Black Bear Value Partners, an investment management firm, published its first quarter 2024 investor letter, a copy of which can be downloaded here. Black Bear Value Fund returned +3.4% in March and is up +4.6% YTD and the S&P 500 returned +3.2% in March and +10.6% YTD. HFRI Value Index returned +2.9% in March and +4.6 YTD. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Black Bear Value Partners featured stocks Builders FirstSource, Inc. (NYSE:BLDR) in the first quarter 2024 investor letter. Based in Irving, Texas, Builders FirstSource, Inc. (NYSE:BLDR) is a building material, manufactured components, and construction services provider. On April 9, 2024, Builders FirstSource, Inc. (NYSE:BLDR) stock closed at $199.19 per share. One-month return of Builders FirstSource, Inc. (NYSE:BLDR) was -0.97%, and its shares gained 114.34% of their value over the last 52 weeks. Builders FirstSource, Inc. (NYSE:BLDR) has a market capitalization of $24.289 billion.
Black Bear Value Partners stated the following regarding Builders FirstSource, Inc. (NYSE:BLDR) in its first quarter 2024 investor letter:
“We have a high-class problem with Builders FirstSource, Inc. (NYSE:BLDR). On the one hand we largely bought the business ~$50 a share and today it’s trading north of $200. Part of the appreciation is directly related to the Company’s buyback (thank you management team!). We own more of the company without having to put out additional capital. But before we take victory laps let’s stay objective as it remains a top 5 position. Note I still think BLDR is cheap.
One of the harder aspects of investing is knowing when to sell, especially when a business has performed wonderfully. There are many thoughts from smart people who contradict each other. Should you sell a business when it hits “fair value”? What about the tax implications? Should you trim along the way and buy what’s not going up? Some would call this pulling your flowers to water your weeds…” (Click here to read the full text)
A crane lifting a truss during the construction of a new building.
Builders FirstSource, Inc. (NYSE:BLDR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Builders FirstSource, Inc. (NYSE:BLDR) was held by 61 hedge fund portfolios, compared to 53 in the previous quarter, according to our database.
We discussed Builders FirstSource, Inc. (NYSE:BLDR) in another article and shared the list of hot stocks to invest in according to Wall Street analysts. 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.
