In This Article:
Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. All equity classes experienced good results in the third quarter. During the quarter, equity markets ended on a high note, with the S&P 500 achieving a 5.89% increase, bringing the full-year performance to 22.08%. The Value outperformed growth and the market broadened outside the mega-cap tech stocks during the quarter. Against this backdrop, Madison Sustainable Equity Fund (Class Y) outperformed the S&P 500 in the quarter. In addition, you can check the fund's top 5 holdings to find out its best picks for 2024.
Madison Sustainable Equity Fund highlighted stocks like NextEra Energy, Inc. (NYSE:NEE), in the third quarter 2024 investor letter. NextEra Energy, Inc. (NYSE:NEE) generates, transmits, distributes, and sells electric power to retail and wholesale customers. The one-month return of NextEra Energy, Inc. (NYSE:NEE) was -8.73%, and its shares gained 31.75% of their value over the last 52 weeks. On November 18, 2024, NextEra Energy, Inc. (NYSE:NEE) stock closed at $76.39 per share with a market capitalization of $157.088 billion.
Madison Sustainable Equity Fund stated the following regarding NextEra Energy, Inc. (NYSE:NEE) in its Q3 2024 investor letter:
"The top contributors in the quarter were NextEra Energy, Inc. (NYSE:NEE), Oracle Corporation, Progressive Corporation, Equifax Inc., and United Healthcare. NextEra has continued to perform well given its strong position in the renewable energy space, increasing demand for power, its transmission capabilities, as well as a tailwind from lower interest rates."
A wind turbine, its blades spinning to generate clean renewable energy.
NextEra Energy, Inc. (NYSE:NEE) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 69 hedge fund portfolios held NextEra Energy, Inc. (NYSE:NEE) at the end of the third quarter which was 72 in the previous quarter. While we acknowledge the potential of NextEra Energy, Inc. (NYSE:NEE) 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 NextEra Energy, Inc. (NYSE:NEE) and shared the list of most profitable renewable energy stocks to buy. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.