The London Company, an investment management company, released “The London Company SMID Cap Strategy” first quarter 2024 investor letter. A copy of the letter can be downloaded here. US markets posted solid returns in Q1. 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. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
The London Company SMID Cap Strategy featured stocks like Armstrong World Industries, Inc. (NYSE:AWI) in the first quarter 2024 investor letter. Headquartered in Lancaster, Pennsylvania, Armstrong World Industries, Inc. (NYSE:AWI) designs, manufactures, and sell ceiling and wall solutions. On May 3, 2024, Armstrong World Industries, Inc. (NYSE:AWI) stock closed at $115.61 per share. One-month return of Armstrong World Industries, Inc. (NYSE:AWI) was -4.97%, and its shares gained 71.40% of their value over the last 52 weeks. Armstrong World Industries, Inc. (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 first quarter 2024 investor letter:
“Armstrong World Industries, Inc. (NYSE:AWI) – AWI was up 27% in 1Q after reporting strong quarterly results while providing solid guidance. AWI is executing effectively on key growth initiatives, leveraging pricing power, and demonstrating earnings resiliency. We remain attracted to the business because of its strong pricing power, annuity-like nature of the remodel portion of the business (roughly 70% of revenue), and management’s excellent capital allocation.”
A skilled craftsman installing a sophisticated mineral fiber ceiling.
Armstrong World Industries, Inc. (NYSE:AWI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Armstrong World Industries, Inc. (NYSE:AWI) at the end of the fourth quarter which was 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. In addition, please check out our hedge fund investor letters Q1 2024 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.
