Davis Funds, an investment management firm, published its “Davis Global Fund” fourth quarter 2020 investor letter – a copy of which can be downloaded here. A return of 23.06% was recorded by the fund for the Q4 of 2020, outperforming its MSCI ACWI benchmark that delivered a 16.25% return in the same period. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021.
Davis Global Fund, in their Q4 2020 investor letter, mentioned Ferguson plc (NYSE: FERG) and shared their insights on the company. Ferguson plc is a Palm Beach Gardens, Florida-based heating, ventilation, and air conditioning company that currently has a $28.3 billion market capitalization. Since the beginning of the year, FERG delivered a 7.04% return, impressively extending its 12-month gains to 104.91%. As of April 05, 2021, the stock closed at $126.84 per share.
Here is what Davis Global Fund has to say about Ferguson plc in their Q4 2020 investor letter:
“Resilient cyclicals such as Ferguson have since rebounded, while at first negatively impacted by the recession, as U.S. GDP fell by 9% year-over-year in the second quarter of 2020, and some even have benefited from certain aspects of the pandemic world. Ferguson, the leading distributor of plumbing and heating products, has benefited from strong residential demand as people spend more time at home.”