Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. During the fourth quarter, equity markets ended the year on a high note, with the S&P 500 achieving an 11.7% increase. This brought the full-year return to 26.3%. The Fund (Class Y) returned 18.0% for the year, but had a Q4 return of 11.9%, trailing the S&P 500. The fourth quarter’s strength can be attributed to the yield curve’s downward shift. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Madison Sustainable Equity Fund featured stocks such as U.S. Bancorp (NYSE:USB) in the fourth quarter 2023 investor letter. Headquartered in Minneapolis, Minnesota, U.S. Bancorp (NYSE:USB) is a financial service holding company. On February 1, 2024, U.S. Bancorp (NYSE:USB) stock closed at $40.89 per share. The one-month return of U.S. Bancorp (NYSE:USB) was -6.67%, and its shares lost 17.06% of their value over the last 52 weeks. U.S. Bancorp (NYSE:USB) has a market capitalization of $63.707 billion.
Madison Sustainable Equity Fund stated the following regarding U.S. Bancorp (NYSE:USB) in its fourth quarter 2023 investor letter:
“U.S. Bancorp (NYSE:USB) stock performed well during the fourth quarter as interest rates moved lower and markets repriced its’ balance sheet risk. US Bank reported a third quarter that was slightly below expectations but reported continued growth in CET1 Capital (which refers to the Common Equity Tier 1 capital, representing the bank’s core equity capital). The bank also received news from the regulators that they will not be subject to the regulatory constraints of Category II compliance by the end of 2024, which gives them more flexibility.
We updated the sustainable scorecard for US Bank and maintained its Average rating. US Bank focuses its social efforts on supporting women, people of color and people in low to moderate income communities. These efforts are supported by the US Bank Foundation but also through capital commitment through US Bank’s Impact Finance group. Similar to JP Morgan, US Bank has also committed to financing $50 billion in environmental initiatives by 2030 to accelerate and advance the transition to a low carbon economy.”
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U.S. Bancorp (NYSE:USB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held U.S. Bancorp (NYSE:USB) at the end of third quarter which was 42 in the previous quarter.
We discussed U.S. Bancorp (NYSE:USB) in another article and shared the list of best long-term dividend stocks to buy. In addition, please check out our hedge fund investor letters Q4 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.
