Madison Funds, managed by Madison Investment Management, released the “Madison Investors Fund” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 10.2% compared to the 7.6% return for the S&P 500 Index. For the calendar year, the fund declined 13.2% compared to a -18.1% fall for the S&P 500 Index. In the quarter, the Consumer Discretionary sector was the largest positive contributor to the fund’s performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Madison Funds highlighted stocks like Alphabet Inc. (NASDAQ:GOOG) in the Q4 2022 investor letter. Headquartered in Mountain View, California, Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company. On January 12, 2023, Alphabet Inc. (NASDAQ:GOOG) stock closed at $91.91 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was 0.78%, and its shares lost 33.94% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.184 trillion.
Madison Funds made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its fourth-quarter 2022 investor letter:
“Our largest individual detractors were Brookfield Corporation, Alphabet Inc. (NASDAQ:GOOG), Amazon, Black Knight, and Dollar Tree. Alphabet’s price-to-earnings multiple continues to contract due to concerns about the potential for revenue to be more economically sensitive than it has been historically, given the vast size of the business today. At Amazon, cost pressures and slowing AWS growth weighed on its share price. The regulatory status of Intercontinental Exchange’s pending acquisition offer for Black Knight remains a concern, while in the interim, business conditions have deteriorated given the slowdown in the mortgage market. Lastly, Dollar Tree’s margin outlook disappointed as management is investing to drive traffic to their stores and improve Family Dollar operations.”
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Alphabet Inc. (NASDAQ:GOOG) is in 6th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 156 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of the third quarter, which was 153 in the previous quarter.
We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared the list of AI healthcare stocks. In addition, please check out our hedge fund investor letters Q4 2022 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.
