Investment management company Vulcan Value Partners recently released its first-quarter 2023 investor letter. A copy of the same can be downloaded here. The firm has five strategies, and all gained positive returns and outperformed their respective benchmark indexes in the first quarter. The fund’s Large-Cap Composite returned 14.0% net of fees and expenses, the Small Cap Composite returned 8.1% net, the Focus Composite returned 20.4% net, the Focus Plus composite returned 20.4%, and the All-Cap Composite returned 16.8% net. You can check the top 5 holdings of the fund to know its best picks in 2023.
Vulcan Value Partners highlighted stocks like Core & Main, Inc. (NYSE:CNM) in the first quarter 2023 investor letter. Headquartered in St. Louis, Missouri, Core & Main, Inc. (NYSE:CNM) distributes water, wastewater, storm drainage and fire protection products, and related services. On May 4, 2023, Core & Main, Inc. (NYSE:CNM) stock closed at $26.47 per share. One-month return of Core & Main, Inc. (NYSE:CNM) was 20.32%, and its shares gained 12.73% of their value over the last 52 weeks. Core & Main, Inc. (NYSE:CNM) has a market capitalization of $6.526 billion.
Vulcan Value Partners made the following comment about Core & Main, Inc. (NYSE:CNM) in its Q1 2023 investor letter:
“Core & Main, Inc. (NYSE:CNM) is a national distributor of water, wastewater, storm drainage and fire protection products to municipalities and contractors across municipal, residential, and non-residential end markets. It is one of two national distributors in the U.S. operating in an otherwise fragmented market. Core & Main holds market share in the mid-teens while approximately 70% of the market is served by regional and mom-and-pop distributors. The company’s competitive advantages include national scale, buying power, and sticky customer relationships. America’s aging water infrastructure provides a tailwind. The country’s average pipe age is 45 years, up from 25 years in 1970, and it is estimated that the U.S. needs to spend $2.2 trillion over the next 20 years in upgrades. We think the company is well positioned to benefit from these tailwinds.”
Photo by Silvan Schuppisser on Unsplash
Core & Main, Inc. (NYSE:CNM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held Core & Main, Inc. (NYSE:CNM) at the end of the fourth quarter which was 15 in the previous quarter.
We discussed Core & Main, Inc. (NYSE:CNM) in another article and shared the list of most profitable new stocks on February 24. In addition, please check out our hedge fund investor letters Q1 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.
