Mairs & Power, an investment advisor, released the “Mairs & Power Small Cap Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The Mairs & Power Small Cap Fund was up 11.04% in 2023 compared to the S&P Small Cap 600 TR benchmark’s 16.05% return, and the Morningstar U.S. Fund Small Blend’s 16.03% gain. The performance of various sectors varied throughout the year, with several sectors experiencing increased volatility. The Fund’s year-to-date underperformance compared to the benchmark can be attributed primarily to the strong performance of the Consumer Discretionary sector, in which the Fund has a significant underweight position. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Mairs & Power Small Cap Fund featured stocks such as Knife River Corporation (NYSE:KNF) in the fourth quarter 2023 investor letter. Knife River Corporation (NYSE:KNF) is an aggregates-based construction materials and contracting services provider based in Bismarck, North Dakota. On February 1, 2024, Knife River Corporation (NYSE:KNF) stock closed at $67.70 per share. The one-month return of Knife River Corporation (NYSE:KNF) was 8.41%, and YTD its shares gained 2.30% of their value. Knife River Corporation (NYSE:KNF) has a market capitalization of $3.83 billion.
Mairs & Power Small Cap Fund stated the following regarding Knife River Corporation (NYSE:KNF) in its fourth quarter 2023 investor letter:
“We also added Knife River Corporation (NYSE:KNF), a provider of aggregates-based construction materials and contracting services based in Bismark, ND. Knife River is benefiting from the physical proximity of operations to construction activity, making the company both more competitive and more profitable. Knife River’s CEO is a company veteran with a track record of success in driving revenue and margins in the Pacific Northwest region, which will serve as a template for the company in other regions. We view Knife River as ideally positioned to address the multiple significant state and federal infrastructure stimulus programs which span many years, and view Knife River’s stock valuation as favorable.”
A construction site with workers wearing hard hats and safety vests, installing roofing materials.
Knife River Corporation (NYSE:KNF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Knife River Corporation (NYSE:KNF) at the end of third quarter which was 27 in the previous quarter.
We discussed Knife River Corporation (NYSE:KNF) in another article and shared the list of best IPO stocks to buy heading into 2024. In addition, please check out our hedge fund investor letters Q4 2023 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.
