Here’s Why Ross Stores (ROST) Detracted in the Second Quarter

Madison Funds, managed by Madison Asset Management, LLC, released its “Madison Mid Cap Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. During the quarter, the fund declined 10.9% compared to a decline of 16.9% for the Russell Midcap Index. In the quarter, insurance companies in the portfolio performed well and contributed to the fund’s performance. In addition, you can check the top 5 holdings of the fund to learn about its best picks in 2022.

Madison Funds discussed stocks like Ross Stores, Inc. (NASDAQ:ROST) in the second quarter investor letter. Headquartered in Dublin, California, Ross Stores, Inc. (NASDAQ:ROST) is an off-price retail and fashion apparel store. On September 22, 2022, Ross Stores, Inc. (NASDAQ:ROST) stock closed at $86.59 per share. One-month return of Ross Stores, Inc. (NASDAQ:ROST) was -0.77% and its shares lost 25.35% of their value over the last 52 weeks. Ross Stores, Inc. (NASDAQ:ROST) has a market capitalization of $30.052 billion.

Here is what Madison Funds specifically said about Ross Stores, Inc. (NASDAQ:ROST)  in its Q2 2022 investor letter:

“Similar to other large retailers in the quarter, Ross Stores, Inc. (NASDAQ:ROST) was caught a bit off guard from the abrupt changes in consumer spending patterns and reported a disappointing start to the year. However, an incredibly flexible and resilient business model combined with a strong management team has us untroubled by its long-term prospects.”

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Ross Stores, Inc. (NASDAQ:ROST) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held Ross Stores, Inc. (NASDAQ:ROST) at the end of the second quarter which was 44 in the previous quarter.

We discussed Ross Stores, Inc. (NASDAQ:ROST) in another article and shared under-the-radar dividend stocks to invest in. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

Disclosure: None. This article is originally published at Insider Monkey.