Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” second-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund (Class Y) declined 4.30% compared to a 3.35% decrease for the Russell Midcap Index. The Fund returned 4.91%, in the year-to-date six months, compared to 4.96% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Madison Mid Cap Fund highlighted stocks like Arista Networks, Inc. (NYSE:ANET) in the second quarter 2024 investor letter. Arista Networks, Inc. (NYSE:ANET) provides cloud networking solutions. The one-month return of Arista Networks, Inc. (NYSE:ANET) was 2.30%, and its shares gained 96.59% of their value over the last 52 weeks. On July 22, 2024, Arista Networks, Inc. (NYSE:ANET) stock closed at $342.24 per share with a market capitalization of $107.245 billion.
Madison Mid Cap Fund stated the following regarding Arista Networks, Inc. (NYSE:ANET) in its Q2 2024 investor letter:
“We trimmed our positions in Arista Networks, Inc. (NYSE:ANET) and Carlisle Companies. Both of these companies have witnessed strong multi-year growth in their stock prices, which have resulted in elevated valuations. While we remain confident in the long-term prospects of both of these businesses, we trimmed our holdings to more appropriate position sizes given the risk/reward offered.”
A technician in a server room managing a large-scale network of computers.
Arista Networks, Inc. (NYSE:ANET) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 69 hedge fund portfolios held Arista Networks, Inc. (NYSE:ANET) at the end of the first quarter which was 64 in the previous quarter. Arista Networks, Inc. (NYSE:ANET) delivered $1.57 billion in revenue in the first quarter 2024, with a non-GAAP earnings per share of $1.99.While we acknowledge the potential of Arista Networks, Inc. (NYSE:ANET) 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 Arista Networks, Inc. (NYSE:ANET) and shared the list of best hardware stocks according to hedge funds. Artisan Mid Cap Fund trimmed its positions in Arista Networks, Inc. (NYSE:ANET) in the second quarter. In addition, please check out our hedge fund investor letters Q2 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.
