Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund (Class Y) returned 7.17% compared to the 9.21% increase for the Russell Midcap Index. The Fund returned 12.44%, in the year-to-date nine months, compared to 14.63% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Madison Mid Cap Fund highlighted stocks like Floor & Decor Holdings, Inc. (NYSE:FND), in the third quarter 2024 investor letter. Floor & Decor Holdings, Inc. (NYSE:FND) is a multi-channel specialty retailer of hard surface flooring and related accessories. The one-month return of Floor & Decor Holdings, Inc. (NYSE:FND) was -7.98%, and its shares gained 33.68% of their value over the last 52 weeks. On October 17, 2024, Floor & Decor Holdings, Inc. (NYSE:FND) stock closed at $108.37 per share with a market capitalization of $11.795 billion.
Madison Mid Cap Fund stated the following regarding Floor & Decor Holdings, Inc. (NYSE:FND) in its Q3 2024 investor letter:
“The top five contributors for the quarter were Liberty Broadband, Floor & Decor Holdings, Inc. (NYSE:FND), Moelis, Brown & Brown, and Waters. Floor & Décor continues to face a challenged sales environment, given a weakening consumer and housing market. However, potentially positive implications from lower interest rates and market share gains from a large competitor closing stores has investors more optimistic that results will improve.”
An overhead view of a website displaying the multiple options of flooring products available for purchase.
Floor & Decor Holdings, Inc. (NYSE:FND) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Floor & Decor Holdings, Inc. (NYSE:FND) at the end of the second quarter which was 26 in the previous quarter. In the second quarter, Floor & Decor Holdings, Inc.’s (NYSE:FND) total sales declined by 0.2% to $1.133,100,000 and comparable store sales decreased by 9%. While we acknowledge the potential of Floor & Decor Holdings, Inc. (NYSE:FND) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Floor & Decor Holdings, Inc. (NYSE:FND) and shared Baron Discovery Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2024 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.
