Giverny Capital Benefited from Investment in Installed Building Products(IBP)

Giverny Capital Asset Management, LLC, an investment management company, recently published its fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The firm’s model portfolio returned 16.26% (net) in the fourth quarter compared to an 11.69% return for the S&P 500 Total Return Index. The fund had an annual return of 29.07% compared to the 26.29% return for the Index during the same period. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Giverny Capital Asset Management featured stocks such as Installed Building Products, Inc. (NYSE:IBP) in the fourth quarter 2023 investor letter. Based in Columbus, Ohio, Installed Building Products, Inc. (NYSE:IBP) engages in installing insulation for the residential new construction market. On February 5, 2024, Installed Building Products, Inc. (NYSE:IBP) stock closed at $194.37 per share. One-month return of Installed Building Products, Inc. (NYSE:IBP) was 6.72%, and its shares gained 71.63% of their value over the last 52 weeks. Installed Building Products, Inc. (NYSE:IBP) has a market capitalization of $5.522 billion.

Giverny Capital Asset Management stated the following regarding Installed Building Products, Inc. (NYSE:IBP) in its fourth quarter 2023 investor letter:

“Perhaps our best addition to an existing position this year was Installed Building Products, Inc. (NYSE:IBP). When the stock fell to $112 in the fourth quarter, we bought shares. The stock almost immediately went on a tear, finishing the year at $182 and vaulting into our top 10 holdings. If I did this more often, I might become insufferable.”

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Installed Building Products, Inc. (NYSE:IBP) is not on our list of 30 Most Popular Stocks Among Hedge Funds.  As per our database, 29 hedge fund portfolios held Installed Building Products, Inc. (NYSE:IBP) at the end of third quarter which was 22 in the previous quarter.

We discussed Installed Building Products, Inc. (NYSE:IBP) in another article and shared ClearBridge Small Cap Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q4 2023 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.