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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Madison Sustainable Equity fund returned 7.09% in Q3, underperforming the S&P 500's 8.12% as strength in AI infrastructure holdings was offset by pullbacks in secular consumer and semiconductor names. The managers eliminated Adobe due to competition but remain highly committed to their core quality-first, bottom-up approach."
For Q3 2025, Madison Sustainable Equity recorded a gross return of 7.09%, underperforming the S&P 500 Index's total return of 8.12%. Volatility decreased during the quarter, supported by the Federal Reserve's first rate cut in nine months. The portfolio's technology and communications sectors drove gains, led by top contributors Oracle and Alphabet. To mitigate rising competitive risks, the fund eliminated Adobe from the portfolio and maintained an equal weight stance in Technology. Despite near-term performance headwinds in Healthcare, the managers remain overweight the sector on high fundamental conviction.
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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 Sustainable Equity fund returned 7.09% in Q3, underperforming the S&P 500's 8.12% as strength in AI infrastructure holdings was offset by pullbacks in secular consumer ...
Growth Outlook
Market outlook remains above average conviction: The Madison Sustainable Equity fund returned 7.09% in Q3, underperforming the S&P 500's 8.12% as strength in AI infrastructure holdings was offset by pullbacks in secular consumer ...
Risk Appetite
Risk appetite posture is moderate conviction: The Madison Sustainable Equity fund returned 7.09% in Q3, underperforming the S&P 500's 8.12% as strength in AI infrastructure holdings was offset by pullbacks in secular consumer ...
Capital Deployment
Capital deployment remained balanced with selective rotation across positions. The Madison Sustainable Equity fund returned 7.09% in Q3, underperforming the S&P 500's 8.12% as strength in AI infrastructure holdings was offset by pullbacks in secular consumer ...
Forward Guidance
Forward guidance signal: The Madison Sustainable Equity fund returned 7.09% in Q3, underperforming the S&P 500's 8.12% as strength in AI infrastructure holdings was offset by pullbacks in secular consumer ...
Language Signal
Tone analysis indicates above average conviction language: The Madison Sustainable Equity fund returned 7.09% in Q3, underperforming the S&P 500's 8.12% as strength in AI infrastructure holdings was offset by pullbacks in secular consumer ...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Madison Sustainable Equity fund returned 7.09% in Q3, underperforming the S&P 500's 8.12% as strength in AI infrastructure holdings was offset by pullbacks in secular consumer ...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Madison Sustainable Equity fund returned 7.09% in Q3, underperforming the S&P 500's 8.12% as strength in AI infrastructure holdings was offset by pullbacks in secular consumer ...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Madison Sustainable Equity fund returned 7.09% in Q3, underperforming the S&P 500's 8.12% as strength in AI infrastructure holdings was offset by pullbacks in secular consumer ...
