The London Company, an investment management firm, has released “The London Company SMID Cap Strategy” Q1 2024 investor letter. A copy of the letter can be downloaded here. US markets posted solid returns in the first quarter. The portfolio gained 9.4% (9.2% net) during the quarter, compared to 6.9% returns for the Russell 2500 Index. Both stock selection and sector exposure led the portfolio to outperform in the quarter. Additionally, you can check out the fund’s top 5 holdings to find out your best picks in 2024.
London Company SMID Cap Strategy featured stocks like Armstrong World Industries, Inc. (NYSE:AWI) in Q1 2024 investor letter. Based in Lancaster, Pennsylvania, Armstrong World Industries, Inc. (NYSE:AWI) designs, manufactures and sells ceiling and wall solutions. On May 3, 2024, Armstrong World Industries, Inc. (NYSE: AWI) stock closed at $115.61 per share. Armstrong World Industries, Inc. (NYSE:AWI)’s one-month return is -4.97%, and its shares have gained 71.40% of their value over the past 52 weeks. (NYSE: AWI) has a market capitalization of $5.059 billion.
The London Company SMID Cap Strategy stated the following regarding Armstrong World Industries, Inc. (NYSE:AWI) in its Q1 2024 investor letter:
“Armstrong World Industries, Inc. (NYSE:AWI) – AWI rose 27% in Q1 after reporting strong quarterly results while providing solid guidance. AWI is effectively executing key growth initiatives, leveraging pricing power and demonstrating earnings resilience. We continue to be attracted to the business due to its strong pricing power, the annuity nature of the remodeled portion of the business (around 70% of revenue) and management’s excellent capital allocation.”
A skilled craftsman installing a sophisticated mineral fiber ceiling.
(NYSE:AWI) isn’t on our list of the 30 most popular stocks among hedge funds. According to our database, 23 hedge fund portfolios held Armstrong World Industries, Inc. (NYSE:AWI) at the end of the fourth quarter, up from 25 in the previous quarter.
We previously discussed Armstrong World Industries, Inc. (NYSE: AWI) in another article, where we shared SouthernSun SMID Cap Strategy’s views on the company. Also, check out our Q1 2024 Hedge Fund Investor Letters page for more hedge fund investor letters and other top investors.
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Disclosure: None. This article was originally published on Insider Monkey.
