Cooper Investors, an investment management firm, released its “Cooper Investors Global Equities Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund returned 7.4% in the first quarter, compared to a 9.4% return for the benchmark MSCI ACWI. The market rally, which started in late October 2023, has lasted through 2024. The US is leading, with the S&P 500 reaching new all-time highs for the first time since the rate-hiking cycle started, driven by the continuous rise in tech companies connected to AI markets. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Cooper Investors Global Equities Fund featured stocks like Louisiana-Pacific Corporation (NYSE:LPX) in its Q1 2024 investor letter. Headquartered in Nashville, Tennessee, Louisiana-Pacific Corporation (NYSE:LPX) provides building solutions. On April 22, 2024, Louisiana-Pacific Corporation (NYSE:LPX) stock closed at $73.23 per share. One-month return of Louisiana-Pacific Corporation (NYSE:LPX) was -11.09%, and its shares gained 22.09% of their value over the last 52 weeks. Louisiana-Pacific Corporation (NYSE:LPX) has a market capitalization of $5.295 billion.
Cooper Investors Global Equities Fund stated the following regarding Louisiana-Pacific Corporation (NYSE:LPX) in its first quarter 2024 investor letter:
“Highlights are often the private site tours we undertake with portfolio companies, two worth discussing on this trip were with Louisiana-Pacific Corporation (NYSE:LPX) and Eurofins Scientific (Eurofins). LP is a business we invested in mid-2023 and represents a Low-Risk Turnaround where the proposition is a commodity-to-specialty transformation story. The company is a leading manufacturer of wood-based building materials produced from its 24 mills and finishing plants, comprising ~4bn sq. ft of Oriented Strand Board (OSB) capacity and ~2bn sq. ft of siding capacity. Historically, OSB was the core output of LP but is a commoditised product in which LP is a price-taker. Group profits and losses swung around and led to highly volatile earnings over the years for a business at the whim of the underlying OSB price.
Siding on the other hand is a genuinely differentiated product that gives LP pricing power and generates consistent incremental margins of 25-30%. Made in the same mills as OSB using engineered wood flake and embossed with a grain finish (a processing marvel we’ve witnessed first-hand at a Source: Company Disclosures, Redburn Atlantic mill in Upper Michigan), LP ‘Smartside’ is a sustainable way to wrap homes in an attractive durable substrate that is gaining popularity among small and medium builders…” (Click here to read the full text)
A construction worker standing on a rooftop with a toolbelt in hand, looking out at a new home development in the background.
Louisiana-Pacific Corporation (NYSE:LPX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Louisiana-Pacific Corporation (NYSE:LPX) was held by 41 hedge fund portfolios, up from 38 in the previous quarter, according to our database.
We previously discussed Louisiana-Pacific Corporation (NYSE:LPX) in another article, where we shared Warren Buffett’s stock picks with huge upside potential. 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.
