (NYSE:CNM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held Core & Main, Inc. (NYSE:CNM) at the end of the fourth quarter which was 37 in the previous quarter.
We previously discussed Core & Main, Inc. (NYSE:CNM) in another article, where we shared the list of stocks Jim Cramer is recommending. Vulcan Value Partners added Core & Main, Inc. (NYSE:CNM) to its portfolio in 2023, and in the Q1 2023 letter the firm highlighted optimism on Core & Main, Inc.’s growth potential (NYSE:CNM). In addition, please check out our hedge fund investor letters Q1 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.