Strength in Auto Business Pushed TE Connectivity Ltd. (TEL) in Q1

Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund’s performance lagged behind the S&P 500 Index, which returned 7.5% in the quarter, with a very narrow market. Both Sector Allocation and Stock Selection affected the performance of the fund in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Madison Sustainable Equity Fund highlighted stocks like TE Connectivity Ltd. (NYSE:TEL) in the first quarter 2023 investor letter. Based in Schaffhausen, Switzerland, TE Connectivity Ltd. (NYSE:TEL) is a connectivity and sensor solutions manufacturer. On April 18, 2023, TE Connectivity Ltd. (NYSE:TEL) stock closed at $127.75 per share. One-month return of TE Connectivity Ltd. (NYSE:TEL) was 3.18%, and its shares gained 0.85% of their value over the last 52 weeks. TE Connectivity Ltd. (NYSE:TEL) has a market capitalization of $40.382 billion.

Madison Sustainable Equity Fund made the following comment about TE Connectivity Ltd. (NYSE:TEL) in its Q1 2023 investor letter:

“TE Connectivity Ltd. (NYSE:TEL) has performed well with continued strength in its Auto business (60% of sales) as content per vehicle continues to grow and drive revenues. TE’s Communications segment has experienced softness as well as in some parts of the Industrial segment. Over the long-term, we continue to see growth for application-specific connectors and sensors in transportation as the base of EV’s grow, as well as in industrial, medical, energy and communications which leaves TE well positioned.”

TE Connectivity Ltd. (NYSE:TEL) is not on our list of 30 Most Popular Stocks Among Hedge Funds.  As per our database, 38 hedge fund portfolios held TE Connectivity Ltd. (NYSE:TEL) at the end of the fourth quarter which was 37 in the previous quarter.

We discussed TE Connectivity Ltd. (NYSE:TEL) in another article and shared the list of most valuable European tech companies in the world. In addition, please check out our hedge fund investor letters Q1 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.