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 Apple Inc. (NASDAQ:AAPL) in the first quarter 2023 investor letter. Headquartered in Cupertino, California, Apple Inc. (NASDAQ:AAPL) is a multinational technology company that designs and manufactures smartphones, personal computers, tablets, wearables, and accessories. On April 18, 2023, Apple Inc. (NASDAQ:AAPL) stock closed at $166.47 per share. One-month return of Apple Inc. (NASDAQ:AAPL) was 5.47%, and its shares lost 0.45% of their value over the last 52 weeks. Apple Inc. (NASDAQ:AAPL) has a market capitalization of $2.634 trillion.
Madison Sustainable Equity Fund made the following comment about Apple Inc. (NASDAQ:AAPL) in its Q1 2023 investor letter:
“Our underweight to Apple Inc. (NASDAQ:AAPL) was a headwind to performance during the first quarter. Apple performed well in the first quarter along with the other large cap technology stocks following a weak 2022. Despite recent supply constraints and macro-economic uncertainty, demand for Apple products remains solid. First quarter iPhone sales would have been flat if not for the supply chain issues.”
Apple Inc. (NASDAQ:AAPL) is in 9th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 135 hedge fund portfolios held Apple Inc. (NASDAQ:AAPL) at the end of the fourth quarter which was 140 in the previous quarter.
We discussed Apple Inc. (NASDAQ:AAPL) in another article and shared Wedgewood Partners’ views on the company. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.