Sandbrook Capital Partners, an investment management company, released its January 2024 investor letter. A copy of the same can be downloaded here. In January, the fund returned 1.68% matching the returns for the S&P 500 Total Return Index. Throughout the month, the firm operated a largely neutral net, with two odd trades providing wins. The short performance, which included rebate, was somewhat positive, but the long performance accounted for the majority of the gain. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Sandbrook Capital Partners featured stocks such as FIGS, Inc. (NYSE:FIGS) in the January 2024 investor letter. Headquartered in Santa Monica, California, FIGS, Inc. (NYSE:FIGS) is a US-based healthcare apparel and lifestyle company. On February 16, 2024, FIGS, Inc. (NYSE:FIGS) stock closed at $6.27 per share. One-month return of FIGS, Inc. (NYSE:FIGS) was 4.67%, and its shares lost 33.01% of their value over the last 52 weeks. FIGS, Inc. (NYSE:FIGS) has a market capitalization of $1.06 billion.
Sandbrook Capital Partners stated the following regarding FIGS, Inc. (NYSE:FIGS) in its January 2024 investor letter:
“We added a Core Long position in FIGS, Inc. (NYSE:FIGS) this month around $5.80/share. I’ve followed FIGS for several years and believe the current setup, growth initiatives, and return profile provide a compelling entry point.
As usual with these letters, I’ll keep the company and industry background brief (email or call me to discuss further) and focus on the key points of our thesis.
Figs is a DTC scrub provider known for reinventing the category with modern fabric and silhouettes. The company competes against traditional strip mall medical store vendors, legacy uniform companies such as Dickey’s and Cherokee, and copycat upstarts like Mandala and Jaanuu. We’ve liked the strong cohort economics (including repeat purchase rate) and brand leadership in a large healthcare worker market (~10mn in the US)…” (Click here to read the full text)
A smiling medical staff in hospital uniforms designed by the company.
FIGS, Inc. (NYSE:FIGS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, FIGS, Inc. (NYSE:FIGS) was held by 17 hedge fund portfolios, compared to 17 in the previous quarter, according to our database.
We discussed FIGS, Inc. (NYSE:FIGS) in another article and shared Baron Focused Growth Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.
