The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Sep 30, 2025
In Q3 2025, the Madison Large Cap Fund decreased by 2.2% (Class I), trailing the S&P 500 Index's 8.1% gain. The fund suffered from a market that heavily favored short-term momentum over long-term durability. Strong contributions came from Alphabet, Lowe's, TJX, Brookfield, and Parker-Hannifin. Performance was dragged down by Gartner, Fiserv, Texas Instruments, Liberty Broadband, and Accenture, though the managers believe AI-related threats to Gartner and Accenture are highly manageable. Portfolio adjustments included initiating a high-conviction position in MSCI Inc. and completely selling out of Elevance Health and Liberty Broadband.
True long-term outperformance is achieved by buying high-quality, durable compounders across diversified sectors that are priced reasonably, avoiding momentum-driven bubbles and optimistic speculative environments.
The managers expect market performance to eventually rotate back to reward quality, durability, and fair valuation over short-term momentum and highly speculative growth scenarios. They refuse to drift from their core conservative philosophy despite lagging behind the soaring benchmark in the short term.
High Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
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