Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The market delivered a strong performance again in the second quarter with the S&P 500 up 8.7%. Technology stocks contributed more than half of the S&P 500’s return. However, Madison Sustainable Equity Fund lagged behind the S&P 500 in the second quarter. Both sector allocation and stock selection were headwinds. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Madison Sustainable Equity Fund highlighted stocks like The Home Depot, Inc. (NYSE:HD) in the second quarter 2023 investor letter. Headquartered in Atlanta, Georgia, The Home Depot, Inc. (NYSE:HD) is a home improvement retailer. On July 17, 2023, The Home Depot, Inc. (NYSE:HD) stock closed at $316.05 per share. One-month return of The Home Depot, Inc. (NYSE:HD) was 4.86%, and its shares gained 5.41% of their value over the last 52 weeks. The Home Depot, Inc. (NYSE:HD) has a market capitalization of $317.75 billion.
Madison Sustainable Equity Fund made the following comment about The Home Depot, Inc. (NYSE:HD) in its second quarter 2023 investor letter:
“The Home Depot, Inc. (NYSE:HD) celebrates 30 years of giving back. Team Depot was created in 1993 as a way of organizing associates who were eager to volunteer in their communities. For 30 years, Team Depot associates have worked side by side with non-profits around the United States. Focus areas include spending time with the elderly and activities with at risk youth. Team Depot also improves the homes and lives of veterans and helps communities impacted by natural disasters.
During the quarter, Home Depot set a goal for battery-powered products to represent over 85% of outdoor lawn equipment sales in the U.S. and Canada by the end of fiscal 2028. Push lawn mowers and handheld leaf blowers and trimmers will run on rechargeable battery technology instead of gas. This will reduce 2 million metric tons of greenhouse gas emissions annually.”
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The Home Depot, Inc. (NYSE:HD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 65 hedge fund portfolios held The Home Depot, Inc. (NYSE:HD) at the end of first quarter which was 62 in the previous quarter.
We discussed The Home Depot, Inc. (NYSE:HD) in another article and shared the list of US companies with the highest profit margins. In addition, please check out our hedge fund investor letters Q2 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.
