Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. As measured by the S&P 500 Index, the markets were mixed in the third quarter. The fund returned -3.14% in the quarter compared to -3.27% return for the S&P 500 Index. 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 The Walt Disney Company (NYSE:DIS) in the third quarter 2023 investor letter. Headquartered in Burbank, California, The Walt Disney Company (NYSE:DIS) is an entertainment company that operates through Disney Media and Entertainment Distribution; and Disney Parks, Experiences, and Products. On October 25, 2023, The Walt Disney Company (NYSE:DIS) stock closed at $80.59 per share. One-month return of The Walt Disney Company (NYSE:DIS) was 0.86%, and its shares lost 22.98% of their value over the last 52 weeks. The Walt Disney Company (NYSE:DIS) has a market capitalization of $147.462 billion.
Madison Sustainable Equity Fund made the following comment about The Walt Disney Company (NYSE:DIS) in its Q3 2023 investor letter:
“During the quarter, we sold our positions in Bristol-Myers Squibb and The Walt Disney Company (NYSE:DIS). The Walt Disney Company is facing a difficult and uncertain transition in its core media business assets including the ESPN business and other linear media assets. These media assets are cash generative but face secular decline as consumers are cutting their expensive cable subscriptions and moving to alternative streaming options. This has resulted in a decline in operating profits for the media division. The media business has long-term fixed costs related to its sports broadcasting agreement with multiple sports leagues which will further pressure profits during this transition.”
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The Walt Disney Company (NYSE:DIS) is in 21st position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 92 hedge fund portfolios held The Walt Disney Company (NYSE:DIS) at the end of second quarter which was 95 in the previous quarter.
We discussed The Walt Disney Company (NYSE:DIS) in another article and shared the list of best blue-chip stocks under $100. 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.
