Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The market delivered a strong performance again in the second quarter with the S&P 500 up 8.7%. Technology stocks contributed more than half of the S&P 500’s return. However, Madison Sustainable Equity Fund lagged behind the S&P 500 in the second quarter. Both sector allocation and stock selection were headwinds. 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 JPMorgan Chase & Co. (NYSE:JPM) in the second quarter 2023 investor letter. Headquartered in New York, New York, JPMorgan Chase & Co. (NYSE:JPM) is a financial services company. On July 17, 2023, JPMorgan Chase & Co. (NYSE:JPM) stock closed at $153.38 per share. One-month return of JPMorgan Chase & Co. (NYSE:JPM) was 7.61%, and its shares gained 33.89% of their value over the last 52 weeks. JPMorgan Chase & Co. (NYSE:JPM) has a market capitalization of $448.221 billion.
Madison Sustainable Equity Fund made the following comment about JPMorgan Chase & Co. (NYSE:JPM) in its second quarter 2023 investor letter:
“JPMorgan Chase & Co. (NYSE:JPM) has rebounded nicely following the mini-bank crisis in March. They held an analyst meeting in May at which they gave updated guidance on net interest income. They expect net interest income to increase to $84 billion from its forecast of $81 billion as First Republic assets will get a nice boost from rising interest rates.”
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JPMorgan Chase & Co. (NYSE:JPM) is in 19th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 112 hedge fund portfolios held JPMorgan Chase & Co. (NYSE:JPM) at the end of first quarter which was 100 in the previous quarter.
We discussed JPMorgan Chase & Co. (NYSE:JPM) in another article and shared the list of most owned stocks by hedge funds. In addition, please check out our hedge fund investor letters Q2 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.