Polen Capital, an investment management company, released its “Polen U.S. Small Company Growth Strategy” first-quarter 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 of fees compared to a 7.58% return for the Russell 2000 Growth Index and a 4.77% return for the S&P SmallCap 600 Growth Index. It was a historic quarter for the Russell 2000 Growth Index as more than half of its performance was driven by Super Micro Computer and MicroStrategy. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Polen U.S. Small Company Growth Strategy 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 17, 2024, Core & Main, Inc. (NYSE:CNM) stock closed at $60.15 per share. One-month return of Core & Main, Inc. (NYSE:CNM) was 10.14%, and its shares gained 120.41% of their value over the last 52 weeks. Core & Main, Inc. (NYSE:CNM) has a market capitalization of $12.112 billion.
Polen U.S. Small Company Growth Strategy stated the following regarding Core & Main, Inc. (NYSE:CNM) in its first quarter 2024 investor letter:
“The top contributors to the Portfolio’s quarterly performance, both relative and absolute, were Wingstop, Core & Main, Inc. (NYSE:CNM), and AppFolio. Core & Main is an industrial distributor specializing in waterworks and fire protection, providing an extensive range of over 200,000 products in the water infrastructure market. The company’s fundamental business performance has been better than expected, and it continues to execute its disciplined M&A strategy very well. We view Core & Main as a high-quality business with numerous competitive advantages and reinvestment opportunities, supported by structural tailwinds given the need to repair and replace aging municipal water infrastructure.”
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. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
In another article, we discussed Core & Main, Inc. (NYSE:CNM) and shared Vulcan Value Partners’ views on the company. Vulcan Value Partners sold Core & Main, Inc. (NYSE:CNM) in the quarter on share price appreciation. Polen U.S. Small Company Growth Strategy added Core & Main, Inc. (NYSE:CNM) to its portfolio in the previous quarter and viewed it as a compelling investment opportunity.
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Disclosure: None. This article is originally published at Insider Monkey.