Giverny Capital Asset Management, LLC, an investment management company, recently published its third-quarter 2024 investor letter. A copy of the letter can be downloaded here. The portfolio returned 6.99% in the third quarter compared to a 5.89% return for the S&P 500 Total Return Index. The fund returned 20.16% year-to-date compared to the 22.08% return for the Index during the same period. The strategy continued to benefit from the exceptionally robust US stock market. For more information on the fund’s top picks in 2024, please check its top five holdings.
Giverny Capital Asset Management highlighted stocks like Floor & Decor Holdings, Inc. (NYSE:FND), in the third 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 -7.36%, and its shares gained 33.32% of their value over the last 52 weeks. On November 1, 2024, Floor & Decor Holdings, Inc. (NYSE:FND) stock closed at $103.76 per share with a market capitalization of $11.126 billion.
Giverny Capital Asset Management stated the following regarding Floor & Decor Holdings, Inc. (NYSE:FND) in its Q3 2024 investor letter:
“We had a quiet quarter. We sold the last of our shares in Floor & Decor Holdings, Inc. (NYSE:FND) in July and trimmed Progressive and Berkshire Hathaway. I am a fan of Floor & Décor, which is a big box retailer specializing in hard surface flooring, but most people install new flooring upon purchasing a house. With housing turnover weak and Floor & Décor stock priced for a strong housing recovery, I felt we had better opportunities elsewhere.”
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 31 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Floor & Decor Holdings, Inc. (NYSE:FND) at the end of the second quarter which was 26 in the previous quarter. While we acknowledge the potential of Floor & Decor Holdings, Inc. (NYSE:FND) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Floor & Decor Holdings, Inc. (NYSE:FND) and shared the list of high growth retail stocks that are profitable in 2024. Floor & Decor Holdings, Inc. (NYSE:FND) contributed to the performance of Madison Mid Cap Fund in Q3 2024. In addition, please check out our hedge fund investor letters Q3 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.