Madison Investments, an investment advisor, released its “Madison Investors Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, Fund (class Y) declined -1.3% compared to a -3.3% decline for the S&P 500 Index benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Madison Investors Fund highlighted stocks like Adobe Inc. (NASDAQ:ADBE) in the third quarter 2023 investor letter. Headquartered in San Jose, California, Adobe Inc. (NASDAQ:ADBE) is a software company that operates through Digital Media, Digital Experience, and Publishing and Advertising segments. On October 27, 2023, Adobe Inc. (NASDAQ:ADBE) stock closed at $508.12 per share. One-month return of Adobe Inc. (NASDAQ:ADBE) was 0.04%, and its shares gained 63.69% of their value over the last 52 weeks. Adobe Inc. (NASDAQ:ADBE) has a market capitalization of $237.393 billion.
Madison Investors Fund made the following comment about Adobe Inc. (NASDAQ:ADBE) in its Q3 2023 investor letter:
“During the quarter we sold our stakes in TE Connectivity, Adobe Inc. (NASDAQ:ADBE), and Jacobs Solutions. Adobe is the de facto industry standard software for digital content creation, an attractively growing category given the growth in the digital economy. Throughout the course of the year, Adobe has made a series of announcements about incorporating artificial intelligence technology into their current suite of applications, as well as launching a new stand-alone software application. The share price appreciated considerably as expectations started to incorporate these new products and features adding to Adobe’s future growth. While we share much of this enthusiasm, we also recognize that a new class of companies are investing heavily to compete with Adobe through generative artificial intelligence technology. With the shares trading near our appraisal of intrinsic value and emergent questions over the future competitive environment and the pending acquisition of Figma, we decided to exit our position and reallocate to more attractive opportunities.”
Photo by Jakob Owens on Unsplash
Adobe Inc. (NASDAQ:ADBE) is in 20th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 109 hedge fund portfolios held Adobe Inc. (NASDAQ:ADBE) at the end of second quarter which was 99 in the previous quarter.
We discussed Adobe Inc. (NASDAQ:ADBE) in another article and shared Aristotle Large Cap Growth Strategy’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.
