Did Hedge Funds Drop The Ball On Installed Building Products Inc (IBP)?
The market has been volatile in the fourth quarter as the Federal Reserve continued its rate hikes to normalize the interest rates.
Established in September 2006, Spruce House Investment Management is a New York-based hedge fund managed by co-founders Zachary Sternberg and Benjamin Stein. The firm's primary objective is long-term capital appreciation, achieved through the purchase and long-term ownership of common stock.
Benjamin Stein, co-founder of The Spruce House Partnership, focuses on global investments in public companies, aligning with management teams committed to long-term value growth. He earned a Bachelor of Arts in International Relations from the University of Pennsylvania in 2008 and serves on the board of The Africa Center, a New York-based institution focused on African business, culture, and policy.
Zachary Sternberg, also a co-founder and Managing Member of The Spruce House Partnership, specializes in global investments in both public and private companies. Spruce House has maintained a 9.0% stake in Cimpress and has been a shareholder since 2011, exemplifying its strategy of collaborating with management teams dedicated to long-term per-share value growth.
As of March 2024, Spruce House Investment Management manages discretionary assets totaling $2,277,183,030 for three clients. Their last reported 13F filing for Q1 2024 listed $1,390,747,781 in managed 13F securities, with a top 10 holdings concentration of 99.63%. The firm's largest holding is Carvana Co, with 5,000,000 shares.
