Madison Investments, an investment advisor, released its “Madison Small Cap Fund” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund returned 11.4% compared to a 5.2% return for the Russell 2000 Index and a 6.9% return for the Russell 2500 Index. All sectors except communication services and energy posted positive relative performance. Sector allocation was also additive, even though stock selection was primarily responsible for the fund’s outperformance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Madison Small Cap Fund featured stocks like Chord Energy Corporation (NASDAQ:CHRD) in its Q1 2024 investor letter. Headquartered in Houston, Texas, Chord Energy Corporation (NASDAQ:CHRD) is an independent production and exploration company. On April 17, 2024, Chord Energy Corporation (NASDAQ:CHRD) stock closed at $181.12 per share. One-month return of Chord Energy Corporation (NASDAQ:CHRD) was 5.84%, and its shares gained 26.97% of their value over the last 52 weeks. Chord Energy Corporation (NASDAQ:CHRD) has a market capitalization of $7.528 billion.
Madison Small Cap Fund stated the following regarding Chord Energy Corporation (NASDAQ:CHRD) in its first quarter 2024 investor letter:
“Our Energy underweight was also a slight drag, although we are optimistic about our singular investment in this sector with Chord Energy Corporation (NASDAQ:CHRD). During Q1 the company announced a strategic combination with Canadian-based Enerplus Corporation (TSX: ERF). Enerplus is one of, if not the best remaining assets in the Bakken and we are very constructive on the financial and strategic merits of this transformational deal. CHRD will become the largest operator in the Bakken, representing about 12% of the basin’s production. With a solid balance sheet post deal, CHRD will now be in the enviable position of either the basin’s main consolidator or most strategic asset as a target for larger E&P companies.”
A technician in a lab coat examining a sample of crude oil.
Chord Energy Corporation (NASDAQ:CHRD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Chord Energy Corporation (NASDAQ:CHRD) was held by 40 hedge fund portfolios, compared to 38 in the previous quarter, according to our database.
We previously discussed Chord Energy Corporation (NASDAQ:CHRD) in another article, where we shared Miller Value Income Strategy’s views on the company. 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.