Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. Equity markets surged at the beginning of 2024 in anticipation of the US economy entering a “goldilocks” scenario – a soft landing combined with decreasing inflation, potentially leading to a cut in interest rates by the Fed. In the first quarter, its Investor Class fund ARTSX returned 9.43%, Advisor Class fund APDSX posted a return of 9.42%, and Institutional Class fund APHSX returned 9.48%, compared to a return of 7.58% for the Russell 2000 Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Small Cap Fund highlighted stocks like Floor & Decor Holdings, Inc. (NYSE:FND), in the first quarter 2024 investor letter. Floor & Decor Holdings, Inc. (NYSE:FND) is a multi-channel specialty retailer of hard surface flooring and related accessories. The one-month return of Floor & Decor Holdings, Inc. (NYSE:FND) was 3.95%, and its shares gained 24.42% of their value over the last 52 weeks. On May 28, 2024, Floor & Decor Holdings, Inc. (NYSE:FND) stock closed at $113.61 per share with a market capitalization of $12.158 billion.
Artisan Small Cap Fund stated the following regarding Floor & Decor Holdings, Inc. (NYSE:FND) in its first quarter 2024 investor letter:
“Along with Wingstop, notable trims in the quarter included WESCO and Floor & Decor Holdings, Inc. (NYSE:FND). Floor & Decor Holdings sells hard-surface flooring in the US with the industry’s broadest in-stock assortment of tile, wood, laminate and natural stone flooring. We initiated our investing campaign in 2018 on the thesis that the company would be able to consolidate a fragmented market supported by a positive US housing backdrop. Its stock has performed well during our campaign, and we trimmed our position based on our valuation discipline.”
An overhead view of a website displaying the multiple options of flooring products available for purchase.
Floor & Decor Holdings, Inc. (NYSE:FND) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Floor & Decor Holdings, Inc. (NYSE:FND) at the end of the first quarter which was 35 in the previous quarter.
Floor & Decor Holdings, Inc. (NYSE:FND) sales decreased by 2.2% to $1,097.3 million in the first quarter of fiscal 2024, while comparable store sales decreased by 11.6% from the same period the previous year.
In another article, we discussed Floor & Decor Holdings, Inc. (NYSE:FND) and shared TimesSquare Capital U.S. Mid Cap Growth Strategy’s views on the company. 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.