Madison Funds, managed by Madison Investment Management, released its “Madison Sustainable Equity Fund” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 7% compared to a 7.56% return for the S&P 500 Index. In the quarter, sector allocation was negative while the stock selection was positive. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Madison Funds highlighted stocks like Adobe Inc. (NASDAQ:ADBE) in its Q4 2022 investor letter. Headquartered in San Jose, California, Adobe Inc. (NASDAQ:ADBE) is a global software company. On January 13, 2023, Adobe Inc. (NASDAQ:ADBE) stock closed at $344.38 per share. One-month return of Adobe Inc. (NASDAQ:ADBE) was 1.73%, and its shares lost 33.85% of their value over the last 52 weeks. Adobe Inc. (NASDAQ:ADBE) has a market capitalization of $160.102 billion.
Madison Funds made the following comment about Adobe Inc. (NASDAQ:ADBE) in its fourth-quarter 2022 investor letter:
“During the quarter, we eliminated our position in Adobe Inc. (NASDAQ:ADBE). Although we like Adobe’s position in digital content creation with its Creative Cloud and Document Cloud businesses, we are concerned about the Figma acquisition which looks expensive and will have a negative impact on earnings and earnings growth for a few years once it closes.”
Adobe Inc. (NASDAQ:ADBE) is in 22nd position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 93 hedge fund portfolios held Adobe Inc. (NASDAQ:ADBE) at the end of the third quarter, which was 92 in the previous quarter.
We discussed Adobe Inc. (NASDAQ:ADBE) in another article and shared Oakmark Funds’ views on the company. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
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