Madison Investments, an investment advisor, released its “Madison Small Cap Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund (Class Y) declined 6.1% compared to a 5.1% decline for the Russell 2000 Index. Year-to-date, the fund is up 4.3% compared to 2.5% for the index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Madison Small Cap Fund highlighted stocks like Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) in the third quarter 2023 investor letter. Headquartered in Harrisburg, Pennsylvania, Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) is a retailer of brand-name merchandise. On October 24, 2023, Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) stock closed at $74.72 per share. One-month return of Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) was -0.90%, and its shares gained 29.07% of their value over the last 52 weeks. Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) has a market capitalization of $4.611 billion.
Madison Small Cap Fund made the following comment about Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) in its Q3 2023 investor letter:
“Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI)and New Relic, Inc. were our top performing investments in the quarter. Ollies Bargain Outlet is a discount, closeout retailer. They acquire closeout branded merchandise, mostly hardgoods like air conditioners, home accessories, and other home goods, and sell them to shoppers at deep discounts, while maintaining a very healthy profit margin for themselves. Ollie’s value proposition is resonating especially well during these inflationary times. Furthermore, the availability of quality closeout merchandise has rarely been this attractive, according to management. The company is delivering some of the best results in retailing, with material upside to sales and earnings driving the shares higher.”
A shopper selecting specialty supplements in a omnichannel specialty retailer. Editorial photo for a financial news article. 8k. –ar 16:9
Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) at the end of second quarter which was 18 in the previous quarter.
We discussed Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) in another article and shared Alger Weatherbie Specialized Growth Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.
