Mairs & Power, an investment advisor, released the “Mairs & Power Small Cap Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The Mairs & Power Small Cap Fund was up 11.04% in 2023 compared to the S&P Small Cap 600 TR benchmark’s 16.05% return, and the Morningstar U.S. Fund Small Blend’s 16.03% gain. The performance of various sectors varied throughout the year, with several sectors experiencing increased volatility. The Fund’s year-to-date underperformance compared to the benchmark can be attributed primarily to the strong performance of the Consumer Discretionary sector, in which the Fund has a significant underweight position. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Mairs & Power Small Cap Fund featured stocks such as The AZEK Company Inc. (NYSE:AZEK) in the fourth quarter 2023 investor letter. Headquartered in Chicago, Illinois, The AZEK Company Inc. (NYSE:AZEK) engages in the business of building products. On January 31, 2024, The AZEK Company Inc. (NYSE:AZEK) stock closed at $38.56 per share. One-month return of The AZEK Company Inc. (NYSE:AZEK) was 8.10%, and its shares gained 47.68% of their value over the last 52 weeks. The AZEK Company Inc. (NYSE:AZEK) has a market capitalization of $5.623 billion.
Mairs & Power Small Cap Fund stated the following regarding The AZEK Company Inc. (NYSE:AZEK) in its fourth quarter 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 crane carrying heavy building materials, representing the robust civil engineering products of the company.
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 Mairs & Power Small Cap Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 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.
