Madison Investments, an investment advisor, released its “Madison Small Cap Fund” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund (Class Y) returned 5.1% compared to a 5.2% each rise for the Russell 2000 and the Russell 2500 Index. The best-performing sectors of the portfolio were Industrials, Materials, and Financials while Consumer Staples, Information Technology, and Healthcare were the worst-performing sectors. 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 Alteryx, Inc. (NYSE:AYX) in the second quarter 2023 investor letter. Headquartered in Irvine, California, Alteryx, Inc. (NYSE:AYX) engages in analytic process automation business. On July 18, 2023, Alteryx, Inc. (NYSE:AYX) stock closed at $41.48 per share. One-month return of Alteryx, Inc. (NYSE:AYX) was -8.53%, and its shares lost 13.64% of their value over the last 52 weeks. Alteryx, Inc. (NYSE:AYX) has a market capitalization of $2.941 billion.
Madison Small Cap Fund made the following comment about Alteryx, Inc. (NYSE:AYX) in its second quarter 2023 investor letter:
“In Technology, our overweight was a sail in the wind, but two stocks disappointed: Alteryx, Inc. (NYSE:AYX) and Ciena (CIEN). Although we continue to hold both stocks, we are closely monitoring the developments at AYX. Some investors fear the rise of artificial intelligence (AI) may pose a headwind to AYX. Although the evidence for this thesis is thin, we will not hesitate to cut our losses should we find this to be the case. Ciena’s fundamentals continue to recover but investors are concerned that the large backlog the company is currently monetizing will not be replenished quickly enough. We believe these fears are unjustified and continue to like this business in the long run as this business is an underappreciated beneficiary of AI infrastructures build outs.”
Alteryx, Inc. (NYSE:AYX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held Alteryx, Inc. (NYSE:AYX) at the end of first quarter which was 45 in the previous quarter.
We discussed Alteryx, Inc. (NYSE:AYX) in another article and shared the list of best economic recovery stocks to buy. 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.