TRG | The Bottom Line – 10/8

TRG concluded its Top Ideas Virtual NDR Series this past week having hosted the management teams of our most compelling stock ideas (APG, CNM, FERG, and WSC) over the past month. We believe each of these companies provide key attributes that will serve them well heading into 2022 and beyond including 1) beneficiary of growing U.S. residential and commercial demand (new and R&R); 2) opportunity quietly to consolidate fragmented industries; 3) superior cash flows; 4) sticky pricing/pricing power; 5) asset-light models and 6) products/services that have some sort of non-discretionary/mandated characteristics. The NDR Series provided investors the opportunity to hear from management (including CNM’s first road show as a public company) on how these companies are uniquely positioned to benefit from secular changes post COVID-19.