Madison Investments, an investment advisor, released its “Madison Small Cap Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The small-cap market rebounded in the fourth quarter, with the Russell 2000 Index rising 14%, following a benign inflation report in October. In the fourth quarter, the fund (Class Y) returned 11.2% underperforming the benchmark’s 14.0% return. The fund returned 16.1% YTD compared to a 16.9% return for the benchmark. The broader index, the Russell 2500, posted a 13.4% quarterly return and a 17.4% annual return. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Madison Small Cap Fund featured stocks such as Saia, Inc. (NASDAQ:SAIA) in the fourth quarter 2023 investor letter. Headquartered in Johns Creek, Georgia, Saia, Inc. (NASDAQ:SAIA) is a transportation company. On January 16, 2024, Saia, Inc. (NASDAQ:SAIA) stock closed at $437.99 per share. One-month return of Saia, Inc. (NASDAQ:SAIA) was 4.89%, and its shares gained 80.92% of their value over the last 52 weeks. Saia, Inc. (NASDAQ:SAIA) has a market capitalization of $11.628 billion.
Madison Small Cap Fund stated the following regarding Saia, Inc. (NASDAQ:SAIA) in its fourth quarter 2023 investor letter:
“Our best performing stock on an absolute basis for the year was Saia, Inc. (NASDAQ:SAIA), which benefited greatly from its improving return profile. The company has made admirable progress in improving its margins and growing capacity. While the transportation market slowed from an overheated 2022, 2023 held up better than expected and SAIA’s results exceeded expectations. SAIA also benefited from the bankruptcy of one its larger competitors, which tightened the market and helped expand SAIA’s multiple by almost 10 points.”
A tractor-trailer speeding along a modern highway, showing the power of the transportation solutions.
Saia, Inc. (NASDAQ:SAIA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Saia, Inc. (NASDAQ:SAIA) at the end of third quarter which was 28 in the previous quarter.
We discussed Saia, Inc. (NASDAQ:SAIA) in another article and shared Artisan Small Cap Fund’s views on the company in the previous quarter. 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.
