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 Danaher Corporation (NYSE:DHR) in the first quarter 2023 investor letter. Headquartered in Washington, the District of Columbia, Danaher Corporation (NYSE:DHR) operates through Biotechnology, Life Sciences, Diagnostics, and Environmental and Applied Solutions segments. On April 18, 2023, Danaher Corporation (NYSE:DHR) stock closed at $256.14 per share. One-month return of Danaher Corporation (NYSE:DHR) was 3.99%, and its shares lost 8.65% of their value over the last 52 weeks. Danaher Corporation (NYSE:DHR) has a market capitalization of $186.753 billion.
Madison Sustainable Equity Fund made the following comment about Danaher Corporation (NYSE:DHR) in its Q1 2023 investor letter:
“Danaher Corporation (NYSE:DHR) has been trading lower since it reported fourth quarter earnings in January. The company lowered Covid-19 related sales for 2023 from $500 million to $150 million as pharmaceutical companies are switching their focus away from pandemic vaccines and therapeutics to the research and development of new drugs. Danaher’s pharmaceutical customers will be working through existing inventory before starting to order new products. We remain confident in Danaher’s strong competitive position providing innovative products to Life Science companies. Healthcare insurance stocks have been weak due to a ruling by CMS (Center for Medicare & Medicaid Services) in late January where claw back payments totaling $4.7 billion were due from insurers that overcharged Medicare. The claw back payment period goes back to 2011.”
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Danaher Corporation (NYSE:DHR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 88 hedge fund portfolios held Danaher Corporation (NYSE:DHR) at the end of the fourth quarter which was 89 in the previous quarter.
We discussed Danaher Corporation (NYSE:DHR) in another article and shared the list of diversified dividend stocks to buy. 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.
