Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund (Class Y) returned 7.17% compared to the 9.21% increase for the Russell Midcap Index. The Fund returned 12.44%, in the year-to-date nine months, compared to 14.63% 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 Moelis & Company (NYSE:MC) in its Q3 2024 investor letter. Headquartered in New York, New York, Moelis & Company (NYSE:MC) is an investment banking advisory firm. The one-month return of Moelis & Company (NYSE:MC) was 2.47%, and its shares gained 76.01% of their value over the last 52 weeks. On October 17, 2024, Moelis & Company (NYSE:MC) stock closed at $71.90 per share with a market capitalization of $5.07 billion.
Madison Mid Cap Fund stated the following regarding Moelis & Company (NYSE:MC) in its Q3 2024 investor letter:
“The top five contributors for the quarter were Liberty Broadband, Floor & Décor, Moelis & Company (NYSE:MC), Brown & Brown, and Waters. Boutique investment bank Moelis has witnessed a nice rebound in sales, as merger and acquisition activity has picked up off cyclical lows. The prospects for more deal-making in a lower interest rate environment, combined with the prudent organic investments that management has been making throughout the downcycle position the business well to take advantage of improving market conditions. We trimmed our positions in Moelis. Moelis’ stock has appreciated nicely this year on improving results from the company. Given the resulting increased position size and higher valuation, we trimmed our holding to a smaller weight.”
A financial analyst at his computer monitor, tracking the public company’s investments.
Moelis & Company (NYSE:MC) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 12 hedge fund portfolios held Moelis & Company (NYSE:MC) at the end of the second quarter which was 19 in the previous quarter. Moelis & Company’s (NYSE:MC) first half revenues increased 31% year-over-year to $482 million. Moelis & Company (NYSE:MC) While we acknowledge the potential of Moelis & Company (NYSE:MC) 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.
Madison Investments shared its positive outlook on Moelis & Company (NYSE:MC) in its Q4 2023 investor letter. 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.