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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Madison Mid Cap Fund declined 1.2% in Q4 2025, lagging its index due to market leadership favoring speculative stocks. The fund added four new high-quality names and exited Trex and Microchip Technology."
In Q4 2025, the Madison Mid Cap Fund declined by 1.2%, underperforming the Russell Midcap Index which gained 0.2%. For the full year, a market environment favoring speculative, unprofitable, and high-beta names posed a headwind to the fund's quality-oriented strategy. Key contributors included Ross Stores and MKS Instruments, while top detractors included Trex and Brown & Brown. The team actively updated the portfolio by adding four new investments (Bio-Techne, ServiceTitan, A.O. Smith, and MSA Safety) and fully exiting Trex and Microchip Technology, while trimming Amphenol on valuation. Despite temporary stylistic headwinds, the managers maintain confidence in their long-term, 'all-weather' approach.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The Madison Mid Cap Fund declined 1.2% in Q4 2025, lagging its index due to market leadership favoring speculative stocks. The fund added four new high-quality names and exited Tre...
Growth Outlook
Market outlook remains above average conviction: The Madison Mid Cap Fund declined 1.2% in Q4 2025, lagging its index due to market leadership favoring speculative stocks. The fund added four new high-quality names and exited Tre...
Risk Appetite
Risk appetite posture is moderate conviction: The Madison Mid Cap Fund declined 1.2% in Q4 2025, lagging its index due to market leadership favoring speculative stocks. The fund added four new high-quality names and exited Tre...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Madison Mid Cap Fund declined 1.2% in Q4 2025, lagging its index due to market leadership favoring speculative stocks. The fund added four new high-quality names and exited Tre...
Forward Guidance
Forward guidance signal: The Madison Mid Cap Fund declined 1.2% in Q4 2025, lagging its index due to market leadership favoring speculative stocks. The fund added four new high-quality names and exited Tre...
Language Signal
Tone analysis indicates above average conviction language: The Madison Mid Cap Fund declined 1.2% in Q4 2025, lagging its index due to market leadership favoring speculative stocks. The fund added four new high-quality names and exited Tre...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Madison Mid Cap Fund declined 1.2% in Q4 2025, lagging its index due to market leadership favoring speculative stocks. The fund added four new high-quality names and exited Tre...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Madison Mid Cap Fund declined 1.2% in Q4 2025, lagging its index due to market leadership favoring speculative stocks. The fund added four new high-quality names and exited Tre...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Madison Mid Cap Fund declined 1.2% in Q4 2025, lagging its index due to market leadership favoring speculative stocks. The fund added four new high-quality names and exited Tre...
