Polen Capital, an investment management company, released its “Polen Global SMID Company Growth Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio returned 9.05% gross and 8.89% net of fees in the first quarter compared to a 4.28% return on the MSCI ACWI SMID Capitalization Index. Stock selection and sector allocation led the strategy to outperform in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen Global SMID Company Growth Strategy highlighted stocks like Floor & Decor Holdings, Inc. (NYSE:FND) in the Q1 2023 investor letter. Headquartered in Atlanta, Georgia, Floor & Decor Holdings, Inc. (NYSE:FND) is a retailer of hard surface flooring that provides tile, wood, laminate, vinyl, and natural stone flooring products and decorative accessories. On June 21, 2023, Floor & Decor Holdings, Inc. (NYSE:FND) stock closed at $96.18 per share. One-month return of Floor & Decor Holdings, Inc. (NYSE:FND) was 8.75%, and its shares gained 39.11% of their value over the last 52 weeks. Floor & Decor Holdings, Inc. (NYSE:FND) has a market capitalization of $10.221 billion.
Polen Global SMID Company Growth Strategy made the following comment about Floor & Decor Holdings, Inc. (NYSE:FND) in its first quarter 2023 investor letter:
“Our most significant individual contributors to performance over the first quarter were Goosehead Insurance, Floor & Decor Holdings, Inc. (NYSE:FND) and CompuGroup Medical on both an absolute and relative basis.
Floor and Decor, a leading retailer of hard-surface flooring in the U.S, reported quarterly earnings that exceeded market expectations. Earnings growth was strong, with continued market share gains from both its larger multi-national home improvement peers and smaller local businesses.”
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Floor & Decor Holdings, Inc. (NYSE:FND) is not on our list of 30 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 first quarter 2023 which was 37 in the previous quarter.
We discussed Floor & Decor Holdings, Inc. (NYSE:FND) in another article and shared Baron Discovery Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.
