Next Century Growth Investors, LLC, an investment Management Company, released its “Micro-Cap Strategy” fourth-quarter investor letter. A copy of the letter can be downloaded here. The recent surge in the stock market highlights the significance of current macroeconomic indicators and the Fed’s outlook on future interest rates. The strategy returned 9.54% (net of fees) compared to 15.63% for the Russell Microcap Growth Index. Over the trailing year, the strategy returned 10.15% compared to 9.10% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
NCG Micro-Cap Strategy featured stocks like Century Communities, Inc. (NYSE:CCS) in the Q4 2023 investor letter. Headquartered in Greenwood Village, Colorado, Century Communities, Inc. (NYSE:CCS) is a home builder. On April 1, 2024, Century Communities, Inc. (NYSE:CCS) stock closed at $95.44 per share. One-month return of Century Communities, Inc. (NYSE:CCS) was 15.60%, and its shares gained 55.59% of their value over the last 52 weeks. Century Communities, Inc. (NYSE:CCS) has a market capitalization of $3.033 billion.
NCG Micro-Cap Strategy stated the following regarding Century Communities, Inc. (NYSE:CCS) in its fourth quarter 2023 investor letter:
“Century Communities, Inc. (NYSE:CCS) is a single-family homebuilder, primarily focused on the entry-level buyer. With favorable demographics and low existing home inventory due to a high percentage of existing homes being locked in at mortgage rates significantly below current market levels, CCS is well-positioned to capture demand from the entry-level buyer. In addition and similar to other public homebuilders, CCS has the financial strength to buydown mortgage rates for prospective buyers, which is a key advantage in this high-rate environment. CCS has demonstrated an ability to be a successful operator, delivering healthy margins and return on equity.”
A construction site with new single-family homes framing the horizon.
Century Communities, Inc. (NYSE:CCS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Century Communities, Inc. (NYSE:CCS) was held by 23 hedge fund portfolios, compared to 21 in the previous quarter, according to our database.
We discussed Century Communities, Inc. (NYSE:CCS) in another article and shared the list of most profitable small-cap stocks. 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.
