Madison Funds Thinks the Long-Term Outlook for Alphabet (GOOG) is Excellent

Madison Funds, managed by Madison Asset Management, LLC, released its “Madison Investors Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. During the quarter, the fund (Class Y) declined 11.8% compared to a return of -16.1% for the S&P 500 Index. The information technology sector is the fund’s leading quarterly performance contributor. In addition, you can check the top 5 holdings of the fund to learn about its best picks in 2022.

Madison Funds discussed stocks like Alphabet Inc. (NASDAQ:GOOG) in the second quarter investor letter. Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company headquartered in Mountain View, California. On September 21, 2022, Alphabet Inc. (NASDAQ:GOOG) stock closed at $100.01 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was -12.81% and its shares lost 29.04% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.3 trillion.

Here is what Madison Funds specifically said about Alphabet Inc. (NASDAQ:GOOG) in its Q2 2022 investor letter:

Alphabet Inc. (NASDAQ:GOOG) continues to perform well, but the price-to-earnings multiple contracted considerably due to concerns about the potential for revenue to be more economically sensitive than it has been historically given the vast size of the business today. Similarly, Adobe and Accenture continue to report strong sales growth, but performance has moderated a bit relative to the extremely robust results generated over the last year or so. In all three cases, we think that the longer-term outlook remains excellent.”

Alphabet Inc. (NASDAQ:GOOG) is in 6th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 153 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of the second quarter which was 160 in the previous quarter.

We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared the list of stocks in the portfolio of billionaire Chris Rokos. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

Disclosure: None. This article is originally published at Insider Monkey.