Madison Funds, managed by Madison Asset Management, LLC, released its “Madison Mid Cap Fund” third quarter 2022 investor letter – a copy of which can be downloaded here. The Madison Mid Cap Fund (Class Y) was down -3.39% in the third quarter, compared to the -3.44% decline in the benchmark Russell Midcap Index. The Fund (-21.13%) remains ahead of the benchmark (-24.27%) for the year-to-date period as well. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.
In its Q3 2022 investor letter, Madison Mid Cap Fund mentioned Vontier Corporation (NYSE:VNT) and explained its insights for the company. Founded in 2019, Vontier Corporation (NYSE:VNT) is a Raleigh, North Carolina-based manufacturing company with a $3.0 billion market capitalization. Vontier Corporation (NYSE:VNT) delivered a -39.11% return since the beginning of the year, while its 12-month returns are down by -44.22%. The stock closed at $19.06 per share on October 27, 2022.
Here is what Madison Mid Cap Fund has to say about Vontier Corporation (NYSE:VNT) in its Q3 2022 investor letter:
“We exited our position in Vontier in the third quarter. We invested in the company when it was spun out of Fortive Corporation two years ago. The stock was, and remains, quite cheap, but the transformation that we expected to occur post-spin is taking a little longer than we thought. The company has a long history of operational excellence. Its core segments exhibit very high returns on capital, but are quite mature with limited growth. We thought they had a chance to re-invest excess capital into adjacent areas with more growth, but opportunities appear more limited than we had thought. We considered it better for now to re-allocate that capital ourselves.”
Our calculations show that Vontier Corporation (NYSE:VNT) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Vontier Corporation (NYSE:VNT) was in 33 hedge fund portfolios at the end of the second quarter of 2022, compared to 29 funds in the previous quarter. Vontier Corporation (NYSE:VNT) delivered a -26.83% return in the past 3 months.
In August 2022, we also shared another hedge fund’s views on Vontier Corporation (NYSE:VNT) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.
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Disclosure: None. This article is originally published at Insider Monkey.
