Madison Small Cap Fund Sold Armstrong World Industries (AWI) on End Market Concerns

Madison Investments, an investment advisor, released its “Madison Small Cap Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund (Class Y) declined 6.1% compared to a 5.1% decline for the Russell 2000 Index. Year-to-date, the fund is up 4.3% compared to 2.5% for the index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Madison Small Cap Fund highlighted stocks like Armstrong World Industries, Inc. (NYSE:AWI) in the third quarter 2023 investor letter. Headquartered in Lancaster, Pennsylvania, Armstrong World Industries, Inc. (NYSE:AWI) is a ceiling systems manufacturer for the construction and renovation of buildings. On October 24, 2023, Armstrong World Industries, Inc. (NYSE:AWI) stock closed at $73.93 per share. One-month return of Armstrong World Industries, Inc. (NYSE:AWI) was 3.73%, and its shares lost 0.77% of their value over the last 52 weeks. Armstrong World Industries, Inc. (NYSE:AWI) has a market capitalization of $3.306 billion.

Madison Small Cap Fund made the following comment about Armstrong World Industries, Inc. (NYSE:AWI) in its Q3 2023 investor letter:

“We also exited Armstrong World Industries, Inc. (NYSE:AWI) due to similar end market concerns. While the company’s core mineral fiber business is an excellent cash flow generator, we believe the architectural specialties business will struggle in the higher interest rate environment.”

A worker on a construction site using specialized tools to connect concrete blocks. Editorial photo for a financial news article. 8k. –ar 16:9

Armstrong World Industries, Inc. (NYSE:AWI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Armstrong World Industries, Inc. (NYSE:AWI) at the end of second quarter which was 30 in the previous quarter.

We discussed Armstrong World Industries, Inc. (NYSE:AWI) in another article and shared long-term returns of ValueAct Capital’s activist targets. 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.