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, 2026
The Madison Large Cap Fund (Class I) returned 1.53% net of fees in the third quarter of 2026, trailing the S&P 500 Index return of 2.30%, while advancing 7.11% net of fees year-to-date. Broader equity markets faced an under-the-surface rotation as rising interest rates and elevated energy costs pressured cyclical and interest-rate-sensitive equities, resulting in steep drawdowns across small and mid-cap indices. The fund maintained an active share of 86.92% across a concentrated portfolio of 30 holdings, preserving a disciplined quality bias alongside a cash allocation of 4.83%. Macroeconomic headwinds were defined by climbing bond yields, persistent inflation, and shifting market leadership away from rate-sensitive segments. Simultaneously, broad investor focus remained concentrated on capital expenditure for artificial intelligence data center infrastructure. The investment team noted historical precedents where capital cycles inevitably peak, while highlighting market mispricing where 'asset-light' business models have been indiscriminately penalized by AI-disruption fears, opening up selective entry points. Portfolio turnover was highlighted by initiating a new position in CME Group at roughly 20x forward earnings, capitalizing on mispriced concerns over perpetual futures and regulatory shifts. Conversely, the fund completely exited hardware and software solutions provider CDW Corporation after rising reinvestment requirements eroded profit growth, and liquidated Honeywell Aerospace following chronic supply chain disruptions that broke the original investment thesis.
Invest in a concentrated portfolio of high-quality, resilient large-cap companies possessing durable competitive moats, pricing power, and strong cash generation capable of navigating full economic and capital cycles.
Management anticipates that corporate profits will demonstrate continued resilience, though broader markets face headwinds from sticky inflation and higher interest rates. The managers expect the current AI infrastructure capital cycle to peak and decline over time in accordance with economic history, while discerning investors will find attractive entry points in mispriced, cash-generative 'asset-light' businesses that have been overly penalized by the market.
Moderate Conviction Bullish
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