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 Oracle Corporation (NYSE:ORCL), in the third quarter 2024 investor letter. Oracle Corporation (NYSE:ORCL) offers products and services that address enterprise information technology environments. The one-month return of Oracle Corporation (NYSE:ORCL) was 5.94%, and its shares gained 60.00% of their value over the last 52 weeks. On November 18, 2024, Oracle Corporation (NYSE:ORCL) stock closed at $185.73 per share with a market capitalization of $514.669 billion.
Madison Sustainable Equity Fund stated the following regarding Oracle Corporation (NYSE:ORCL) in its Q3 2024 investor letter:
“The top contributors in the quarter were NextEra Energy, Oracle Corporation (NYSE:ORCL), Progressive Corporation, Equifax Inc., and United Healthcare. Oracle reported a strong first quarter with accelerating Cloud infrastructure demand. Oracle followed its solid first quarter with an upbeat analyst meeting which highlighted multi-year growth opportunities for the company.”
A team of IT professionals meticulously crafting a large-scale enterprise performance management system.
Oracle Corporation (NYSE:ORCL) ranks 27th in our list of the 31 Most Popular Stocks Among Hedge Funds. As per our database, 91 hedge fund portfolios held Oracle Corporation (NYSE:ORCL) at the end of the third quarter which was 93 in the previous quarter. Oracle Corporation (NYSE:ORCL) reported a $13.3 billion in revenues in the fiscal first quarter of 2025, up 8% from last year. While we acknowledge the potential of Oracle Corporation (NYSE:ORCL) 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 Oracle Corporation (NYSE:ORCL) and shared Carillon Eagle Growth & Income Fund’s views on the company. Oracle Corporation (NYSE:ORCL) was a top absolute contributor to Polen Focus Growth Strategy’s performance in Q3 2024 as its results exceeded expectations. 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.