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 Xometry, Inc. (NASDAQ:XMTR) in the first quarter 2023 investor letter. Headquartered in North Bethesda, Maryland, Xometry, Inc. (NASDAQ:XMTR) is an online marketplace for manufacturing solutions. On June 28, 2023, Xometry, Inc. (NASDAQ:XMTR) stock closed at $22.14 per share. One-month return of Xometry, Inc. (NASDAQ:XMTR) was 23.89%, and its shares lost 34.75% of their value over the last 52 weeks. Xometry, Inc. (NASDAQ:XMTR) has a market capitalization of $1.059 billion.
Madison Small Cap Fund made the following comment about Xometry, Inc. (NASDAQ:XMTR) in its first quarter 2023 investor letter:
“Our worst-performing stock in the first quarter was Xometry, Inc. (NASDAQ:XMTR). Xometry is an automated marketplace for machined parts. The company had a tough fourth quarter as the slowdown in demand resulted in lower average order values. The slightly slower growth caused the stock to drop precipitously. We are still believers in this unique business model and believe it can deliver significant value in the long run, but management needs to demonstrate stability in the business model.”
Xometry, Inc. (NASDAQ:XMTR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Xometry, Inc. (NASDAQ:XMTR) at the end of first quarter 2023 which was 25 in the previous quarter.
We discussed Xometry, Inc. (NASDAQ:XMTR) in another article and shared Alger Small Cap Focus Fund’s 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.
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Disclosure: None. This article is originally published at Insider Monkey.