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 Equifax Inc. (NYSE:EFX) in the Q3 2024 investor letter. Equifax Inc. (NYSE:EFX) is a data, analytics, and technology company. The one-month return of Equifax Inc. (NYSE:EFX) was -9.85%, and its shares gained 17.03% of their value over the last 52 weeks. On November 18, 2024, Equifax Inc. (NYSE:EFX) stock closed at $245.29 per share with a market capitalization of $30.774 billion.
Madison Sustainable Equity Fund stated the following regarding Equifax Inc. (NYSE:EFX) in its Q3 2024 investor letter:
“The top contributors in the quarter were NextEra Energy, Oracle Corporation, Progressive Corporation, Equifax Inc. (NYSE:EFX), and United Healthcare. Although Equifax had a slightly mixed quarter, we believe that investors became more interested in the stock with the expectation that interest rates would come down and an expected return to solid earnings growth for the company. The U.S. Mortgage market has been depressed, we anticipate that lower interest rates will have a positive impact on the housing market and, in turn, Equifax.”
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Equifax Inc. (NYSE:EFX) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held Equifax Inc. (NYSE:EFX) at the end of the third quarter which was 38 in the previous quarter. While we acknowledge the potential of Equifax Inc. (NYSE:EFX) 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 Equifax Inc. (NYSE:EFX) and shared Mar Vista Strategic Growth Strategy’s views on the company in the previous quarter. 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.