Vulcan Value Partners, an investment management firm, published its “Vulcan Value Partners Small Cap Fund” fourth quarter 2021 investor letter – a copy of which can be downloaded here. Vulcan’s Small Cap Composite Fund delivered a -0.8% net return for the fourth quarter of 2021, compared to its benchmarks, the Russell 2000 Value Index and Russell 2000 Index which delivered 4.4% and 2.1% returns respectively for the same period. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.
Vulcan Value Partners Small Cap Fund, in its Q4 2021 investor letter, mentioned SmartRent, Inc. (NASDAQ:SMRT) and discussed its stance on the firm. Founded in 2016, SmartRent, Inc. (NASDAQ:SMRT) is a Scottsdale, Arizona-based enterprise smart home automation company with a $1.3 billion market capitalization, and is currently spearheaded by its CEO, Lucas Haldeman. SmartRent, Inc. (NASDAQ:SMRT) delivered a -34.92% return since the beginning of the year, while its 12-month returns are down by -37.78%. The stock closed at $6.30 per share on March 24, 2022.
Here is what Vulcan Value Partners Small Cap Fund has to say about SmartRent, Inc. (NASDAQ:SMRT) in its Q4 2021 investor letter:
“SmartRent Inc. was another material detractor during the quarter. SmartRent provides both the hardware and the software that enables the digital transformation of multi-family apartments. The software is used by multifamily apartment developers and owners to provide capabilities including access control, energy management, self-guided tours, video intercom, parking management, and leak detection. Renters can access a subscription-based app to manage access control and all connected devices inside their apartment. Owners experience lower operating costs and increased revenue from the renter’s subscription which improves property values. Its committed customer base includes many of the top multifamily operators across the country. Recent supply chain issues resulted in a decline in its stock price. The company’s long-term investment case remains intact, and we believe SmartRent is a competitively entrenched industry leader that will be able to compound its value at attractive rates over our long-term time horizon.
Our calculations show that SmartRent, Inc. (NASDAQ:SMRT) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. SmartRent, Inc. (NASDAQ:SMRT) was in 17 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 15 funds in the previous quarter. SmartRent, Inc. (NASDAQ:SMRT) delivered a -37.62% return in the past 3 months.
In January 2022, we also shared another hedge fund’s views on SmartRent, Inc. (NASDAQ:SMRT) in another article. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.
Disclosure: None. This article is originally published at Insider Monkey.
