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 IDEX Corporation (NYSE:IEX) in the Q1 2024 investor letter. Headquartered in Northbrook, Illinois, IDEX Corporation (NYSE:IEX) is a global provider of applied solutions. On April 15, 2024, IDEX Corporation (NYSE:IEX) stock closed at $230.49 per share. One-month return of IDEX Corporation (NYSE:IEX) was -3.97%, and its shares gained 4.51% of their value over the last 52 weeks. IDEX Corporation (NYSE:IEX) has a market capitalization of $17.446 billion.
Ensemble Capital Management stated the following regarding IDEX Corporation (NYSE:IEX) in its first quarter 2024 investor letter:
IDEX Corporation (NYSE:IEX): One of Ensemble’s newer positions is IDEX Corporation. IDEX is not a well-known company, and we believe it has the chance to be recognized as one of the next great serial acquirers like past Ensemble holdings TransDigm Group (TDG) and Heico (HEI).
One of the reasons IDEX is not well-known is because it sells decidedly mundane products, under many different brand names – mostly to distributors and other product manufacturers. It is highly diversified and owns over 50 subsidiary companies; these businesses typically sell niche parts and technology that help larger systems run smoothly in industrial and healthcare end-markets.
One of IDEX’s products is its Systec OEM MINI Degassing module. This module removes gases from fluids and can improve the accuracy of liquid chromatography equipment used to analyze the chemical composition of drugs in the pharma industry, for example. It is sold within IDEX’s Health and Science Technologies (HST) segment, 40% of revenue. Another is its Sandpiper Heavy Duty Flap Valve Pump sold by its Warren Rupp business, counted within its Fluid and Metering Technologies (FMT) segment, 38% of revenue. The pump can be used in a larger Dissolved Air Floatation system that factories use to treat industrial wastewater. Its StreamMaster Fire Monitor is installed on fire trucks and used as a water cannon to extinguish fires. It is sold by the Akron Brass business within IDEX’s Fire and Safety / Diversified Products (FSDP) segment that is 22% of revenue. Flashy Ferraris these are not…(Click here to read the full text)
A worker in a laboratory coat checking a Positive Displacement Pump.
IDEX Corporation (NYSE:IEX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, IDEX Corporation (NYSE:IEX) was held by 25 hedge fund portfolios, compared to 28 in the previous quarter, according to our database. 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.
