Madison Investments, an investment advisor, released its “Madison Small Cap Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The small-cap market rebounded in the fourth quarter, with the Russell 2000 Index rising 14%, following a benign inflation report in October. In the fourth quarter, the fund (Class Y) returned 11.2% underperforming the benchmark’s 14.0% return. The fund returned 16.1% YTD compared to a 16.9% return for the benchmark. The broader index, the Russell 2500, posted a 13.4% quarterly return and a 17.4% annual return. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Madison Small Cap Fund featured stocks such as AMN Healthcare Services, Inc. (NYSE:AMN) in the Q4 2023 investor letter. Headquartered in Dallas, Texas, AMN Healthcare Services, Inc. (NYSE:AMN) is a healthcare workforce solutions and staffing services provider. On January 16, 2024, AMN Healthcare Services, Inc. (NYSE:AMN) stock closed at $74.77 per share. One-month return of AMN Healthcare Services, Inc. (NYSE:AMN) was 5.79%, and its shares lost 21.24% of their value over the last 52 weeks. AMN Healthcare Services, Inc. (NYSE:AMN) has a market capitalization of $2.825 billion.
Madison Small Cap Fund stated the following regarding AMN Healthcare Services, Inc. (NYSE:AMN) in its fourth quarter 2023 investor letter:
“We sold temporary staffing and consulting company Robert Half to fund the purchase of healthcare staffing company AMN Healthcare Services, Inc. (NYSE:AMN). Although both businesses are valued attractively, AMN’s business is much less cyclical and its valuation slightly more attractive. We believe healthcare staffing is in a cyclical lull post the pandemic but has the long term secular tailwinds to outperform in the medium term.”
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AMN Healthcare Services, Inc. (NYSE:AMN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held AMN Healthcare Services, Inc. (NYSE:AMN) at the end of third quarter which was 31 in the previous quarter.
We discussed AMN Healthcare Services, Inc. (NYSE:AMN) in another article and shared the list of quality undervalued non-cyclical stocks to buy. 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.
