The London Company, an investment management company, released “The London Company SMID Cap Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund increased 15.2% (15% net) compared to a 13.4% gain for the Russell 2500 Index. The outperformance was due to both stock selection and sector exposure. The portfolio generated a solid relative and absolute performance in the fourth quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company SMID Cap Strategy featured stocks such as Trex Company, Inc. (NYSE:TREX) in the fourth quarter 2023 investor letter. Headquartered in Winchester, Virginia, Trex Company, Inc. (NYSE:TREX) is a decking, railing, and outdoor living products and accessories manufacturer. On February 8, 2024, Trex Company, Inc. (NYSE:TREX) stock closed at $90.40 per share. One-month return of Trex Company, Inc. (NYSE:TREX) was 10.35%, and its shares gained 61.86% of their value over the last 52 weeks. Trex Company, Inc. (NYSE:TREX) has a market capitalization of $9.817 billion.
The London Company SMID Cap Strategy stated the following regarding Trex Company, Inc. (NYSE:TREX) in its fourth quarter 2023 investor letter:
“Trex Company, Inc. (NYSE:TREX) – TREX continued its rally through 4Q on optimism for future rate cuts as a potential help to demand for composite decking and all things construction. The company performed very well in 2023 primarily due to an improving macro outlook. TREX entered the decking slowdown from a position of strength, and we have been pleased but not surprised by the company’s execution. We continue to have a high degree of confidence in the competitive positioning of TREX as a market leader in an oligopoly, and the ability of management to execute well operationally, allocate capital rationally, and maintain a strong balance sheet.”
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Trex Company, Inc. (NYSE:TREX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Trex Company, Inc. (NYSE:TREX) at the end of third quarter which was 43 in the previous quarter.
We discussed Trex Company, Inc. (NYSE:TREX) in another article and shared ClearBridge Investments’ views on the company. 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.
