Here’s Why Floor & Decor Holdings (FND) Outperformed in Q1

Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund was up 5.3% compared to a 4.1% return for the Russell Midcap Index benchmark.  In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Madison Mid Cap Fund 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 and commercial flooring distributor that provides tile, wood, laminate, vinyl, and natural stone flooring products and decorative accessories. On April 17, 2023, Floor & Decor Holdings, Inc. (NYSE:FND) stock closed at $98.01 per share. One-month return of Floor & Decor Holdings, Inc. (NYSE:FND) was 4.53%, and its shares gained 13.75% of their value over the last 52 weeks. Floor & Decor Holdings, Inc. (NYSE:FND) has a market capitalization of $10.435 billion.

Madison Mid Cap Fund made the following comment about Floor & Decor Holdings, Inc. (NYSE:FND) in its Q1 2023 investor letter:

“Floor & Decor Holdings, Inc. (NYSE:FND) saw its share price rebound as investors appear to have digested the news that the housing market will be depressed for some time. Same-store sales are weak, but one of the reasons we like our investment in the company is that they have many years of new store openings ahead. We believe that even in a sluggish housing environment, Floor & Décor has a good chance of keeping profits flat compared to a very strong 2021 and 2022.”

Floor & Decor Holdings, Inc. (NYSE:FND) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held Floor & Decor Holdings, Inc. (NYSE:FND) at the end of the fourth quarter which was 32 in the previous quarter.

We discussed Floor & Decor Holdings, Inc. (NYSE:FND) in another article and shared TimesSquare U.S. Mid Cap Growth Strategy’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.

Suggested Articles:

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