Here’s Why Pool Corporation (POOL) Dropped in Q4

TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy returned 4.18% (net), compared to 6.90% for the Russell Midcap Growth Index. For the calendar year, the strategy returned -22.13% (net) compared to the benchmark’s return of -26.72%. Weakness in Consumer Staples, Energy, Health Care, Information Technology, and Real Estate holdings led to the underperformance of the portfolio in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

TimesSquare U.S. Mid Cap Growth Strategy highlighted stocks like Pool Corporation (NASDAQ:POOL) in the fourth quarter 2022 investor letter. Headquartered in Covington, Louisiana, Pool Corporation (NASDAQ:POOL) is a swimming pool supplies, equipment, and related leisure products distributor. On March 31, 2023, Pool Corporation (NASDAQ:POOL) stock closed at $342.44 per share. One-month return of Pool Corporation (NASDAQ:POOL) was -4.14%, and its shares lost 20.50% of their value over the last 52 weeks. Pool Corporation (NASDAQ:POOL) has a market capitalization of $13.38 billion.

TimesSquare U.S. Mid Cap Growth Strategy made the following comment about Pool Corporation (NASDAQ:POOL) in its Q4 2022 investor letter:

“Turning to detractors, Pool Corporation (NASDAQ:POOL) is a wholesale distributor of swimming pool supplies, equipment, and related leisure products. For the third quarter, Pool experienced steady growth in maintenance, repair, and renovation. That offset weaker new pool construction. Nevertheless, Pool’s shares dipped by -5% on this report given market concerns on housing and any housing-adjacent companies as interest rates rose.”

Pool Corporation (NASDAQ:POOL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held Pool Corporation (NASDAQ:POOL) at the end of the fourth quarter which was 42 in the previous quarter.

We discussed Pool Corporation (NASDAQ:POOL) in another article and shared the list of biggest plumbing companies in the world. In addition, please check out our hedge fund investor letters Q4 2022 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.