Multiple Headwinds Impacted Ross Stores (ROST) in Q1

Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund was up 5.3% compared to a 4.1% return for the Russell Midcap Index benchmark.  In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Madison Mid Cap Fund highlighted stocks like Ross Stores, Inc. (NASDAQ:ROST) in the first quarter 2023 investor letter. Headquartered in Dublin, California, Ross Stores, Inc. (NASDAQ:ROST) is a fashion and apparel retailer. On April 17, 2023, Ross Stores, Inc. (NASDAQ:ROST) stock closed at $104.18 per share. One-month return of Ross Stores, Inc. (NASDAQ:ROST) was 0.04%, and its shares lost 2.96% of their value over the last 52 weeks. Ross Stores, Inc. (NASDAQ:ROST) has a market capitalization of $35.635 billion.

Madison Mid Cap Fund made the following comment about Ross Stores, Inc. (NASDAQ:ROST) in its Q1 2023 investor letter:

“The bottom five contributors for the quarter were Ross Stores, Inc. (NASDAQ:ROST), W.R. Berkley, Gartner, Glacier Bancorp, and Carlisle. Sales trends at Ross Stores remain so-so, with flattish sales compared to a year ago. The low-to-moderate income consumer has started to struggle as stimulus payments and government support initiatives from the COVID period are wearing off, and inflation is eating away at purchasing power.”

Ross Stores, Inc. (NASDAQ:ROST) is not on our list of 30 Most Popular Stocks Among Hedge Funds.  As per our database, 46 hedge fund portfolios held Ross Stores, Inc. (NASDAQ:ROST) at the end of the fourth quarter which was 43 in the previous quarter.

We discussed Ross Stores, Inc. (NASDAQ:ROST) in another article and shared TimesSquare U.S. Mid Cap Growth Strategy’s views on the company. 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.