Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund’s performance lagged behind the S&P 500 Index, which returned 7.5% in the quarter, with a very narrow market. Both Sector Allocation and Stock Selection affected the performance of the fund in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Madison Sustainable Equity Fund highlighted stocks like QUALCOMM Incorporated (NASDAQ:QCOM) in the first quarter 2023 investor letter. Headquartered in San Diego, California, QUALCOMM Incorporated (NASDAQ:QCOM) engages in the development of foundational technologies for the telecommunications industry. On April 18, 2023, QUALCOMM Incorporated (NASDAQ:QCOM) stock closed at $118.36 per share. One-month return of QUALCOMM Incorporated (NASDAQ:QCOM) was -2.96%, and its shares lost 15.66% of their value over the last 52 weeks. QUALCOMM Incorporated (NASDAQ:QCOM) has a market capitalization of $131.971 billion.
Madison Sustainable Equity Fund made the following comment about QUALCOMM Incorporated (NASDAQ:QCOM) in its Q1 2023 investor letter:
“QUALCOMM Incorporated (NASDAQ:QCOM) stock was volatile during the quarter but moved higher in March. Qualcomm fundamentals have been hurt over the last several quarters due to excess smartphone inventories. Management messaged in their recent conference call that inventory issues peaked in their first fiscal quarter and should begin to moderate. They are also seeing excess inventory in their IoT (Internet of Things) business, which will take a couple of quarters to work through. By our estimates, Qualcomm fundamentals should trough in the June quarter with a second-half recovery. Qualcomm remains well positioned to diversify away from smartphones with long-term growth in Auto and IoT.”
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QUALCOMM Incorporated (NASDAQ:QCOM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 82 hedge fund portfolios held QUALCOMM Incorporated (NASDAQ:QCOM) at the end of the fourth quarter which was 80 in the previous quarter.
We discussed QUALCOMM Incorporated (NASDAQ:QCOM) in another article and shared the list of undervalued semiconductor stocks to buy. In addition, please check out our hedge fund investor letters Q1 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.
