Decline in Travel Retail Business Impacted The Estée Lauder Companies (EL)

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 Estée Lauder Companies Inc. (NYSE:EL) in the Q3 2023 investor letter. Headquartered in New York, New York, The Estée Lauder Companies Inc. (NYSE:EL) is a skincare, makeup, fragrance, and hair care products manufacturer. On October 25, 2023, The Estée Lauder Companies Inc. (NYSE:EL) stock closed at $134.55 per share. One-month return of The Estée Lauder Companies Inc. (NYSE:EL) was -3.92%, and its shares lost 34.68% of their value over the last 52 weeks. The Estée Lauder Companies Inc. (NYSE:EL) has a market capitalization of $48.147 billion.

Madison Sustainable Equity Fund made the following comment about The Estée Lauder Companies Inc. (NYSE:EL) in its Q3 2023 investor letter:

“NextEra, The Estée Lauder Companies Inc. (NYSE:EL), Target, Oracle, and TE Connectivity were the largest detractors. Estee Lauder has seen a steep decline in its travel retail business in both China and Korea. We expect the travel retail business to begin to recover as we move into 2024.”

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The Estée Lauder Companies Inc. (NYSE:EL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held The Estée Lauder Companies Inc. (NYSE:EL) at the end of the second quarter, which was 59 in the previous quarter.

We discussed The Estée Lauder Companies Inc. (NYSE:EL) in another article and shared the list of best consumer staples 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.