Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund (Class Y) returned 14.3% compared to a 12.8% return for the Russell Midcap Index. The fund returned 26.5% for the full year compared to 17.2% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Madison Mid Cap Fund highlighted stocks like Arch Capital Group Ltd. (NASDAQ:ACGL) in the Q4 2023 investor letter. Headquartered in Pembroke, Bermuda, Arch Capital Group Ltd. (NASDAQ:ACGL) is an insurance company. On January 12, 2024, Arch Capital Group Ltd. (NASDAQ:ACGL) stock closed at $77.69 per share. One-month return of Arch Capital Group Ltd. (NASDAQ:ACGL) was 4.07%, and its shares gained 21.85% of their value over the last 52 weeks. Arch Capital Group Ltd. (NASDAQ:ACGL) has a market capitalization of $28.995 billion.
Madison Mid Cap Fund stated the following regarding Arch Capital Group Ltd. (NASDAQ:ACGL) in its fourth quarter 2023 investor letter:
“The bottom five detractors for the quarter were Arch Capital Group Ltd. (NASDAQ:ACGL), Liberty Broadband, Brown & Brown, Markel Group, and CarMax. Arch Capital is a multi-line insurance company that continues to benefit from attractive market conditions, boosting underwriting profits. Its reinsurance unit in particular has exhibited strong pricing for the past few years, and it seems reasonable to assume that will not continue apace. However, the supply-demand situation in both reinsurance and primary insurance remains favorable, and we expected profits to remain elevated for some time, and perhaps even grow moderately from current levels. In addition, the company’s fixed income portfolio should roll over at more favorable coupon rates.”
A close-up image of an insurance policy with hands standing firmly on top, conveying security.
Arch Capital Group Ltd. (NASDAQ:ACGL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Arch Capital Group Ltd. (NASDAQ:ACGL) at the end of third quarter which was 33 in the previous quarter.
We discussed Arch Capital Group Ltd. (NASDAQ:ACGL) in another article and shared the list of most profitable value stocks. In addition, please check out our hedge fund investor letters Q4 2023 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.
