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 Oracle Corporation (NYSE:ORCL) in the second quarter 2023 investor letter. Headquartered in Austin, Texas, Oracle Corporation (NYSE:ORCL) provides products and services for enterprise information technology environments. On July 17, 2023, Oracle Corporation (NYSE:ORCL) stock closed at $118.89 per share. One-month return of Oracle Corporation (NYSE:ORCL) was -2.58%, and its shares gained 64.58% of their value over the last 52 weeks. Oracle Corporation (NYSE:ORCL) has a market capitalization of $322.698 billion.
Madison Sustainable Equity Fund made the following comment about Oracle Corporation (NYSE:ORCL) in its second quarter 2023 investor letter:
“Oracle Corporation (NYSE:ORCL) reported a solid fiscal fourth quarter and provided guidance for the first quarter that continued to support solid growth for the company. Revenues grew 17% and were primarily driven by Cloud Services (up 29%) with Oracle’s cloud infrastructure (OCI) business growing 89% in the quarter. Oracle has messaged that this business has price-performance advantages as compared to the other infrastructure companies (Amazon, Microsoft, Google) and appears to be winning business as a result. On the earnings call, management made the case that OCI will play a significant role in the Generative AI workloads which bodes well for continued growth.”
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Oracle Corporation (NYSE:ORCL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 67 hedge fund portfolios held Oracle Corporation (NYSE:ORCL) at the end of first quarter which was 65 in the previous quarter.
We discussed Oracle Corporation (NYSE:ORCL) in another article and shared the list of big data analytics companies of 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.
