Floor & Decor Holdings (FND) Falls Due to Declining House Prices.
Baron Funds, an investment management company, has released its “Baron Discovery Fund” prospectus for the second quarter of 2024. A copy of the prospectus can be downloaded here. In the second quarter, the fund (Institutional Shares) fell 7.78% underperforming the 2.92% return for the Russell 2000 Growth Index. A large part of the negative performance and 6.52% of the fund’s poor performance during the quarter was due to the ten worst performing funds. The firm believes that the downward movements are linked to macroeconomic issues and the business environment and may return quickly. In addition, please see the top five fund locations to know your best options in 2024.
Baron Discovery Fund highlighted stocks such as Floor & Decor Holdings, Inc. (NYSE:FND), in the second quarter of the 2024 investor letter. Floor & Decor Holdings, Inc. (NYSE:FND) is a specialty multi-channel supplier of hardwood floors and related materials. One-month return of Floor & Decor Holdings, Inc. (NYSE:FND) was 10.88%, and its shares gained 11.02% of their value over the past 52 weeks. On August 22, 2024, the stock of Floor & Decor Holdings, Inc. (NYSE:FND) closed at $106.50 per share on a market capitalization of $11.413 billion.
Baron Discovery Fund said the following about Floor & Decor Holdings, Inc. (NYSE:FND) in its Q2 2024 investor letter:
“Floor & Decor Holdings, Inc. (NYSE:FND) is a specialty retailer of hardwood flooring and accessories in the US. of the daily, the decline in real estate has occurred. put pressure on short-term sales methods. We maintain our long-term confidence. We consider Floor & Decor to be a unique, mature retailer that offers a wider variety of products at lower prices than competitors. The company has an 8% market share in the highly fragmented $21 billion US market where we believe it will continue to gain share. We think that the replacement of carpet with hardwood flooring, which we see as a world change in the flooring industry, will help growth. We believe that Floor & Decor can continue to grow the number of its stores from 15% to 20% annually.
A top view of the website showing the wide selection of flooring products available for purchase.
Floor & Decor Holdings, Inc. (NYSE:FND) is not on our list of the 31 Most Popular Stocks Among Hedge Funds. According to our database, 34 hedge fund portfolios were holding 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) net sales decreased 0.2% to $1,133,100,000 and comparable store sales decreased 9% compared to Q2 2023. While we appreciate the ability of Floor & Decor Holdings, Inc. (NYSE:FND) as an investment, our conviction is based on the belief that AI stocks have a strong promise to deliver high returns, and we do so in a quiet period. that one. If you’re looking for an AI stock as promising as NVIDIA but trading at less than 5 times its earnings, check out our report on low price of AI stock.
In another article, we discussed Floor & Decor Holdings, Inc. (NYSE:FND) and shared a list of the best home improvement tools you can buy. Alternatively, please see our hedge fund investor letter Q2 2024 page for other investment letters from hedge funds and other leading investors.
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