Polen Capital, an investment management company, released its “Polen U.S. SMID Company Growth Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio returned 14.98% gross and 14.65 % net of fees in the fourth quarter compared to a 12.59% return for the Russell 2500 Growth Index. The portfolio returned 29.39% gross and 28.05% net for the full year, compared to 18.93% return for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen U.S. SMID Company Growth Strategy featured stocks such as Trex Company, Inc. (NYSE:TREX) in the fourth quarter 2023 investor letter. Headquartered in Winchester, Virginia, Trex Company, Inc. (NYSE:TREX) is a decking, railing, and outdoor living products and accessories manufacturer. On February 22, 2024, Trex Company, Inc. (NYSE:TREX) stock closed at $93.52 per share. One-month return of Trex Company, Inc. (NYSE:TREX) was 15.13%, and its shares gained 86.48% of their value over the last 52 weeks. Trex Company, Inc. (NYSE:TREX) has a market capitalization of $10.156 billion.
Polen U.S. SMID Company Growth Strategy stated the following regarding Trex Company, Inc. (NYSE:TREX) in its fourth quarter 2023 investor letter:
“Trex Company, Inc. (NYSE:TREX) is the world’s largest high-performance, low-maintenance wood-alternative decking and railing manufacturer. Along with other consumer discretionary businesses, the stock—up nearly 50% throughout November and December—benefitted from a growing sense of optimism that the economy would achieve a soft landing and that interest rates were likely to stabilize, if not decline in the coming quarters. While we welcome the positive sentiment and what it might mean for the broader industry, our thesis over the long term is unchanged. This remains a very high-quality business with deep competitive advantages around its manufacturing process and brand strength, and the opportunity to continue taking share from wood decking remains vast.”
A home exterior with a deck and railing crafted with products from the company.
Trex Company, Inc. (NYSE:TREX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Trex Company, Inc. (NYSE:TREX) was held by 32 hedge fund portfolios, compared to 32 in the previous quarter, according to our database.
We discussed Trex Company, Inc. (NYSE:TREX) in another article and shared Conestoga Capital Advisors’ views on the company. 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.
