NIKE (NKE) Declined on Inventory Concerns

Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The market delivered a strong performance again in the second quarter with the S&P 500 up 8.7%. Technology stocks contributed more than half of the S&P 500’s return. However, Madison Sustainable Equity Fund lagged behind the S&P 500 in the second quarter. Both sector allocation and stock selection were headwinds. 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 NIKE, Inc. (NYSE:NKE) in the second quarter 2023 investor letter. Headquartered in Beaverton, Oregon, NIKE, Inc. (NYSE:NKE) designs and develops athletic footwear, apparel, equipment, and accessories. On July 17, 2023, NIKE, Inc. (NYSE:NKE) stock closed at $108.71 per share. One-month return of NIKE, Inc. (NYSE:NKE) was -4.30%, and its shares gained 4.59% of their value over the last 52 weeks. NIKE, Inc. (NYSE:NKE) has a market capitalization of $167.086 billion.

Madison Sustainable Equity Fund made the following comment about NIKE, Inc. (NYSE:NKE) in its second quarter 2023 investor letter:

“NIKE, Inc. (NYSE:NKE) was weak during the quarter on concerns that US consumers were pushing out discretionary purchases as well as ongoing inventory concerns. We continue to like Nike’s position in the global athletic and health and wellness categories and the company’s Consumer Direct Acceleration strategy to sell more of its products through its own website, apps and stores.”

NIKE, Inc. (NYSE:NKE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 81 hedge fund portfolios held NIKE, Inc. (NYSE:NKE) at the end of first quarter which was 71 in the previous quarter.

We discussed NIKE, Inc. (NYSE:NKE) in another article and shared the list of Gen Z’s favorite brands in 2023. In addition, please check out our hedge fund investor letters Q2 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.