XOM - Madison Dividend Income Fund Q1 2024 Investment Strategy Letter

2024-04-23 11:05:00 ET

Summary

• For the first quarter, the Madison Dividend Income Fund (Class Y) returned +3.7%.
• While dividend stocks have trailed the indices over the past five quarters since the beginning of 2023, we believe there are reasons for optimism that dividend stock performance may improve going forward.
• Our thesis on XOM is that it will grow production volumes of oil and gas moderately over the next few years while limiting excessive capital investment that plagued the industry from 2014-2020.

For the first quarter, the Madison Dividend Income Fund (Class Y) returned +3.7%, which compared to the S&P 500, Russell 1000 Value, and Lipper Equity Income peer group returns of +10.6%, +9.0%, and +7.8%, respectively....

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