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Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” fourth-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the fourth quarter, the fund (Class Y) decreased 1.86% compared to the 0.62% increase for the Russell Midcap Index. The Fund returned 10.46% in the full year 2024 period, compared to 15.34% 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 Brown-Forman Corporation (NYSE:BF-B), in the fourth quarter 2024 investor letter. Brown-Forman Corporation (NYSE:BF-B) manufactures and distributes various alcoholic beverages. The one-month return of Brown-Forman Corporation (NYSE:BF-B) was -12.26%, and its shares lost 42.80% of their value over the last 52 weeks. On January 29, 2024, Brown-Forman Corporation (NYSE:BF-B) stock closed at $32.62 per share with a market capitalization of $15.457 billion.
Madison Mid Cap Fund stated the following regarding Brown-Forman Corporation (NYSE:BF-B) in its Q4 2024 investor letter:
"The bottom five detractors for the quarter were Arch Capital Group, Carlisle Companies, CDW, Floor & Decor Holdings, and Brown-Forman Corporation (NYSE:BF-B). The weakness in Brown-Forman’s stock continued to persist, as global volumes for whiskey and other spirits remain in the doldrums. Investors seem to be throwing in the towel, given the myriad of potential risks that seem to be in the headlines constantly, including GLP-1 drugs, changing consumer behaviors, whiskey oversupply, and tariffs. We continue to believe in the long-term outlook for the company’s core brands, and are inclined to ride out any bumpy weather that may result."
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Brown-Forman Corporation (NYSE:BF-B) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held Brown-Forman Corporation (NYSE:BF-B) at the end of the third quarter which was 28 in the previous quarter. While we acknowledge the potential of Brown-Forman Corporation (NYSE:BF-B) 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 addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.