Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund (Class Y) returned 7.17% compared to the 9.21% increase for the Russell Midcap Index. The Fund returned 12.44%, in the year-to-date nine months, compared to 14.63% 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 PACCAR Inc (NASDAQ:PCAR) in the third quarter 2024 investor letter. PACCAR Inc (NASDAQ:PCAR) manufactures, and distributes light, medium, and heavy-duty commercial trucks. The one-month return of PACCAR Inc (NASDAQ:PCAR) was 8.75%, and its shares gained 31.85% of their value over the last 52 weeks. On October 17, 2024, PACCAR Inc (NASDAQ:PCAR) stock closed at $107.56 per share with a market capitalization of $56.385 billion.

Madison Mid Cap Fund stated the following regarding PACCAR Inc (NASDAQ:PCAR) in its Q3 2024 investor letter:

"The bottom five detractors for the quarter were Dollar Tree, MKS Instruments, PACCAR Inc (NASDAQ:PCAR), Copart, and Amphenol. After initially holding up well against declining freight rates and a softening economic backdrop, sales at truck manufacturer PACCAR have begun to weaken. We think the company’s high-margin, stable aftermarket parts division will offer some support through the current cyclical downturn."

A fleet of trucks travelling on a highway, emphasizing the transportation Services provided by the organization.

PACCAR Inc (NASDAQ:PCAR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held PACCAR Inc (NASDAQ:PCAR) at the end of the second quarter which was 40 in the previous quarter. While we acknowledge the potential of PACCAR Inc (NASDAQ:PCAR) 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 PACCAR Inc (NASDAQ:PCAR) and shared the list of best manufacturing stocks to buy according to analysts. PACCAR Inc (NASDAQ:PCAR) detracted from the performance of Madison Investments in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.