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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Madison Large Cap Fund gained 3.43% in Q4 2025, outperforming the S&P 500's 2.66% return. The managers initiated new stakes in Workday and Honeywell while liquidating positions in Fiserv and Nike."
In the fourth quarter of 2025, the Madison Large Cap Fund (Class I) increased 3.43%, outperforming the S&P 500 Index's return of 2.66%. The fund capitalized on top contributors including Alphabet, Parker-Hannifin, and Keysight Technologies. In portfolio activity, the managers initiated new positions in Workday and Honeywell while completely exiting Fiserv due to deteriorated growth conviction, and Nike as shares rebounded close to intrinsic value. Going into 2026, the managers view the macro environment as stable but choose to maintain a disciplined focus on high-quality, attractively valued, and durable companies over highly concentrated momentum stocks.
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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 Large Cap Fund gained 3.43% in Q4 2025, outperforming the S&P 500's 2.66% return. The managers initiated new stakes in Workday and Honeywell while liquidating positions...
Growth Outlook
Market outlook remains above average conviction: The Madison Large Cap Fund gained 3.43% in Q4 2025, outperforming the S&P 500's 2.66% return. The managers initiated new stakes in Workday and Honeywell while liquidating positions...
Risk Appetite
Risk appetite posture is above average conviction: The Madison Large Cap Fund gained 3.43% in Q4 2025, outperforming the S&P 500's 2.66% return. The managers initiated new stakes in Workday and Honeywell while liquidating positions...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Madison Large Cap Fund gained 3.43% in Q4 2025, outperforming the S&P 500's 2.66% return. The managers initiated new stakes in Workday and Honeywell while liquidating positions...
Forward Guidance
Forward guidance signal: The Madison Large Cap Fund gained 3.43% in Q4 2025, outperforming the S&P 500's 2.66% return. The managers initiated new stakes in Workday and Honeywell while liquidating positions...
Language Signal
Tone analysis indicates above average conviction language: The Madison Large Cap Fund gained 3.43% in Q4 2025, outperforming the S&P 500's 2.66% return. The managers initiated new stakes in Workday and Honeywell while liquidating positions...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Madison Large Cap Fund gained 3.43% in Q4 2025, outperforming the S&P 500's 2.66% return. The managers initiated new stakes in Workday and Honeywell while liquidating positions...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Madison Large Cap Fund gained 3.43% in Q4 2025, outperforming the S&P 500's 2.66% return. The managers initiated new stakes in Workday and Honeywell while liquidating positions...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Madison Large Cap Fund gained 3.43% in Q4 2025, outperforming the S&P 500's 2.66% return. The managers initiated new stakes in Workday and Honeywell while liquidating positions...
