Higher Demand Led Atkore (ATKR)’s Performance in Q1

Harding Loevner, an asset management company, released its “Global Small Companies Equity Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. Global small-cap stocks rose in the quarter despite failures in the banking sector.  In the first quarter, the strategy returned 4.64% net of fees compared to a 4.37% return for the MSCI All Country World Small Cap Index. The strategy benefitted from positive stock selection and sector and regional allocation. In addition, please check the fund’s top five holdings to know its best picks in 2023.

HL Global Small Companies Equity Strategy highlighted stocks like Atkore Inc. (NYSE:ATKR) in the first quarter 2023 investor letter. Headquartered in Harvey, Illinois, Atkore Inc. (NYSE:ATKR) manufactures and sells electrical raceway products. On June 12, 2023, Atkore Inc. (NYSE:ATKR) stock closed at $142.73 per share. One-month return of Atkore Inc. (NYSE:ATKR) was 20.90%, and its shares gained 45.78% of their value over the last 52 weeks. Atkore Inc. (NYSE:ATKR) has a market capitalization of $5.504 billion.

HL Global Small Companies Equity Strategy made the following comment about Atkore Inc. (NYSE:ATKR) in its first quarter 2023 investor letter:

“By region, the US posted the biggest outperformance. Atkore Inc. (NYSE:ATKR) reported higher demand for electrical conduit, particularly for non-residential uses such as data centers and chip-fabrication plants.”

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Atkore Inc. (NYSE:ATKR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Atkore Inc. (NYSE:ATKR) at the end of first quarter 2023 which was 31 in the previous quarter.

We discussed Atkore Inc. (NYSE:ATKR) in another article and shared the list of extreme value stocks to buy. In addition, please check out our hedge fund investor letters Q1 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.