Madison Mid Cap Fund Sold Markel Group (MKL) in Q4

Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund (Class Y) returned 14.3% compared to a 12.8% return for the Russell Midcap Index. The fund returned 26.5% for the full year compared to 17.2% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Madison Mid Cap Fund featured stocks such as Markel Group Inc. (NYSE:MKL) in the fourth quarter 2023 investor letter. Based in Glen Allen, Virginia, Markel Group Inc. (NYSE:MKL) is a financial holding company that underwrites insurance products. On January 12, 2024, Markel Group Inc. (NYSE:MKL) stock closed at $1,429.84 per share. One-month return of Markel Group Inc. (NYSE:MKL) was 1.55%, and its shares lost 0.70% of their value over the last 52 weeks. Markel Group Inc. (NYSE:MKL) has a market capitalization of $18.9 billion.

Madison Mid Cap Fund stated the following regarding Markel Group Inc. (NYSE:MKL) in its fourth quarter 2023 investor letter:

“The bottom five detractors for the quarter were Arch Capital Group, Liberty Broadband, Brown & Brown, Markel Group Inc. (NYSE:MKL), and CarMax. Specialty insurer Markel Group underperformed following higher than expected losses, driving down profits. During the quarter we sold two insurance holdings, trimmed our position in Arista Networks, and added to five stocks. After a couple decades of ownership, we sold Markel Group as a risk management effort to reduce our portfolio allocation to property and casualty insurers.”

An insurance agent talking to a customer in their home office about healthcare insurance options.

Markel Group Inc. (NYSE:MKL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Markel Group Inc. (NYSE:MKL) at the end of third quarter which was 29 in the previous quarter.

We discussed Markel Group Inc. (NYSE:MKL) in another article and shared the list of stocks receiving downgrades from analysts. 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.