Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” first-quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund (Class Y) returned 9.63% compared to an 8.60% return for the Russell Midcap Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Madison Mid Cap Fund featured stocks like Brown-Forman Corporation (NYSE:BF-B) in the first quarter 2024 investor letter. Headquartered in Louisville, Kentucky, Brown-Forman Corporation (NYSE:BF-B) manufactures, distills, bottles, imports, exports, markets, and sells various alcoholic beverages. On April 17, 2024, Brown-Forman Corporation (NYSE:BF-B) stock closed at $50.44 per share. One-month return of Brown-Forman Corporation (NYSE:BF-B) was -4.84%, and its shares lost 23.30% of their value over the last 52 weeks. Brown-Forman Corporation (NYSE:BF-B) has a market capitalization of $23.44 billion.

Madison Mid Cap Fund stated the following regarding Brown-Forman Corporation (NYSE:BF-B) in its first quarter 2024 investor letter:

"Brown-Forman Corporation (NYSE:BF-B), the maker of Jack Daniel’s and other alcoholic beverages, lagged the market after posting slowing revenue growth, as investors debate the impact of GLP-1 drugs and other potential headwinds. Finally, regional bank Glacier Bancorp underperformed given an uninspiring near-term earnings outlook." 20 Countries that Import the Most Whiskey

Photo by Adam Wilson on Unsplash

Brown-Forman Corporation (NYSE:BF-B) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Brown-Forman Corporation (NYSE:BF-B) was held by 21 hedge fund portfolios, compared to 30 in the previous quarter, according to our database. In addition, please check out our hedge fund investor letters Q1 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.