Madison Investments, an investment advisor, released its “Madison Small Cap Fund” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund (Class Y) returned 5.69% compared to a 2.74% rise for the Russell 2000 and a 3.39% increase for the Russell 2500 Index. Holdings in the Consumer Discretionary sector and low exposure to Financials, particularly regional banks drove the fund’s performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Madison Small Cap Fund highlighted stocks like National Instruments Corporation (NASDAQ:NATI) in the first quarter 2023 investor letter. Headquartered in Austin, Texas, National Instruments Corporation (NASDAQ:NATI) is a software-centric platform provider to engineers and scientists. On June 28, 2023, National Instruments Corporation (NASDAQ:NATI) stock closed at $57.45 per share. One-month return of National Instruments Corporation (NASDAQ:NATI) was -0.59%, and its shares gained 83.96% of their value over the last 52 weeks. National Instruments Corporation (NASDAQ:NATI) has a market capitalization of $7.627 billion.
Madison Small Cap Fund made the following comment about National Instruments Corporation (NASDAQ:NATI) in its first quarter 2023 investor letter:
Two takeovers were announced in the first quarter. Emerson Electric made a hostile bid for Test and Measurement supplier National Instruments Corporation (NASDAQ:NATI), valuing the company at $53. Our private market valuation estimate (PMV) for NATI was $55. While a formal deal hasn’t been announced, it’s reported that the company is fielding bids from other suitors. National Instruments is a strategic asset and would make an attractive target for several acquirers.
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National Instruments Corporation (NASDAQ:NATI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 52 hedge fund portfolios held National Instruments Corporation (NASDAQ:NATI) at the end of first quarter 2023 which was 20 in the previous quarter.
We discussed National Instruments Corporation (NASDAQ:NATI) in another article and shared the list of latest additions to billionaire Dan Loeb’s 2023 portfolio. 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.
