Madison Investments, an investment advisor, released its “Madison Small Cap Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund (Class Y) declined 6.1% compared to a 5.1% decline for the Russell 2000 Index. Year-to-date, the fund is up 4.3% compared to 2.5% for the index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Madison Small Cap Fund highlighted stocks like Model N, Inc. (NYSE:MODN) in the third quarter 2023 investor letter. Headquartered in San Mateo, California, Model N, Inc. (NYSE:MODN) provides revenue management cloud solutions for the life science and technology industries. On October 24, 2023, Model N, Inc. (NYSE:MODN) stock closed at $23.94 per share. One-month return of Model N, Inc. (NYSE:MODN) was -1.80%, and its shares lost 34.59% of their value over the last 52 weeks. Model N, Inc. (NYSE:MODN) has a market capitalization of $920.201 million.
Madison Small Cap Fund made the following comment about Model N, Inc. (NYSE:MODN) in its Q3 2023 investor letter:
“GOGO Inc., Magnite Inc., and Model N, Inc. (NYSE:MODN) were our weakest performers in the quarter. Model N provides software and services to the global life sciences industry. They have no meaningful competition, and their platform is considered the system of record for their customers, which includes marquee names like Moderna, Johnson and Johnson, Pfizer, and Abbot Labs. Over the last several years, the company successfully transitioned its customer base to a recurring revenue, cloud-based model, driving accelerated growth. With the transition largely in the rearview, the forward growth guidance disappointed investors, although, here again, we believe the issues are short term and the stock is very attractively priced.”
A closeup of a software engineer architecting a cutting-edge Global Pricing Management application. Editorial photo for a financial news article. 8k. –ar 16:9
Model N, Inc. (NYSE:MODN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Model N, Inc. (NYSE:MODN) at the end of second quarter which was 24 in the previous quarter.
We discussed Model N, Inc. (NYSE:MODN) in another article and shared the list of best small cap tech stocks to buy. 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.
