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Madison Small Cap Fund Sold PTC in Q1

Madison Investments, an investment advisor, released its “Madison Small Cap Fund” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund returned 11.4% compared to a 5.2% return for the Russell 2000 Index and a 6.9% return for the Russell 2500 Index. All sectors except communication services and energy posted positive relative performance. Sector allocation was also additive, even though stock selection was primarily responsible for the fund’s outperformance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Madison Small Cap Fund featured stocks like PTC Inc. (NASDAQ:PTC) in the first quarter 2024 investor letter. Headquartered in Boston, Massachusetts, PTC Inc. (NASDAQ:PTC) is a software company. On April 17, 2024, PTC Inc. (NASDAQ:PTC) stock closed at $177.48 per share. One-month return of PTC Inc. (NASDAQ:PTC) was -6.44%, and its shares gained 41.23% of their value over the last 52 weeks. PTC Inc. (NASDAQ:PTC) has a market capitalization of $21.218 billion.

Madison Small Cap Fund stated the following regarding PTC Inc. (NASDAQ:PTC) in its first quarter 2024 investor letter:

"PTC Inc. (NASDAQ:PTC) was one of our oldest portfolio holdings (~23 years!) and best performing stocks. We made our initial investment in PTC in 2001(in those days the company’s full name was Parametric Technology Corporation) after the dot com crash when the stock had an equity market value of approximately $1billion. We sold our final share near an equity market value of approximately $22billion. When we first initiated the investment position, we saw an attractively valued software company that provided very sticky, difficult to replace design software for engineers in the manufacturing sector. Over that 20-year span, PTC has grown both organically and through strategic M&A into one of the most vital design software engineering platforms in the world. Companies like BMW, Rockwell International, Medtronic, Hitachi, Boeing, Airbus, Volvo, Cannondale, Toyota, and GM all use PTC to design, collaborate and maintain the lifecycle of their franchise products and platforms. This investment illustrates not only the financial potential and opportunity of small cap investing but also our PMV process to identify and capitalize on strategic assets like PTC."

A software developer typing on a laptop in a modern office environment.


PTC Inc. (NASDAQ:PTC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, PTC Inc. (NASDAQ:PTC) was held by 47 hedge fund portfolios, compared to 38 in the previous quarter, according to our database.

We previously discussed PTC Inc. (NASDAQ:PTC) in another article, where we shared the list of best tech stocks to sell according to Cathie Wood. 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.