| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 11.41% | 8.69% | 3.98% |
The Madison Mid Cap Fund returned 8.69% in Q2 2026, underperforming the Russell Midcap Index's 13.83% return as market performance became highly concentrated in AI infrastructure beneficiaries. Nine of the ten largest companies in the Russell Midcap Index are direct AI data center construction beneficiaries, with the largest rising 257% in the quarter. The fund's AI-exposed holdings (MKS, Amphenol, Arista Networks) led performance, benefiting from semiconductor capacity expansion, data center interconnect demand, and networking equipment growth. However, defensive businesses and asset-light companies perceived as AI-disruptable lagged. The managers express concern that current AI euphoria reflects excessive risk appetite and willingness to pay high prices for uncertain outcomes, warning that obvious winners today may not be winners tomorrow. They added to seven positions trading at attractive valuations that are being overlooked, including high-quality industrials facing cyclical headwinds and companies with solid fundamentals but depressed valuations. The portfolio is positioned in companies with excellent long-term growth prospects and resiliency to potential negative outcomes, with 36 holdings and 96.95% active share.
The Madison Mid Cap Fund invests in a concentrated portfolio of 25-40 high-quality mid-cap companies with strong competitive positions, solid fundamentals, and attractive valuations that are currently being overlooked by a market fixated on AI-related momentum plays.
The managers expect market narrowness driven by AI concentration will not continue indefinitely, and investor willingness to pay high prices for uncertain outcomes will dissipate. While acknowledging AI as a major development that will reshape society and the economy, they caution that current corporate winners may not be tomorrow's winners, booms may be followed by busts, and thin margins of safety may not be tolerated. They express concern that current AI euphoria reflects a broader shift toward greater risk appetite and gambling behavior. The portfolio is positioned in companies with strong long-term growth prospects and resiliency to potential negative outcomes.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 15 2026 | 2026 Q2 | ACGL, ANET, AOS, APH, BRO, BSY, CFR, CPRT, GBCI, GGG, IT, LBRDK, MKSI, MSA, ROST, TECH, VRSK, WAT | AI, Concentration, Data centers, mid cap, Quality, Risk Appetite, semiconductors, Valuations | - | Madison Mid Cap underperformed in Q2 2026 as markets became hyper-concentrated in AI infrastructure plays, with nine of the Russell Midcap's ten largest companies being direct AI beneficiaries. While the fund's AI-exposed holdings led performance, managers warn current euphoria reflects excessive risk appetite. They're adding to overlooked quality companies at attractive valuations, positioning for eventual rotation away from narrow AI concentration toward broader market participation. |
| Apr 18 2026 | 2026 Q1 | BRO, BSY, FWONA, IT, MC, MEDP, MKSI, PCAR, ROST, TDY, THO, TTAN, TYL | AI, mid cap, Quality, semiconductors, software, value |
TYL BSY |
Madison Mid Cap declined 4.34% in Q1 as AI disruption fears hit software holdings while commodity-focused sectors led. Managers opportunistically added AI-resilient software names Tyler Technologies and Bentley Systems, viewing current weakness as attractive entry points. Strong performance from MKS, Ross Stores, and Teledyne offset software sector headwinds. Portfolio remains concentrated in high-quality businesses with durable competitive advantages. |
| Jan 20 2026 | 2025 Q4 | ACGL, ANET, AOS, APH, BRO, CDW, EXPD, FND, LBRDA, MCHP, MKSI, MSA, PCAR, ROST, TDY, TECH, TREX, TTAN, WAT, WRB | AI, financials, industrials, mid cap, Quality, technology, value |
ROST BIO TTAN AOS MSA MCHP |
Madison Mid Cap declined 1.2% in Q4 as markets favored speculation over quality. The fund added four new quality investments at attractive valuations while maintaining discipline despite headwinds from market preference for unprofitable, volatile companies. Management remains confident their focus on durable, profitable businesses will deliver superior long-term risk-adjusted returns. |
| Oct 14 2025 | 2025 Q3 | ACGL, ANET, APH, BRO, CDW, CHTR, CPRT, CSL, FND, IT, LBRDA, LH, MCHP, MEDP, MKSI, PCAR, ROST, TDY, WAT, WRB | AI, mid cap, Quality, semiconductors, technology, value |
MEDP APH ANET |
Madison Mid Cap underperformed in Q3 as markets favored momentum over quality. Technology holdings benefited from AI and semiconductor cycle recovery while traditional value plays faced headwinds. Managers trimmed winners and maintain conviction in their quality-focused approach despite temporary style challenges, believing their proven philosophy will deliver long-term risk-adjusted returns. |
| Jul 15 2025 | 2025 Q2 | ACGL, ANET, APH, BRO, CDW, CHTR, CPRT, CSL, FND, IT, LBRDA, LH, MCHP, MEDP, MKSI, PCAR, ROST, TDY, WAT, WRB | AI, mid cap, Quality, semiconductors, technology, value | - | Madison Mid Cap Fund's quality-focused approach faced headwinds in Q3 as markets favored momentum over durability. Technology holdings drove performance through AI and semiconductor recovery themes, while traditional quality names like Gartner struggled with macro pressures. The fund maintains its disciplined value approach despite temporary style headwinds, trimming winners while preserving long-term conviction. |
| Mar 31 2025 | 2025 Q1 | ACGL, ANET, AWI, BF.B, BRO, CSL, DLTR, EXPD, IT, KNSL, LBRDA, MCHP, MKSI, PCAR, ROST, TDY, THO, TREX, WAT, WRB | industrials, insurance, mid cap, semiconductors, technology, value |
KNSL TREX |
Madison Mid Cap underperformed in Q1 2025 as insurance holdings outperformed while technology and consumer discretionary lagged. The team added defensive insurer Kinsale and composite decking leader Trex while trimming on valuation. Despite macro headwinds affecting semiconductors and consumer spending, managers maintain conviction in their quality-focused, concentrated approach targeting long-term compounding opportunities. |
| Dec 31 2024 | 2024 Q4 | ACGL, ANET, APH, BAM, BRO, CDW, CPRT, CSL, DLTR, FND, IT, LAD, LBRDK, LH, PCAR, ROST, TDY, THO, WAT, WRB | Autos, Cyclical, fundamentals, insurance, mid cap, Quality, technology, value | - | Madison Mid Cap Fund underperformed in Q4 despite strong individual stories like Liberty Formula One's competitive F1 season and Arista's AI momentum. Insurance and housing cyclical headwinds weighed on performance, while IT spending weakness hurt CDW. The team selectively added to quality names facing temporary challenges and maintains conviction in long-term fundamentals. |
| Sep 30 2024 | 2024 Q3 | ABG, ACGL, APH, BRO, CDW, CPRT, CSL, DLTR, FND, GGG, IT, KMX, LAD, LBRDK, MC, MCHP, MKSI, PCAR, ROST, WAT | Consolidation, consumer, financials, industrials, mid cap, Quality, technology, value |
GGG LAD ABG |
Madison Mid Cap Fund underperformed in Q3 but actively deployed capital into quality businesses at attractive valuations. Added industrial leader Graco and auto dealers Lithia/Asbury for consolidation potential. Increased semiconductor and retail positions despite cyclical headwinds. Portfolio emphasizes high-quality companies with pricing power and long-term earnings growth potential trading at reasonable valuations. |
| Jul 17 2024 | 2024 Q2 | ACGL, ANET, APH, BF.B, BRO, CDW, CPRT, CSL, DLTR, FND, FWONA, IT, KMX, LH, MC, MKSI, PCAR, ROST, TDY, THO, WAT | insurance, mid cap, Quality, technology, value | TDY | Madison Mid Cap Fund's quality-focused strategy delivered resilient performance despite Q2 headwinds. Strong insurance and AI infrastructure holdings offset weakness in consumer-sensitive names. Active portfolio management included opportunistic additions to temporarily weak quality companies while trimming elevated positions. The concentrated 30-stock approach emphasizes competitive advantages and rational management teams trading below intrinsic value. |
| May 2 2024 | 2024 Q1 | ACGL, ANET, APH, BF.B, BN, BRO, CDW, CFR, CPRT, CSL, DLTR, FND, GBCI, IT, KMX, LBRDA, LH, MC, MKSI, PCAR, ROST, TTWO | insurance, Manufacturing, mid cap, Quality, Regional Banks, technology | - | Madison Mid Cap Fund outperformed in Q1 2024, driven by strong insurance and manufacturing holdings. Added quality regional bank Cullen/Frost at attractive valuations while completing strategic portfolio repositioning. Concentrated approach focuses on high-quality companies with strong management teams and sustainable competitive advantages, maintaining selective positioning despite some headwinds in cable and retail segments. |
| Jan 14 2024 | 2023 Q4 | ACGL, ANET, BAM, BF.B, BRO, CDW, CPRT, CSL, DLTR, FWONA, GBCI, IT, KMX, LBRDA, LH, MKL, PCAR, PGR, ROST, WAT | Banking, insurance, mid cap, retail, technology, value | - | Madison Mid Cap outperformed in Q4 with strong stock selection in technology, retail, and banking. The fund maintains concentrated positions in quality companies like Gartner, Dollar Tree, and Arista Networks that are gaining market share despite challenging environments. Portfolio rebalancing reduced insurance exposure while adding five new positions with superior risk/reward profiles. |
| Oct 15 2023 | 2023 Q3 | ACGL, ANET, CDW, DLTR, FND, FWONA, KMX, LBRDK, MKSI, PGR | insurance, mid cap, Quality, retail, technology, value | TREE | Madison Mid Cap outperformed in Q3 with insurance and cloud infrastructure driving returns. The fund opportunistically added to Dollar Tree during retail weakness, viewing margin pressures as cyclical. Strong performance from Arch Capital and Arista Networks offset semiconductor and housing-related headwinds. Managers maintain concentrated positioning in quality companies trading below intrinsic value. |
| Dec 7 2023 | 2023 Q2 | ABG, ACGL, ANET, APH, BAM, BRO, CDW, CFR, CHTR, CPRT, CSL, EXPD, FND, FWONA, FWONK, GBCI, GCI, GGG, IT, KNSL, LAD, LBRDA, LH, MC, MCHP, MEDP, MKSI, PCAR, ROST, TDY, TECH, THO, TREX, WAT, WRB | AI, mid cap, Quality, semiconductors, technology, value | - | Madison Mid Cap underperformed in Q3 as AI beneficiaries like Amphenol and Arista drove gains while value-oriented holdings lagged. The fund trimmed winners on valuation concerns and maintains conviction in their quality-focused, intrinsic value approach despite current market preference for momentum over durability in a concentrated 33-stock portfolio. |
| Apr 14 2023 | 2023 Q1 | ACGL, ANET, APH, BRO, CDW, CHTR, CPRT, CSL, FND, IT, LBRDA, LH, MEDP, MKSI, PCAR, ROST, TDY, TREX, WAT, WRB | AI, mid cap, Quality, semiconductors, technology, value | - | Madison Mid Cap underperformed in Q3 as AI-driven momentum favored growth over their quality value approach. Strong technology holdings like Amphenol and Arista benefited from data center spending, while Gartner faced AI disruption concerns. Managers trimmed winners on valuation but remain committed to their concentrated, quality-focused strategy despite temporary style headwinds. |
| Oct 25 2022 | 2022 Q3 | MCHP, MKSI, ROST, VNT | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIAI infrastructure beneficiaries dominated market performance in Q2 2026, with nine of the ten largest Russell Midcap companies being direct AI data center construction beneficiaries. The fund's AI-exposed holdings (MKS, Amphenol, Arista Networks) led performance. However, managers express concern that current AI euphoria reflects excessive risk appetite and willingness to pay high prices for uncertain outcomes, warning that obvious winners today may not be winners tomorrow. |
Data Centers Semiconductors Networking Infrastructure Valuations |
Semiconductor CycleMKS is witnessing accelerating growth for semiconductor manufacturing equipment as supply of semiconductors, particularly memory chips, remains tight and capacity expansion plans are underway. This represents a positive inflection in the semiconductor equipment cycle driven by supply constraints. |
Memory Semi Equipment Capacity Manufacturing | |
Data CentersAmphenol's interconnect products are experiencing tremendous growth from data center applications. Arista Networks is seeing high revenue and backlog growth driven by the AI data center buildout, with advanced networking gear in strong demand. The fund sold Arista on valuation after strong performance. |
Networking Infrastructure Interconnects Backlog | |
Discount RetailRoss Stores posted one of the strongest same-store sales quarters in its history, demonstrating excellent operational performance. However, shares were flat as the risk-on momentum rally favored growth over defensive businesses. The fund trimmed the position following strong stock performance and extended valuation. |
Same Store Sales Off Price Retail Consumer | |
P&C InsuranceArch Capital reported weak growth consistent with recent quarters, but margins held up well and the company executed substantial capital return through share repurchases of nearly 2.5% of shares outstanding. At current valuation, managers view buybacks as excellent capital allocation. Brown & Brown continues to report slowing organic revenue as industry pricing softens. |
Reinsurance Buybacks Pricing Margins | |
Used AutosCopart continues to face weak volume growth due to more under-and-uninsured drivers and shifting market share among insurance carriers. Despite frustrating recent performance, earnings have grown healthily and competitive position remains strong. The fund added to the position at valuation levels not seen in over a decade, viewing current headwinds as cyclical and short-term. |
Salvage Auctions Insurance Volumes | |
Risk AppetiteManagers observe that current market euphoria around AI reflects a larger attitude shift among investors toward greater appetite for gambling and risk-taking, with willingness to overlook inevitable bumps in the road. They note investors are fixated on a single theme and paying high prices for highly uncertain outcomes, similar to pandemic-era market behavior. Asset-light businesses perceived as AI-disruptable sold off broadly. |
Speculation Valuations Market Sentiment Concentration | |
| 2026 Q1 |
AIThe quarter was dominated by AI disruption fears triggering sell-offs in asset-light software companies viewed as vulnerable to AI commoditization. This created opportunities to add AI-resilient software companies like Tyler Technologies and Bentley Systems. The fund believes many software stocks are being unfairly punished by indiscriminate AI-related selling. |
Software Disruption Technology Automation Innovation |
SoftwareDespite AI concerns pressuring the sector, the fund opportunistically added Tyler Technologies and Bentley Systems as AI-resilient software investments. Tyler serves municipalities with decades-old systems needing upgrades, while Bentley maintains leadership in infrastructure design software with consistent subscription revenue growth. |
SaaS Municipal Infrastructure Subscription Technology | |
SemiconductorsMKS benefited from improving semiconductor capital equipment demand and growing orders for wafer fab equipment, particularly for AI-related applications. The semiconductor industry is showing signs of recovery with better sales and profits. |
Semi Equipment Wafer Fab Capital Equipment Technology Recovery | |
| 2025 Q4 |
Industrial GasesSOL Group operates one of Europe's leading industrial gas franchises serving 50k customers across 32 countries, with a network of 39 air-separation units and 50+ filling plants that took almost a century to assemble. The business benefits from high switching costs, regulatory barriers, and local oligopoly dynamics where gases are expensive to transport long distances. |
Industrial Gases Infrastructure Oligopoly Barriers |
AIManager maintains defensive positioning against AI disruption, favoring businesses with high barriers to entry that are unlikely to see their unit economics negatively affected by AI over the next decades. Infrastructure and business services players are preferred over software companies for their easier-to-forecast survival. |
AI Disruption Software Infrastructure | |
HealthcareVivisol represents the largest home respiratory care provider in Italy, Belgium, and Netherlands, serving 750k patients with 13% compound annual growth over fourteen years. The business benefits from Europe's aging demographics and healthcare systems moving chronic care from hospitals to patients' homes. |
Healthcare Demographics Home Care Respiratory | |
| 2025 Q3 |
AIInformation Technology sector benefiting from widespread exuberance around AI, with portfolio companies Amphenol and Arista Networks capitalizing on surge in AI-related data center spending. Technology stocks continued very strong performance driven by AI momentum. |
Data Centers Technology Semiconductors Infrastructure |
Semiconductor CycleMKS outperformed as investor sentiment continues to warm to an improving semiconductor cycle, with company results reflecting end markets picking up. Semiconductor equipment companies benefiting from cycle recovery. |
Semi Equipment Semiconductors Technology Cyclical | |
| 2025 Q2 |
AITechnology stocks continued strong performance driven by AI-related data center spending. Amphenol and Arista Networks are capitalizing on the surge in AI-related data center spending with outstanding revenue growth. The Information Technology sector is benefiting from widespread exuberance around AI. |
Data Centers Technology Semiconductors Cloud Infrastructure Growth |
Semiconductor CycleMKS outperformed as investor sentiment continues to warm to an improving semiconductor cycle, with the company's results reflecting end markets picking up. The semiconductor equipment sector is showing signs of recovery. |
Semi Equipment Semiconductors Technology Cyclical Recovery | |
QualityThe fund continues to search for quality companies with shareholder-oriented management teams selling below assessments of intrinsic value. They are invested in high-quality, durable businesses across industries selling for reasonable or cheap prices, though these attributes have been unpopular as the market favors short-term over long-term. |
Value Durability Long-term Intrinsic Value | |
| 2025 Q1 |
InsuranceThree insurance companies topped the contributor list during the quarter. Industry fundamentals remain sound with defensive demand profiles and limited tariff exposure. Brown & Brown benefits from strong organic growth and margin expansion, while Arch Capital and W.R. Berkley showed solid premium growth and better-than-expected reserve development. |
P&C Insurance Insurance Brokers Reinsurance Premium Growth Reserve Development |
SemiconductorsMKS Instruments continues to suffer from very weak end market demand for its instruments and systems, primarily sold to semiconductor manufacturers. End market demand remains difficult, but there are some green shoots forming and MKS' competitive positioning remains very strong. |
Semi Equipment Semiconductor Cycle Industrial Equipment Cyclical Recovery | |
| 2024 Q4 |
AutosThe fund holds positions in auto-related companies including Lithia Motors, which reported quarterly results suggesting some COVID-induced elevated profitability levels may be more sustainable than previously thought. The fund also sold CarMax during the quarter, believing it will be harder for the company to continue gaining market share due to changing industry dynamics. |
Auto Dealers Used Autos Market Share Profitability Industry Dynamics |
AIArista Networks posted better-than-expected revenue and earnings growth with a robust outlook driven by promising results from AI trials with customers on top of anticipated solid growth in the core business. This represents a key growth driver for the company's future performance. |
Networking Data Centers Revenue Growth Trials Core Business | |
InsuranceThe fund holds significant positions in insurance companies including Arch Capital Group, which continues to show excellent underwriting results and premium growth, though the industry may be entering the later innings of the hard cycle that began three years ago. The fund believes Arch is managing through the cycle prudently. |
P&C Insurance Underwriting Premium Growth Hard Cycle Cycle Management | |
| 2024 Q3 |
Auto DealersAdded two new positions in Lithia Motors and Asbury Automotive, two of the largest auto franchise dealer groups. Dealers earn more profits from parts and service than new car sales, providing steady business throughout economic cycles. These businesses have a long runway to create value via consolidation of this fragmented industry. |
Auto Dealers Consolidation Parts Service Fragmented |
Semiconductor CycleMKS Instruments shares have been volatile as investors try to forecast the bottoming of the semiconductor cycle. Optimism for a strong rebound early in the quarter quickly changed to pessimism as hoped-for improvement didn't materialize. Added to Microchip Technology on attractive valuation given elongated semiconductor cycle. |
Semiconductor Cycle Bottoming Volatility Equipment Valuation | |
Dollar StoresDollar Tree faced headwinds from weak low-end consumer, less trade-down benefit from middle-income consumers, and tough competitive environment. However, encouraged by long-term prospects of multi-price initiatives at Dollar Tree banner, with latest iteration showing strong sales uplift. |
Dollar Stores Consumer Trade Down Multi-price Competitive | |
| 2024 Q2 |
AIAmphenol and Arista Networks each have exposure to growing AI infrastructure spending, which is benefitting both their businesses and investor sentiment on their stock prices. |
Infrastructure Semiconductors Data Centers Networking |
| 2024 Q1 |
InsuranceInsurance companies benefited from attractive industry conditions with boosted underwriting profits and high growth in investment income. Arch Capital rolled over their fixed income portfolio at more favorable coupon rates. Insurance broker Brown & Brown advanced on solid organic revenue growth as insurance market pricing remains sound. |
Underwriting Reinsurance Brokers Pricing Investment Income |
Regional BanksAdded high-quality regional bank Cullen/Frost Bankers based in San Antonio, Texas, with excellent historical loan performance and returns on capital. The macro headwinds and negative sentiment surrounding regional banks afforded an attractive valuation opportunity. Trimmed Glacier Bancorp to manage overall bank exposure. |
Credit Quality Loan Performance Regional Valuation Texas | |
| 2023 Q4 |
InsuranceThe fund holds multiple insurance positions including Arch Capital Group, Markel Group, and Brown & Brown. Arch Capital benefits from attractive market conditions boosting underwriting profits, with favorable supply-demand dynamics in both reinsurance and primary insurance expected to keep profits elevated. |
P&C Insurance Reinsurance Insurance Brokers Underwriting Pricing |
TechnologyTechnology holdings include Gartner and Arista Networks. Gartner is weathering the technology spending slowdown well with hints of sales growth inflection. Arista Networks produces robust revenue growth as its Enterprise business offsets slowing Cloud Titan demand, with AI benefits still to be realized. |
Enterprise Software Networking Cloud Infrastructure AI Technology Research | |
RetailRetail positions include Dollar Tree and Ross Stores, both gaining market share in challenging environments. Dollar Tree showed improved results with market share gains and no expense surprises. Ross Stores executed well in the difficult apparel/home retail market with strong sales results. |
Discount Retail Off Price Retail Market Share Retail Execution | |
| 2023 Q3 |
InsuranceArch Capital Group benefited from attractive market conditions in P&C and reinsurance markets where pricing has firmed up considerably over the last couple of years. The attractive market conditions are expected to continue for a couple more years. |
P&C Insurance Reinsurance Insurance Brokers Risk Management |
CloudArista Networks is benefiting from robust revenue and earnings growth as demand from its core Cloud Titan customers continues at a strong rate. The company is well positioned to benefit from investment in AI infrastructure. |
Cloud Infrastructure Networking Data Centers AI | |
RetailDollar Tree's new management team is investing heavily to drive growth with early signs of progress including strong positive consumer traffic. However, these investments combined with a challenging retail environment are negatively impacting margins in the short run. |
Dollar Stores Discount Retail Consumer Finance Retail Trade Down | |
| 2023 Q2 |
AIAI-related data center spending is driving strong performance in technology holdings like Amphenol and Arista Networks. The fund is participating in this surge while also noting strength in other business areas beyond AI for these companies. |
Data Centers Technology Infrastructure |
Semiconductor CycleInvestor sentiment is warming to an improving semiconductor cycle, with MKS outperforming as the company's results reflected end markets picking up. The fund trimmed MKS due to higher valuations after strong performance. |
Semiconductors Cyclical Equipment | |
ValueThe fund continues searching for quality companies with shareholder-oriented management teams selling below intrinsic value assessments. They maintain this value philosophy despite it being temporarily out of favor as markets prefer momentum over durability. |
Quality Intrinsic Value Long Term | |
| 2023 Q1 |
AITechnology stocks continued strong performance driven by AI-related data center spending. Amphenol and Arista Networks capitalized on the surge in AI-related data center spending, though managers note strength in other business areas as well. |
Data Centers Technology Infrastructure |
Semiconductor CycleMKS outperformed as investor sentiment warmed to an improving semiconductor cycle, with the company's results reflecting end markets picking up. Managers see positive momentum in the semiconductor recovery. |
Semiconductors Cyclical Recovery | |
QualityManagers emphasize their focus on quality companies with shareholder-oriented management teams selling below intrinsic value. They note these attributes have been unpopular recently as markets favor short-term over long-term and momentum over durability. |
Value Investing Long Term Durability |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 18, 2026 | Fund Letters | Madison Mid Cap Fund | TYL | Tyler Technologies | Software - Application | Application Software | Bull | New York Stock Exchange | AI Resilient, Government Technology, Municipal Software, public sector, SaaS, Software Implementation, Technology Modernization | Login |
| Apr 18, 2026 | Fund Letters | Madison Mid Cap Fund | BSY | Bentley Systems | Software - Application | Application Software | Bull | NASDAQ | AEC industry, AI Enhancement, Civil Engineering, Infrastructure Backlog, infrastructure software, Owner operator, subscription revenue | Login |
| Jan 20, 2026 | Fund Letters | Rich Eisinger | ROST | Ross Stores, Inc. | Consumer Discretionary | Apparel Retail | Bull | NASDAQ | Comps, Margins, Offprice, retail, Value | Login |
| Jan 20, 2026 | Fund Letters | Rich Eisinger | BIO | Bio-Techne Corporation | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | leadership, lifesciences, Reagents, Recurringrevenue, valuation | Login |
| Jan 20, 2026 | Fund Letters | Rich Eisinger | TTAN | ServiceTitan, Inc. | Information Technology | Application Software | Bull | New York Stock Exchange | growth, Penetration, Retention, Trades, Verticalsaas | Login |
| Jan 20, 2026 | Fund Letters | Rich Eisinger | AOS | A. O. Smith Corporation | Industrials | Building Products | Bull | New York Stock Exchange | oligopoly, Regulations, Replacement, ROIC, Waterheaters | Login |
| Jan 20, 2026 | Fund Letters | Rich Eisinger | MSA | MSA Safety Incorporated | Industrials | Safety Equipment | Bull | New York Stock Exchange | Industrial, Regulation, Replacement, ROIC, Safety | Login |
| Jan 20, 2026 | Fund Letters | Rich Eisinger | MCHP | Microchip Technology Incorporated | Information Technology | Semiconductors | Bear | NASDAQ | Cyclicality, Discipline, Inventory, semiconductors, valuation | Login |
| Oct 14, 2025 | Fund Letters | Rich Eisinger | MEDP | Medpace Holdings Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Clinical research, Cro, growth, Outsourcing, ROIC, Scalability | Login |
| Oct 14, 2025 | Fund Letters | Rich Eisinger | APH | Amphenol Corporation | Information Technology | Electronic Components | Bull | NASDAQ | AI, Connectivity, data centers, diversification, electronics, Margins | Login |
| Oct 14, 2025 | Fund Letters | Rich Eisinger | ANET | Arista Networks Inc. | Information Technology | Communications Equipment | Bull | NYSE | AI, data centers, enterprise, growth, Margins, Networking | Login |
| Mar 31, 2025 | Fund Letters | Madison Mid Cap Fund | KNSL | Kinsale Capital Group | Financials | Property & Casualty Insurance | Bull | NASDAQ | E&S Insurance, founder-led, growth, Owner operator, specialty insurance, technology platform, underwriting | Login |
| Mar 31, 2025 | Fund Letters | Madison Mid Cap Fund | TREX | Trex Company | Materials | Building Products | Bull | NYSE | Building Products, composite decking, Housing, manufacturing, Market Share Conversion, Scale Advantages, secular growth | Login |
| Sep 30, 2024 | Fund Letters | Madison Mid Cap Fund | GGG | Graco Inc | Industrials | Industrial Machinery | Bull | NYSE | Aftermarket Parts, Cyclical End Markets, Fluid Handling Equipment, high margins, industrial machinery, premium products, Pricing power | Login |
| Sep 30, 2024 | Fund Letters | Madison Mid Cap Fund | LAD | Lithia Motors Inc | Consumer Discretionary | Automotive Retail | Bull | NYSE | Aftermarket revenue, Auto Dealerships, Automotive Retail, defensive business model, industry consolidation, Parts and Service, Scale Advantages | Login |
| Sep 30, 2024 | Fund Letters | Madison Mid Cap Fund | ABG | Asbury Automotive Group Inc | Consumer Discretionary | Automotive Retail | Bull | NYSE | Aftermarket revenue, Auto Dealerships, Automotive Retail, defensive business model, industry consolidation, Parts and Service, Scale Advantages | Login |
| Jun 30, 2024 | Fund Letters | Madison Mid Cap Fund | TDY | Teledyne Technologies | Technology | Electronic Equipment, Instruments & Components | Bull | NYSE | Aerospace, Defense, Digital Imaging, energy, environmental monitoring, Instrumentation, manufacturing, oligopoly, Sensor, technology, telecommunications | Login |
| Sep 30, 2023 | Fund Letters | Madison Mid Cap Fund | TREE | Dollar Tree Inc | Consumer Discretionary | Discount Stores | Bull | NASDAQ | consumer staples, Cyclical, discount retail, market share, traffic growth, turnaround, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| MKSI | MKS (MKSI) is witnessing accelerating growth for its instruments and equipment used in the semiconductor manufacturing process, as supply of semiconductors, most notably memory chips, is tight and plans to increase capacity are in the works. |
| APH | Amphenol (APH) continues to produce tremendous growth as its various interconnect products are utilized in many areas within data centers. |
| ANET | The AI data center build out is also driving high revenue and backlog growth for Arista Networks' (ANET) advanced networking gear. We sold shares in Arista Networks (ANET) on valuation. Arista is the leader in high-speed network switches used in data centers. The surge in data center builds has boosted what was already a high growth profile, and share price performance has followed suit. We felt the bright outlook was now baked into the stock. |
| TECH | Life science company Bio-Techne's (TECH) shares were up following an all-cash takeout offer from Merck KGaA. |
| WAT | Waters (WAT), a life sciences tools provider, saw its shares respond favorably to solid results in their legacy Waters business as well as in the recently acquired biosciences and diagnostics businesses from Becton Dickinson. |
| ROST | Discount retailer Ross Stores (ROST) posted one of the strongest same store sales quarters in its history, but shares were flattish in the quarter as the strong risk-on/momentum rally left behind more defensive businesses. We trimmed our position in Ross Stores (ROST) following strong stock performance. While the business is performing very well, valuation and the position size reached extended levels. |
| ACGL | Consistent with the last few quarters, diversified insurer Arch Capital (ACGL) reported weak growth. However, margins held up nicely and capital return was substantial. The company repurchased around $800m worth of stock, retiring nearly 2.5% of its outstanding shares in the quarter. At the current valuation, we believe this is an excellent use of excess capital. |
| CPRT | Volume growth at salvage auctioneer Copart (CPRT) continues to be weak due to more under-and-uninsured auto drivers and shifting market share amongst insurance carriers. While recent performance has been frustrating, Copart's earnings have grown at a healthy clip over the past few years, and its competitive position remains strong. The company also announced that Executive Chairman Jay Adair, who previously served as CEO for many years, will return to the role. We view this as a positive development. Jay was instrumental in building Copart over the past 30+ years, and his substantial ownership stake keeps him strongly aligned with shareholders. Copart (CPRT) is a long-term holding that is trading at valuation levels not seen in over a decade. While growth has slowed, we believe this is largely due to cyclical and short-term headwinds that will ultimately be resolved. |
| IT | Despite reporting a quarter of stabilizing growth, shares of IT advisory firm Gartner (IT) lagged in the broad sell-off in asset-light companies that are perceived to be disruptable by AI. |
| BRO | Insurance broker Brown & Brown's (BRO) stock was also caught up in this trade, although they continue to report slowing organic revenue as the insurance industry pricing continues to soften. |
| VRSK | We purchased shares in Verisk Analytics (VRSK), the dominant provider of data and analytics to property and casualty insurers in the U.S. Insurers use Verisk's proprietary data to assess and price risks, and to manage claims. Because its data is so embedded in its clients' daily workflows, it's often the last thing that an insurance client will cut back on, even in weak insurance markets. Since the company went public in 2009, Verisk has never registered a down year in revenue, and with the increasing demand for data, we anticipate that its revenue should continue to grow at a healthy clip for many years. With the market selling off asset-light businesses, we were able to purchase Verisk at an attractive valuation. |
| LBRDK | We sold shares in Liberty Broadband (LBRDK), which derives nearly all its value from its ownership position in Charter Communications. A more mature and competitive broadband internet market has resulted in subscriber losses for cable companies. While Charter management has made several prudent strategic moves, these efforts have proven to be insufficient to stem the losses. To materially improve results, we worry that more aggressive actions are needed, including reduced pricing. These actions could further depress earnings and, despite the ostensibly low valuation multiple, suggest little value in the shares. |
| AOS | A.O. Smith (AOS) and Graco (GGG) are high-quality industrial companies facing some cyclical headwinds, but with strong balance sheets and several promising long-term opportunities. |
| GGG | A.O. Smith (AOS) and Graco (GGG) are high-quality industrial companies facing some cyclical headwinds, but with strong balance sheets and several promising long-term opportunities. |
| BSY | Bentley Systems (BSY) has sold off amid concerns AI presents to software companies; however, we believe Bentley has unique characteristics that position it well to withstand the threat. |
| MSA | MSA Safety (MSA), Cullen/Frost Bankers (CFR), and Glacier Bancorp (GBCI) represent companies where fundamentals have been solid, but valuations have drifted down to attractive levels as investors have focused on more 'exciting' areas of the market. |
| CFR | MSA Safety (MSA), Cullen/Frost Bankers (CFR), and Glacier Bancorp (GBCI) represent companies where fundamentals have been solid, but valuations have drifted down to attractive levels as investors have focused on more 'exciting' areas of the market. |
| GBCI | MSA Safety (MSA), Cullen/Frost Bankers (CFR), and Glacier Bancorp (GBCI) represent companies where fundamentals have been solid, but valuations have drifted down to attractive levels as investors have focused on more 'exciting' areas of the market. |
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