Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. During the fourth quarter, equity markets ended the year on a high note, with the S&P 500 achieving an 11.7% increase. This brought the full-year return to 26.3%. The Fund (Class Y) returned 18.0% for the year, but had a Q4 return of 11.9%, trailing the S&P 500. The fourth quarter’s strength can be attributed to the yield curve’s downward shift. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Madison Sustainable Equity Fund featured stocks such as The Estée Lauder Companies Inc. (NYSE:EL) in its Q4 2023 investor letter. Headquartered in New York, New York, The Estée Lauder Companies Inc. (NYSE:EL) is a skincare, makeup, fragrance, and hair care products manufacturer. On February 1, 2024, The Estée Lauder Companies Inc. (NYSE:EL) stock closed at $134.70 per share. The one-month return of The Estée Lauder Companies Inc. (NYSE:EL) was -1.89%, and its shares lost 50.03% of their value over the last 52 weeks. The Estée Lauder Companies Inc. (NYSE:EL) has a market capitalization of $48.202 billion.
Madison Sustainable Equity Fund stated the following regarding The Estée Lauder Companies Inc. (NYSE:EL) in its fourth quarter 2023 investor letter:
“The Estée Lauder Companies Inc. (NYSE:EL) has seen a steep decline in its travel retail business in both China and Korea. We expect the travel retail business to begin to recover as we move into calendar 2024, but it will likely be in the second half of the year. China remains a key component to the Estee Lauder story and timing of a recovery in China remains difficult to forecast.
We also eliminated our position in Estee Lauder. Although the company has outlined a turnaround plan to return to growth and improve profitability during fiscal years 2025 and 2026, we believe that challenges remain in its core domestic market where it will be difficult to grow.”
Photo by Charisse Kenion on Unsplash
The Estée Lauder Companies Inc. (NYSE:EL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held The Estée Lauder Companies Inc. (NYSE:EL) at the end of third quarter which was 44 in the previous quarter.
We discussed The Estée Lauder Companies Inc. (NYSE:EL) in another article and shared Fundsmith Equity Fund’s views on the company. 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.
