Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund’s performance lagged behind the S&P 500 Index, which returned 7.5% in the quarter, with a very narrow market. Both Sector Allocation and Stock Selection affected the performance of the fund in the quarter. 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 Eli Lilly and Company (NYSE:LLY) in the first quarter 2023 investor letter. Headquartered in Indianapolis, Indiana, Eli Lilly and Company (NYSE:LLY) is a pharmaceutical company. On April 18, 2023, Eli Lilly and Company (NYSE:LLY) stock closed at $369.91 per share. One-month return of Eli Lilly and Company (NYSE:LLY) was 11.77%, and its shares gained 26.28% of their value over the last 52 weeks. Eli Lilly and Company (NYSE:LLY) has a market capitalization of $352.283 billion.
Madison Sustainable Equity Fund made the following comment about Eli Lilly and Company (NYSE:LLY) in its Q1 2023 investor letter:
“Eli Lilly and Company (NYSE:LLY) was down during the first quarter after a strong 2022. Fourth quarter earnings were slightly better than expected but both Trulicity and Mounjaro, key growth drivers, missed expectations. The earnings per share beat was driven by higher gross margins and a lower tax rate. Mounjaro has additional obesity data reading out in mid-2023 along with the expected obesity approval in the second half of the year. Lilly is also working on next generation treatments for diabetes and obesity, with a new GGG and oral GLP-1 in the clinic which will report phase II data in mid-2023. Finally, donanemab for Alzheimer’s has an important trial reading out in 2Q 2023 which should be supportive of full FDA approval in early 2024.”
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Eli Lilly and Company (NYSE:LLY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 76 hedge fund portfolios held Eli Lilly and Company (NYSE:LLY) at the end of the fourth quarter which was 75 in the previous quarter.
We discussed Eli Lilly and Company (NYSE:LLY) in another article and shared the list of best counter cyclical stocks to buy. In addition, please check out our hedge fund investor letters Q1 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.
