Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. All equity classes experienced good results in the third quarter. During the quarter, equity markets ended on a high note, with the S&P 500 achieving a 5.89% increase, bringing the full-year performance to 22.08%. The Value outperformed growth and the market broadened outside the mega-cap tech stocks during the quarter. Against this backdrop, Madison Sustainable Equity Fund (Class Y) outperformed the S&P 500 in the quarter. In addition, you can check the fund’s top 5 holdings to find out its best picks for 2024.
Madison Sustainable Equity Fund highlighted stocks like Costco Wholesale Corporation (NASDAQ:COST), in the third quarter 2024 investor letter. Costco Wholesale Corporation (NASDAQ:COST) engages in the operation of membership warehouses. The one-month return of Costco Wholesale Corporation (NASDAQ:COST) was 2.91%, and its shares gained 57.37% of their value over the last 52 weeks. On November 18, 2024, Costco Wholesale Corporation (NASDAQ:COST) stock closed at $919.51 per share with a market capitalization of $407.411 billion.
Madison Sustainable Equity Fund stated the following regarding Costco Wholesale Corporation (NASDAQ:COST) in its Q3 2024 investor letter:
“Costco Wholesale Corporation (NASDAQ:COST) continues to demonstrate its commitment to sustainability by lowering its emissions. For example, it has converted its Kirkland Signature laundry packs from plastic tubs to a pouch. This has reduced plastic packaging by 80%. It has also moved to localize production of bulky items such as water, paper, and laundry detergents. Manufacturing these goods closer to the countries in which they are sold reduces emissions associated with shipping.”
A customer in a warehouse aisles, browsing the wide range of branded and private-label products.
Costco Wholesale Corporation (NASDAQ:COST) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 75 hedge fund portfolios held Costco Wholesale Corporation (NASDAQ:COST) at the end of the third quarter which was 71 in the previous quarter. While we acknowledge the potential of Costco Wholesale Corporation (NASDAQ:COST) 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 Costco Wholesale Corporation (NASDAQ:COST) and shared the list of best department store stocks to buy according to hedge funds. 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.