Reasons for the Outperformance of Armstrong World Industries (AWI)

SouthernSun Asset Management, LLC, an investment management firm, released its “SouthernSun SMID Cap Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy returned 8.15% on a gross basis (7.95% net) compared to a 13.35% return for the Russell 2500 Index and 13.76% for the Russell 2500 Value Index. The fund returned 19.48% on a gross basis (18.57% net) over the trailing 12 months compared to 17.42% and 15.98% returns...