Madison Investments, an investment advisor, released its “Madison Small Cap Fund” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund returned 11.4% compared to a 5.2% return for the Russell 2000 Index and a 6.9% return for the Russell 2500 Index. All sectors except communication services and energy posted positive relative performance. Sector allocation was also additive, even though stock selection was primarily responsible for the fund’s outperformance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Madison Small Cap Fund featured stocks like HashiCorp, Inc. (NASDAQ:HCP) in the first quarter 2024 investor letter. Headquartered in San Francisco, California, HashiCorp, Inc. (NASDAQ:HCP) offers multi-cloud infrastructure automation solutions. On April 17, 2024, HashiCorp, Inc. (NASDAQ:HCP) stock closed at $23.53 per share. One-month return of HashiCorp, Inc. (NASDAQ:HCP) was -13.21%, and its shares lost 15.21% of their value over the last 52 weeks. HashiCorp, Inc. (NASDAQ:HCP) has a market capitalization of $4.695 billion.
Madison Small Cap Fund stated the following regarding HashiCorp, Inc. (NASDAQ:HCP) in its first quarter 2024 investor letter:
“During the quarter, we sold two stocks (Alteryx and PTC) and initiated two new investment positions (HashiCorp and Mueller Water Products). HashiCorp, Inc. (NASDAQ:HCP) delivers software solutions that help large enterprises migrate their software applications and infrastructure from their own premises and networks to the public cloud. Hashi’s tools help automate and streamline the process and, once in the public cloud, manage their assets’ full lifecycle. We like Hashi’s strong competitive positioning, coupled with their recent pivot to more durable rates of growth and profitability. We estimate PMV at $40.”
A hand interacting with a self-service interface on a digital screen, providing insights into the management of applications.
HashiCorp, Inc. (NASDAQ:HCP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, HashiCorp, Inc. (NASDAQ:HCP) was held by 30 hedge fund portfolios, compared to 29 in the previous quarter, according to our database.
We previously discussed HashiCorp, Inc. (NASDAQ:HCP) in another article, where we shared the list of best growth stocks under $25. In addition, please check out our hedge fund investor letters Q1 2024 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.
