AAON (AAON) Reported Healthy Demand in Q1
Harding Loevner, an asset management company, released its “Global Small Companies Equity Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. Global small-cap stocks rose in the quarter despite failures in the banking sector. In the first quarter, the strategy returned 4.64% net of fees compared to a 4.37% return for the MSCI All Country World Small Cap Index. The strategy benefitted from positive stock selection and sector and regional allocation. In addition, please check the fund’s top five holdings to know its best picks in 2023.
HL Global Small Companies Equity Strategy highlighted stocks like AAON, Inc. (NASDAQ:AAON) in the first quarter 2023 investor letter. Headquartered in Tulsa, Oklahoma, AAON, Inc. (NASDAQ:AAON) is an air conditioning and heating equipment manufacturer. On June 13, 2023, AAON, Inc. (NASDAQ:AAON) stock closed at $96.66 per share. One-month return of AAON, Inc. (NASDAQ:AAON) was 5.75%, and its shares gained 85.85% of their value over the last 52 weeks. AAON, Inc. (NASDAQ:AAON) has a market capitalization of $5.244 billion.
HL Global Small Companies Equity Strategy made the following comment about AAON, Inc. (NASDAQ:AAON) in its first quarter 2023 investor letter:
"Strong quarterly reports also boosted our Industrials holdings. US commercial HVAC provider AAON, Inc. (NASDAQ:AAON) reported healthy demand in equipment for data centers, a new source of growth for the company."
AAON, Inc. (NASDAQ:AAON) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held AAON, Inc. (NASDAQ:AAON) at the end of first quarter 2023 which was 16 in the previous quarter.
We discussed AAON, Inc. (NASDAQ:AAON) in another article and shared Conestoga Capital Advisors' views on the company. 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.
