Argosy Investors: “FND is a Terrific Business that We Would Love to Own More of at a Better Price”

Argosy Investors, an investment management firm, published its first-quarter 2022 investor letter – a copy of which can be downloaded here. The fund’s 2022 first-quarter performance was -15.1% in select accounts. The S&P 500 by comparison returned -4.4%. Argosy ended the quarter with 43% of the portfolio in cash and equivalents, which means that these results would have been worse without the allocation to cash. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Argosy Investors mentioned Floor & Decor Holdings, Inc. (NYSE:FND) and explained its insights for the company. Founded in 2000, Floor & Decor Holdings, Inc. (NYSE:FND) is an Atlanta, Georgia-based specialty retail company with a $6.7 billion market capitalization. Floor & Decor Holdings, Inc. (NYSE:FND) delivered a -51.13% return since the beginning of the year, while its 12-month returns are down by -32.93%. The stock closed at $63.54 per share on June 20, 2022.

Here is what Argosy Investors has to say about Floor & Decor Holdings, Inc. (NYSE:FND) in its Q1 2022 investor letter:

Floor & Decor Holdings, Inc. (NYSE:FND), was “cyclical” risk sales in the sense that the stock has benefitted from some pandemic-related boosts in sales and/or they are more exposed to economic downturns. Floor & Décor is a terrific business that we would love to own more of at a better price. Given the significant amount of home renovations that have occurred during the pandemic, we thought better of our continued ownership in this stock until we were at a more favorable point in the economic cycle.”


Our calculations show that Floor & Decor Holdings, Inc. (NYSE:FND) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Floor & Decor Holdings, Inc. (NYSE:FND) was in 30 hedge fund portfolios at the end of the first quarter of 2022, compared to 36 funds in the previous quarter. Floor & Decor Holdings, Inc. (NYSE:FND) delivered a -38.69% return in the past 3 months.

In June 2022, we also shared another hedge fund’s views on Floor & Decor Holdings, Inc. (NYSE:FND) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

Disclosure: None. This article is originally published at Insider Monkey.