Madison Funds Believes Floor & Decor Holdings (FND) is in its Early Years of Expansion

Madison Funds, managed by Madison Asset Management, LLC, released its “Madison Mid Cap Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. During the quarter, the fund declined 10.9% compared to a decline of 16.9% for the Russell Midcap Index. In the quarter, insurance companies in the portfolio performed well and contributed to the fund’s performance. In addition, you can check the top 5 holdings of the fund to learn about its best picks in 2022.

Madison Funds discussed stocks like Floor & Decor Holdings, Inc. (NYSE:FND) in the second quarter investor letter. Headquartered in Atlanta, Georgia, Floor & Decor Holdings, Inc. (NYSE:FND) is a commercial retailer and flooring distributor. On September 22, 2022, Floor & Decor Holdings, Inc. (NYSE:FND) stock closed at $69.64 per share. One-month return of Floor & Decor Holdings, Inc. (NYSE:FND) was -17.81% and its shares lost 46.75% of their value over the last 52 weeks. Floor & Decor Holdings, Inc. (NYSE:FND) has a market capitalization of $7.384 billion.

Here is what Madison Funds specifically said about Floor & Decor Holdings, Inc. (NYSE:FND)  in its Q2 2022 investor letter:

“Floor & Decor Holdings, Inc. (NYSE:FND) is the dominant category killer retailer of tile, wood, stone, and resilient flooring products into the renovation and replacement market. This is a business we know quite well, having successfully invested in the company from 2018-2020. We believe the company is early in its store opening phase, with many more years of expansion left. Its stock has come down meaningfully from its highs given concerns over a slowing housing market and more cautious consumer. While these concerns have merit, the resulting valuation discount appears opportunistic for long-term investors.”

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Floor & Decor Holdings, Inc. (NYSE:FND) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Floor & Decor Holdings, Inc. (NYSE:FND) at the end of the second quarter which was 30 in the previous quarter.

We discussed Floor & Decor Holdings, Inc. (NYSE:FND) in another article and shared Baron Funds’ views on the company. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

Disclosure: None. This article is originally published at Insider Monkey.