Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. As measured by the S&P 500 Index, the markets were mixed in the third quarter. The fund returned -3.14% in the quarter compared to -3.27% return for the S&P 500 Index. 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 Bristol-Myers Squibb Company (NYSE:BMY) in the third quarter 2023 investor letter. Headquartered in New York, New York, Bristol-Myers Squibb Company (NYSE:BMY) manufactures, distributes and sells biopharmaceutical products. On October 24, 2023, Bristol-Myers Squibb Company (NYSE:BMY) stock closed at $56.12 per share. One-month return of Bristol-Myers Squibb Company (NYSE:BMY) was -3.06%, and its shares lost 24.62% of their value over the last 52 weeks. Bristol-Myers Squibb Company (NYSE:BMY) has a market capitalization of $117.24 billion.
Madison Sustainable Equity Fund made the following comment about Bristol-Myers Squibb Company (NYSE:BMY) in its Q3 2023 investor letter:
“During the quarter, we sold our positions in Bristol-Myers Squibb Company (NYSE:BMY) and The Walt Disney Company. We added Texas Instruments as a new position. Bristol-Myers has been dealing with the loss of exclusivity for Revlimid, one of its key products. Although the company is launching new drugs in melanoma, heart failure, and psoriasis it will need additional products to offset the lower revenue in Revlimid.”
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Bristol-Myers Squibb Company (NYSE:BMY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 66 hedge fund portfolios held Bristol-Myers Squibb Company (NYSE:BMY) at the end of second quarter which was 69 in the previous quarter.
We discussed Bristol-Myers Squibb Company (NYSE:BMY) in another article and shared the list of best dialysis and kidney disease stocks to buy. In addition, please check out our hedge fund investor letters Q3 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.