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 Teledyne Technologies Incorporated (NYSE:TDY), in the second quarter 2024 investor letter. Teledyne Technologies Incorporated (NYSE:TDY) offers enabling technologies for industrial growth markets. The one-month return of Teledyne Technologies Incorporated (NYSE:TDY) was 3.27%, and its shares lost 4.09% of their value over the last 52 weeks. On July 22, 2024, Teledyne Technologies Incorporated (NYSE:TDY) stock closed at $397.74 per share with a market capitalization of $18.862 billion.
Madison Mid Cap Fund stated the following regarding Teledyne Technologies Incorporated (NYSE:TDY) in its Q2 2024 investor letter:
“During the quarter we added one new holding, Teledyne Technologies Incorporated (NYSE:TDY). Teledyne is a very well managed sensor and instrumentation manufacturer. It is especially strong in digital imaging technology, across various light spectrums. Its products are used in a wide variety of applications, including aerospace and defense, environmental monitoring, telecommunications, and energy markets. We believe the company derives a competitive advantage from its technical know-how and deep customer relationships. Further, the segments that it participates in tend to be oligopolistic in nature. It has a unique management culture developed over decades, with an emphasis on rational, shareholder-oriented decision-making. Its stock price has been weak for a few years due to what we believe will prove to be a temporary slowdown in sales.”
A technician in a lab coat calibrating advanced electronic components.
Teledyne Technologies Incorporated (NYSE:TDY) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held Teledyne Technologies Incorporated (NYSE:TDY) at the end of the first quarter which was 40 in the previous quarter. While we acknowledge the potential of Teledyne Technologies Incorporated (NYSE:TDY) 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.
Upslope Capital Management, another investment management firm, also added Teledyne Technologies Incorporated (NYSE:TDY) to its portfolio during Q2 2024. 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.
