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 |
|---|---|---|---|---|---|---|
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.
As of Sep 30, 2025
The Madison Mid Cap Fund is managed by a highly experienced three-person portfolio management team with over 80 years of combined investment experience: Haruki Toyama (Head of Mid Cap & Large Cap Equity), Andy Romanowich (CFA®), and Rich Eisinger. The team operates under Madison's principle of self-investment, with portfolio managers investing their own capital alongside clients, demonstrating confidence in their investment approach and ensuring alignment of interests. Madison operates as an independent, employee-owned firm where management's interests are directly aligned with clients through significant employee ownership. This ownership structure promotes accountability and long-term stability in the investment approach. The firm manages approximately $23 billion in total assets as of December 31, 2024, providing substantial resources and expertise. The management team follows a disciplined, risk-conscious investment process built on decades of experience and a commitment to transparency and client focus.
Lead Portfolio Manager
Rich Eisinger
Managing Partner
High Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
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Top Conviction Themes
Key Catalysts
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