The London Company, an investment management company, has released its “The London Company SMID Cap Strategy'' Q1 2024 Investor Letter. A copy of the letter can be downloaded here. The US market posted strong returns in the first quarter. The portfolio grew 9.4% (net 9.2%) in the same quarter, while the Russell 2500 Index returned 6.9%. Both stock selection and sector exposure led to the portfolio outperforming in the quarter. Additionally, you can check out the fund's top five holdings to learn about the best stocks for 2024.
The London Company's SMID Cap Strategy featured stocks such as Armstrong World Industries (NYSE:AWI) in its Q1 2024 Investor Letter. Armstrong World Industries, Inc. (NYSE:AWI), headquartered in Lancaster, Pennsylvania, designs, manufactures and markets ceiling and wall solutions. Armstrong World Industries (NYSE:AWI) stock closed at $115.61 per share on May 3, 2024. His 1-month return for Armstrong World Industries (NYSE:AWI) is -4.97%, and the company's stock has increased his 71.40% in value over the past 52 weeks. Armstrong World Industries, Inc. (NYSE:AWI) has a market capitalization of $5.059 billion.
The London Company's SMID Cap Strategy says this about Armstrong World Industries (NYSE:AWI) in its Q1 2024 investor letter:
”Armstrong World Industries, Inc. (NYSE:AWI) – AWI rose 27% in the first quarter after reporting strong quarterly results while providing solid guidance. AWI is effectively executing on its key growth strategies, leveraging its pricing power and demonstrating revenue resilience. We remain attracted to this business due to its strong pricing power, the pension-like nature of the renovation portion of the business (~70% of revenues), and management's excellent capital allocation. ”
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Armstrong World Industries, Inc. (NYSE:AWI) isn't on the list of 30 most popular stocks among hedge funds. Our database shows that 23 hedge fund portfolios held Armstrong World Industries (NYSE:AWI) at the end of the fourth quarter, compared to 25 in the prior quarter.
We previously covered Armstrong World Industries (NYSE:AWI) in another article and shared SouthernSun SMID Cap Strategy's take on the company. Additionally, for investor letters from hedge funds and other leading investors, please visit our Hedge Fund Investor Letters Q1 2024 page.
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Disclosure: None. This article was originally published on Insider Monkey.
