Madison Funds, managed by Madison Asset Management, LLC, released its “Madison Mid Cap Fund” third quarter 2022 investor letter – a copy of which can be downloaded here. The Madison Mid Cap Fund (Class Y) was down -3.39% in the third quarter, compared to the -3.44% decline in the benchmark Russell Midcap Index. The Fund (-21.13%) remains ahead of the benchmark (-24.27%) for the year-to-date period as well. 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 Mid Cap Fund mentioned MKS Instruments, Inc. (NASDAQ:MKSI) and explained its insights for the company. Founded in 1961, MKS Instruments, Inc. (NASDAQ:MKSI) is a Andover, Massachusetts-based other measuring and controlling device manufacturing company with a $5.3 billion market capitalization. MKS Instruments, Inc. (NASDAQ:MKSI) delivered a -54.09% return since the beginning of the year, while its 12-month returns are down by -46.70%. The stock closed at $79.97 per share on October 27, 2022.
Here is what Madison Mid Cap Fund has to say about MKS Instruments, Inc. (NASDAQ:MKSI) in its Q3 2022 investor letter:
“We added to our stakes in MKS Instruments. MKS Instruments is a provider of scientific measurement instruments and subsystems to the semiconductor and electronics industries. It has leading, often dominant, market share in over a dozen categories of instruments that are critical to the semiconductor manufacturing process, such as vacuum pressure gauges. We invested in the company late in 2021 as the semiconductor industry was beginning to show signs of weakness. We thought the price was attractive, even anticipating that a significant downturn was unfolding. It turns out that indeed, a significant downturn has unfolded, and investors have bid down MKS Instruments shares as a result. The stock trades for a single-digit price/earnings multiple based on our underlying earning power estimates for the company, and we’ve been adding to our investment.”
Our calculations show that MKS Instruments, Inc. (NASDAQ:MKSI) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. MKS Instruments, Inc. (NASDAQ:MKSI) was in 25 hedge fund portfolios at the end of the second quarter of 2022, compared to 29 funds in the previous quarter. MKS Instruments, Inc. (NASDAQ:MKSI) delivered a -32.34% return in the past 3 months. 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.
