Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund (Class Y) returned 7.17% compared to the 9.21% increase for the Russell Midcap Index. The Fund returned 12.44%, in the year-to-date nine months, compared to 14.63% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Madison Mid Cap Fund highlighted stocks like Microchip Technology Incorporated (NASDAQ:MCHP), in the third quarter 2024 investor letter. Microchip Technology Incorporated (NASDAQ:MCHP) manufactures and distributes smart, connected, and secure embedded control solutions. The one-month return of Microchip Technology Incorporated (NASDAQ:MCHP) was 0.56%, and its shares gained 1.62% of their value over the last 52 weeks. On October 17, 2024, Microchip Technology Incorporated (NASDAQ:MCHP) stock closed at $76.58 per share with a market capitalization of $41.459 billion.
Madison Mid Cap Fund stated the following regarding Microchip Technology Incorporated (NASDAQ:MCHP) in its Q3 2024 investor letter:
“We also made two adds and two trims during the quarter. We added to Microchip Technology Incorporated (NASDAQ:MCHP) and Dollar Tree, both on appealing valuations. Microchip’s stock is witnessing pressure given an elongated semiconductor cycle, which is testing investors’ patience. We took advantage of the attractive valuation and increased our position, given the still strong long-term outlook.”
A semiconductor wafer at various stages of fabrication, showing the company’s range of expertise.
Microchip Technology Incorporated (NASDAQ:MCHP) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held Microchip Technology Incorporated (NASDAQ:MCHP) at the end of the second quarter which was 35 in the previous quarter. In the June quarter, Microchip Technology Incorporated (NASDAQ:MCHP) reported $1.241 billion in net sales, down 6.4% sequentially. While we acknowledge the potential of Microchip Technology Incorporated (NASDAQ:MCHP) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Microchip Technology Incorporated (NASDAQ:MCHP) and shared the list of best QQQ stocks to buy according to analysts. Microchip Technology Incorporated (NASDAQ:MCHP) detracted from the performance of Aristotle Capital Value Equity Strategy in Q3 2024. In addition, please check out our hedge fund investor letters Q3 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.