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 Eli Lilly and Company (NYSE:LLY) in the second quarter 2023 investor letter. Headquartered in Indianapolis, Indiana, Eli Lilly and Company (NYSE:LLY) is a pharmaceutical company. On July 17, 2023, Eli Lilly and Company (NYSE:LLY) stock closed at $447.14 per share. One-month return of Eli Lilly and Company (NYSE:LLY) was -1.06%, and its shares gained 37.08% of their value over the last 52 weeks. Eli Lilly and Company (NYSE:LLY) has a market capitalization of $424.458 billion.
Madison Sustainable Equity Fund made the following comment about Eli Lilly and Company (NYSE:LLY) in its second quarter 2023 investor letter:
“Eli Lilly and Company (NYSE:LLY) moved higher throughout the second quarter. The stock has continued to be fueled by its diabetes franchise, in particular Mounjaro which has been approved for use in diabetes but is also expected to be approved in obesity later this year. With the American Diabetes Association conference in June, Lilly had data published in medical journals which further support the approval and growth of the diabetes franchise. Surmount-2 results were published in The Lancet showing a mean weight reduction of 15.7%. Phase II results for orforglipron, a once daily oral nonpeptide GLP-1 receptor agonist was published in the New England Journal of Medicine and achieved a 14.7% mean weight reduction at 36 weeks. We are also waiting for a donanemab trial to read out for Alzheimer’s in 2Q 2023 which should be supportive of full FDA approval in early 2024.”
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Eli Lilly and Company (NYSE:LLY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 72 hedge fund portfolios held Eli Lilly and Company (NYSE:LLY) at the end of first quarter 2023 which was 76 in the previous quarter.
We discussed Eli Lilly and Company (NYSE:LLY) in another article and shared the list of best stocks to buy for a month. 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.
