Here’s Why Madison Small Cap Fund Sold Concrete Pumping Holdings (BBCP)

Madison Investments, an investment advisor, released its “Madison Small Cap Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund (Class Y) declined 6.1% compared to a 5.1% decline for the Russell 2000 Index. Year-to-date, the fund is up 4.3% compared to 2.5% for the index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Madison Small Cap Fund highlighted stocks like Concrete Pumping Holdings, Inc. (NASDAQ:BBCP) in the third quarter 2023 investor letter. Headquartered in Thornton, Colorado, Concrete Pumping Holdings, Inc. (NASDAQ:BBCP) offers concrete pumping and waste management services. On October 24, 2023, Concrete Pumping Holdings, Inc. (NASDAQ:BBCP) stock closed at $7.38 per share. One-month return of Concrete Pumping Holdings, Inc. (NASDAQ:BBCP) was -15.46%, and its shares gained 15.86% of their value over the last 52 weeks. Concrete Pumping Holdings, Inc. (NASDAQ:BBCP) has a market capitalization of $403.758 million.

Madison Small Cap Fund made the following comment about Concrete Pumping Holdings, Inc. (NASDAQ:BBCP) in its Q3 2023 investor letter:

“Concrete Pumping Holdings, Inc. (NASDAQ:BBCP) was sold to fund better opportunities in the portfolio. The company’s core cement pumping products are exposed to a possible contraction in the commercial real estate market, which we view as increasingly likely.”

A worker on a construction site using specialized tools to connect concrete blocks. Editorial photo for a financial news article. 8k. –ar 16:9

Concrete Pumping Holdings, Inc. (NASDAQ:BBCP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 10 hedge fund portfolios held Concrete Pumping Holdings, Inc. (NASDAQ:BBCP) at the end of second quarter which was 11 in the previous quarter.

We discussed Concrete Pumping Holdings, Inc. (NASDAQ:BBCP) in another article and shared Diamond Hill Capital’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.