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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Madison Mid Cap Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"The Madison Mid Cap Fund underperformed its benchmark in Q3 2025 (+1.93% vs +5.33%) as momentum and AI exuberance led the index, prompting the managers to trim high-valuation winners and double down on their quality-focused value approach."
In the third quarter of 2025, the Madison Mid Cap Fund (Class I) gained 1.93%, underperforming the Russell Midcap Index's 5.33% gain, which was heavily driven by IT and Utilities riding AI-related momentum. Top performance contributors included Medpace, Amphenol, and Arista Networks, while Gartner and Liberty Broadband were major detractors. Portfolio adjustments involved trimming positions in Arista and MKS on high valuation levels and selling off spun-out GCI Liberty. Despite being out of favor due to the market's current preference for short-term momentum, the managers remain committed to their high-quality, valuation-sensitive investment process.
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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 underperformed its benchmark in Q3 2025 (+1.93% vs +5.33%) as momentum and AI exuberance led the index, prompting the managers to trim high-valuation winne...
Growth Outlook
Market outlook remains moderate conviction: The Madison Mid Cap Fund underperformed its benchmark in Q3 2025 (+1.93% vs +5.33%) as momentum and AI exuberance led the index, prompting the managers to trim high-valuation winne...
Risk Appetite
Risk appetite posture is moderate conviction: The Madison Mid Cap Fund underperformed its benchmark in Q3 2025 (+1.93% vs +5.33%) as momentum and AI exuberance led the index, prompting the managers to trim high-valuation winne...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Madison Mid Cap Fund underperformed its benchmark in Q3 2025 (+1.93% vs +5.33%) as momentum and AI exuberance led the index, prompting the managers to trim high-valuation winne...
Forward Guidance
Forward guidance signal: The Madison Mid Cap Fund underperformed its benchmark in Q3 2025 (+1.93% vs +5.33%) as momentum and AI exuberance led the index, prompting the managers to trim high-valuation winne...
Language Signal
Tone analysis indicates above average conviction language: The Madison Mid Cap Fund underperformed its benchmark in Q3 2025 (+1.93% vs +5.33%) as momentum and AI exuberance led the index, prompting the managers to trim high-valuation winne...
Perceived Risk
Perceived risk level is evaluated as above average conviction. The Madison Mid Cap Fund underperformed its benchmark in Q3 2025 (+1.93% vs +5.33%) as momentum and AI exuberance led the index, prompting the managers to trim high-valuation winne...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. The Madison Mid Cap Fund underperformed its benchmark in Q3 2025 (+1.93% vs +5.33%) as momentum and AI exuberance led the index, prompting the managers to trim high-valuation winne...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Madison Mid Cap Fund underperformed its benchmark in Q3 2025 (+1.93% vs +5.33%) as momentum and AI exuberance led the index, prompting the managers to trim high-valuation winne...
