Mairs & Power, an investment advisor, released the “Mairs & Power Small Cap Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The Mairs & Power Small Cap Fund was down 2.04% year-to-date while the S&P Small Cap 600 TR benchmark was up 0.81%, and the Morningstar U.S. Fund Small Blend was up by 2.91%. The Fund’s lack of Energy equities and holdings in the Finance, Technology, Consumer Discretionary, Utilities, and Materials sectors have resulted in year-to-date underperformance relative to the benchmark. Relative outperformance in the consumer staples, real estate, healthcare, industrials, and communications services sectors helped to partially offset this. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Mairs & Power Small Cap Fund highlighted stocks like The AZEK Company Inc. (NYSE:AZEK) in the third quarter 2023 investor letter. Headquartered in Chicago, Illinois, The AZEK Company Inc. (NYSE:AZEK) engages in the business of building products. On November 27, 2023, The AZEK Company Inc. (NYSE:AZEK) stock closed at $31.78 per share. One-month return of The AZEK Company Inc. (NYSE:AZEK) was 21.30%, and its shares gained 79.04% of their value over the last 52 weeks. The AZEK Company Inc. (NYSE:AZEK) has a market capitalization of $4.747 billion.
Mairs & Power Small Cap Fund made the following comment about The AZEK Company Inc. (NYSE:AZEK) in its Q3 2023 investor letter:
“Relative outperformance in the period came from The AZEK Company Inc. (NYSE:AZEK) in Industrials, a provider of synthetic building products to the residential and commercial construction industries. The company is aided by the ongoing secular shift to synthetic deck, railing, and exteriors from wood, and is navigating the post-COVID inventory destocking quite well.”
A construction site with workers in hard hats building a new commercial property, financing provided by the regional bank.
The AZEK Company Inc. (NYSE:AZEK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held The AZEK Company Inc. (NYSE:AZEK) at the end of third quarter which was 29 in the previous quarter.
We discussed The AZEK Company Inc. (NYSE:AZEK) in another article and shared TimesSquare U.S. Small Cap Growth Strategy’s views on the company. 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.
