Advance Auto Parts contributed meaningfully as the company's turnaround continued to gain traction, with better inventory management and cost control supporting margins and improving operating execution.
Concentrix, a provider of customer experience solutions, detracted as investors focused on the potential impact of generative AI and short-term margin pressure from capacity investments ahead of new contract wins.
We initiated a position in furniture manufacturer MillerKnoll, which has been pressured by a weak office market and integration issues following its merger.
