Madison Investments, an investment advisor, released its “Madison Investors Fund” first-quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund (Class Y) returned 9.63% compared to a 10.56% return for the S&P 500 index. The business remains dedicated to its more than two-decades-old strategy of investing in long-term, competitively advantaged, expanding firms at acceptable valuations, even if market performance has been robust over the past year and valuations have generally returned to earlier highs. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Madison Investors Fund featured stocks like Accenture plc (NYSE:ACN) in the first quarter 2024 investor letter. Headquartered in Dublin, Ireland, Accenture plc (NYSE:ACN) is a professional services company that provides management consulting, technology, and outsourcing services. On April 17, 2024, Accenture plc (NYSE:ACN) stock closed at $314.54 per share. One-month return of Accenture plc (NYSE:ACN) was -8.84%, and its shares gained 14.15% of their value over the last 52 weeks. Accenture plc (NYSE:ACN) has a market capitalization of $197.76 billion.
Madison Investors Fund stated the following regarding Accenture plc (NYSE:ACN) in its first quarter 2024 investor letter:
“Revenue growth remains challenged at Accenture plc (NYSE:ACN), a technology consulting firm, after seeing elevated levels of demand a few years back when customers were accelerating their digital transformation efforts. While the environment remains subdued, we see some signs that the company will return to its historical growth cadence, including booking over $600 million of business related to generative AI during the most recent quarter.”
A team of data experts gathered around a computer monitor analyzing customer data.
Accenture plc (NYSE:ACN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Accenture plc (NYSE:ACN) was held by 58 hedge fund portfolios, compared to 55 in the previous quarter, according to our database.
We previously discussed Accenture plc (NYSE:ACN) in another article, where we shared the list of oversold dividend stocks to buy. In addition, please check out our hedge fund investor letters Q1 2024 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.