Brown & Brown (BRO) Fell Despite Posting Solid Organic Growth

Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund (Class Y) returned 14.3% compared to a 12.8% return for the Russell Midcap Index. The fund returned 26.5% for the full year compared to 17.2% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Madison Mid Cap Fund featured stocks such as Brown & Brown, Inc. (NYSE:BRO) in its Q4 2023 investor letter. Headquartered in Daytona Beach, Florida, Brown & Brown, Inc. (NYSE:BRO) provides insurance products and services. On January 12, 2024, Brown & Brown, Inc. (NYSE:BRO) stock closed at $74.48 per share. One-month return of Brown & Brown, Inc. (NYSE:BRO) was 4.86%, and its shares gained 21.56% of their value over the last 52 weeks. Brown & Brown, Inc. (NYSE:BRO) has a market capitalization of $21.197 billion.

Madison Mid Cap Fund stated the following regarding Brown & Brown, Inc. (NYSE:BRO) in its fourth quarter 2023 investor letter:

“The bottom five detractors for the quarter were Arch Capital Group, Liberty Broadband, Brown & Brown, Inc. (NYSE:BRO), Markel Group, and CarMax. Insurance broker Brown & Brown trailed the index despite posting another quarter of solid organic growth as the market shunned insurance companies for higher-beta stocks.”

An insurance agent at their desk consulting a customer about property & casualty insurance.

Brown & Brown, Inc. (NYSE:BRO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Brown & Brown, Inc. (NYSE:BRO) at the end of third quarter which was 25 in the previous quarter.

We discussed Brown & Brown, Inc. (NYSE:BRO) in another article and shared the list of best motorhome insurance companies heading into 2024. In addition, please check out our hedge fund investor letters Q4 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.