Ensemble Capital Management, an investment management company, released its first quarter 2024 investor letter. A copy of the same can be downloaded here. During the quarter, the strategy gained 10.48% compared to the S&P 500’s 10.56% return. The stock market rallied by 10.56% in Q1 2024, adding to the 11.69% rally in Q4 2023. The strategy performed in line with the S&P 500 returns this quarter after outperforming last quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Ensemble Capital Management featured stocks like Perimeter Solutions, SA (NYSE:PRM) in the first quarter 2024 investor letter. Headquartered in Clayton, Missouri, Perimeter Solutions, SA (NYSE:PRM) is a firefighting products and lubricant additives manufacturer and supplier. On April 15, 2024, Perimeter Solutions, SA (NYSE:PRM) stock closed at $7.11 per share. One-month return of Perimeter Solutions, SA (NYSE:PRM) was 15.24%, and its shares lost 4.82% of their value over the last 52 weeks. Perimeter Solutions, SA (NYSE:PRM) has a market capitalization of $1.033 billion.
Ensemble Capital Management stated the following regarding Perimeter Solutions, SA (NYSE:PRM) in its first quarter 2024 investor letter:
“In fact, our best performing stock this quarter is the anthesis of a mega cap tech stock. Perimeter Solutions, SA (NYSE:PRM), a $1 billion market cap company that sells fire retardant to fight forest fires, was up 61%. Given the small cap status, and the relatively thin trading liquidity of Perimeter, we have offered very little in the way of comments on this company. But we thought recent developments, and the jump in the stock price, was worth commenting on to a limited degree.
Perimeter Solutions is the sole company that sells fire retardant to the US Forest Service. This mission critical component, the red stuff you see dropped out of planes during major fires, is needed to protect people, property and forests from out of control wildfires. Around the country, and even outside the US, government agencies that are tasked with protecting society from wildfires often look to the US Forest Service’s list of approved products and only buy items from this list. The general idea is that if it is good enough to pass the Forest Service’s extensive testing requirements, it is good enough for any agency to use…” (Click here to read the full text)
A close-up of a firefighter in full gear, monitoring a fire safety drill.
Perimeter Solutions, SA (NYSE:PRM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Perimeter Solutions, SA (NYSE:PRM) was held by 20 hedge fund portfolios, compared to 21 in the previous quarter, according to our database.
We previously discussed Perimeter Solutions, SA (NYSE:PRM) in another article, where we shared the list of best NYSE penny stocks to buy. 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.
