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 Brookfield Asset Management Ltd. (NYSE:BAM), in the fourth quarter 2024 investor letter. Brookfield Asset Management Ltd. (NYSE:BAM) is a real estate investment firm specializing in alternative asset management services. The one-month return of Brookfield Asset Management Ltd. (NYSE:BAM) was 11.87%, and its shares gained 50.88% of their value over the last 52 weeks. On January 30, 2024, Brookfield Asset Management Ltd. (NYSE:BAM) stock closed at $60.79 per share with a market capitalization of $25.66 billion.

Madison Mid Cap Fund stated the following regarding Brookfield Asset Management Ltd. (NYSE:BAM) in its Q4 2024 investor letter:

"The top five contributors for the quarter were Liberty Formula One, Arista Networks, Copart, Brookfield Asset Management, and Lithia Motors. Shares in Brookfield Asset Management Ltd. (NYSE:BAM) advanced nicely as the firm continues to raise funds at a robust clip, showing that despite some slowdown in the overall appetite for alternative investment asset classes, the proven winners can still attract their share of allocations."

A skyline of modern office towers built with investments from the alternative asset manager.

Brookfield Asset Management Ltd. (NYSE:BAM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Brookfield Asset Management Ltd. (NYSE:BAM) at the end of the third quarter which was 20 in the previous quarter. While we acknowledge the potential of Brookfield Asset Management Ltd. (NYSE:BAM) 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 Brookfield Asset Management Ltd. (NYSE:BAM) and shared stock picks of billionaire Dan Loeb. Madison Investors Fund sold its stake in Brookfield Asset Management Ltd. (NYSE:BAM) during Q3 2024 to fund other opportunities. In addition, please check out our hedge fund investor letters Q3 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.