Should You Invest in Fortune Brands Innovations (FBIN)?

Longleaf Partners, managed by Southeastern Asset Management, released its “Global Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund delivered a -3.45% return compared to the FTSE Developed Index’s -3.43% return. The third quarter saw equity markets in a risk-off state due to rising inflation and higher-for-longer interest rates. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Longleaf Partners Global Fund highlighted stocks like Fortune Brands Innovations, Inc. (NYSE:FBIN) in the third quarter 2023 investor letter. Headquartered in Deerfield, Illinois, Fortune Brands Innovations, Inc. (NYSE:FBIN) is a home and security products provider. On November 24, 2023, Fortune Brands Innovations, Inc. (NYSE:FBIN) stock closed at $66.38 per share. One-month return of Fortune Brands Innovations, Inc. (NYSE:FBIN) was 19.07%, and its shares gained 2.30% of their value over the last 52 weeks. Fortune Brands Innovations, Inc. (NYSE:FBIN) has a market capitalization of $8.37 billion.

Longleaf Partners Global Fund made the following comment about Fortune Brands Innovations, Inc. (NYSE:FBIN) in its Q3 2023 investor letter:

“After a busy first half of the year, we initiated two new positions in the quarter. We bought Fortune Brands Innovations, Inc. (NYSE:FBIN), a large conglomerate that has strategically slimmed down to a high-quality owner of plumbing and other housing-related businesses, which we own in the Partners Fund.”

A security specialist installing a home security panel, showing the safety and security the company provides.

Fortune Brands Innovations, Inc. (NYSE:FBIN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Fortune Brands Innovations, Inc. (NYSE:FBIN) at the end of third quarter which was 30 in the previous quarter.

We discussed Fortune Brands Innovations, Inc. (NYSE:FBIN) in another article and shared long-term returns of Bill Ackman’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.