Choice Equities Capital Management, a hedge fund manager, released its first-quarter 2024 investor letter recently. A copy of the same can be downloaded here. In the first quarter, the fund generated gains of +14.2% on a net basis in comparison to the Russell 2000’s quarterly gain of +5.2%. The S&P 500 generated a gain of +10.6% during the same period. Since its inception in 2017, the fund has generated annualized gains of +15.0% versus +7.8% and +14.5% returns for the indexes, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Choice Equities Capital Management featured stocks like H&E Equipment Services, Inc. (NASDAQ:HEES) in the first quarter 2024 investor letter. Headquartered in Baton Rouge, Louisiana, H&E Equipment Services, Inc. (NASDAQ:HEES) is an integrated equipment services company. On May 1, 2024, H&E Equipment Services, Inc. (NASDAQ:HEES) stock closed at $44.79 per share. One-month return of H&E Equipment Services, Inc. (NASDAQ:HEES) was -25.93%, and its shares gained 43.93% of their value over the last 52 weeks. H&E Equipment Services, Inc. (NASDAQ:HEES) has a market capitalization of $1.715 billion.
Choice Equities Capital Management stated the following regarding H&E Equipment Services, Inc. (NASDAQ:HEES) in its first quarter 2024 investor letter:
“H&E Equipment Services, Inc. (NASDAQ:HEES) – H&E Equipment Services, Inc. is one of the top equipment rental companies in the U.S., providing construction and industrial related equipment, parts, and services in 30 states to the commercial, industrial, infrastructure and residential construction markets. As the #4 player in a business geared towards local economics with a strong presence focused in the industrially active region of the Sun Belt in the US, the company has ample scale to demonstrate pricing power in markets that primarily operate based on local market share dynamics.
The industry remains fragmented but is top-heavy, with the top four consolidating the industry and together now approaching 40% of market share. This industry structure provides scale benefits to HEES but also suggests small bolt-on acquisitions can move the needle on company financials. Here the company has a proven track record of entering new territories through tuck-in acquisition and expanding in tangential geographies organically, enjoying a post-pandemic branch CAGR of 10%…” (Click here to read the full text)
A crane rental operator loading parts onto a construction site in an industrial area.
H&E Equipment Services, Inc. (NASDAQ:HEES) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held H&E Equipment Services, Inc. (NASDAQ:HEES) at the end of fourth quarter which was 18 in the previous quarter. 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.
