Here’s Why nVent (NVT) Outperformed in Q3
Mairs & Power, an investment advisor, released the “Mairs & Power Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The stock market began positively in the third quarter but declined in August and September due to rising interest rates. Despite losing some of its gains in the third quarter, the Mairs & Power Growth Fund is still up 12.19% for the year. In contrast, the Morningstar Large Blend category has experienced a 9.74% year-to-date increase while the S&P 500 Total Return (TR) has increased by 13.07%. The sector allocation led the fund to underperform in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Mairs & Power Growth Fund highlighted stocks like nVent Electric plc (NYSE:NVT) in the third quarter 2023 investor letter. Headquartered in London, the United Kingdom, nVent Electric plc (NYSE:NVT) engages in the design, production, and distribution of electrical connection and protection products. On November 27, 2023, nVent Electric plc (NYSE:NVT) stock closed at $54.31 per share. One-month return of nVent Electric plc (NYSE:NVT) was 12.84%, and its shares gained 37.60% of their value over the last 52 weeks. nVent Electric plc (NYSE:NVT) has a market capitalization of $9.011 billion.
Mairs & Power Growth Fund made the following comment about nVent Electric plc (NYSE:NVT) in its Q3 2023 investor letter:
"Stock selection remains a positive impact for the year and almost offset the performance headwind from sector allocation. Additionally, nVent Electric plc (NYSE:NVT), a Minnesota-based Industrials company, was a positive contributor and is connected to AI and technological advancements. nVent’s management team has done a remarkable job of reinvigorating the company’s organic growth. They also did a better job of navigating through the supply chain disruptions and input shortages than most. The company’s liquid cooling capabilities will likely be in high demand for the foreseeable future to prevent AI servers from overheating."
KRITSANA NOISAKUL/Shutterstock.com
nVent Electric plc (NYSE:NVT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held nVent Electric plc (NYSE:NVT) at the end of third quarter which was 35 in the previous quarter.
We discussed nVent Electric plc (NYSE:NVT) in another article and shared the list of best UK stocks to buy. In addition, please check out our hedge fund investor letters Q3 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.
