Madison Funds, managed by Madison Asset Management, LLC, released its “Madison Small Cap Fund” third quarter 2022 investor letter – a copy of which can be downloaded here. The Russell 2000 declined 2.2% and the Madison Small Cap Fund (Class Y) underperformed the benchmark. With the exception of Energy and Healthcare, all sectors delivered negative returns. Both sector allocation and stock selection hurt our relative performance. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.
In its Q3 2022 investor letter, Madison Small Cap Fund mentioned The Hain Celestial Group, Inc. (NASDAQ:HAIN) and explained its insights for the company. Founded in 1993, The Hain Celestial Group, Inc. (NASDAQ:HAIN) is a Lake Success, New York-based food company with a $1.6 billion market capitalization. The Hain Celestial Group, Inc. (NASDAQ:HAIN) delivered a -57.26% return since the beginning of the year, while its 12-month returns are down by -59.69%. The stock closed at $18.21 per share on November 02, 2022.
Here is what Madison Small Cap Fund has to say about The Hain Celestial Group, Inc. (NASDAQ:HAIN) in its Q3 2022 investor letter:
“Consumer Staples continue to drive relative underperformance in our portfolio. Hain Food’s European exposure continues to be pressured by the geopolitical and macroeconomic pressures dominating the continent and the UK. Although we lowered our exposure to this name, the stock continued its decline as we head into a European winter that will be very challenging for consumers. Both energy and food prices are elevated and there is no relief in sight. We are observing the situation closely but feel the stock more than adequately discounts this risk. The outlook for HAIN in 2023 could be much easier as winter ends and perhaps a political solution is reached in the Ukrainian War. Hain’s North American business (~60% of revenue) is executing flawlessly.”
Photo by Brooke Lark on Unsplash
Our calculations show that The Hain Celestial Group, Inc. (NASDAQ:HAIN) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. The Hain Celestial Group, Inc. (NASDAQ:HAIN) was in 25 hedge fund portfolios at the end of the second quarter of 2022, compared to 29 funds in the previous quarter. The Hain Celestial Group, Inc. (NASDAQ:HAIN) delivered a -19.42% return in the past 3 months.
In September 2022, we also shared another hedge fund’s views on The Hain Celestial Group, Inc. (NASDAQ:HAIN) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.
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Disclosure: None. This article is originally published at Insider Monkey.
