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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Madison Large Cap Fund lagged the momentum-charged market in Q3 2025 but remains anchored to its high-quality value discipline, actively reallocating capital away from challenged healthcare names into high-moat franchises like MSCI."
In Q3 2025, the Madison Large Cap Fund decreased by 2.2% (Class I), trailing the S&P 500 Index's 8.1% gain. The fund suffered from a market that heavily favored short-term momentum over long-term durability. Strong contributions came from Alphabet, Lowe's, TJX, Brookfield, and Parker-Hannifin. Performance was dragged down by Gartner, Fiserv, Texas Instruments, Liberty Broadband, and Accenture, though the managers believe AI-related threats to Gartner and Accenture are highly manageable. Portfolio adjustments included initiating a high-conviction position in MSCI Inc. and completely selling out of Elevance Health and Liberty Broadband.
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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: Madison Large Cap Fund lagged the momentum-charged market in Q3 2025 but remains anchored to its high-quality value discipline, actively reallocating capital away from challenged h...
Growth Outlook
Market outlook remains moderate conviction: Madison Large Cap Fund lagged the momentum-charged market in Q3 2025 but remains anchored to its high-quality value discipline, actively reallocating capital away from challenged h...
Risk Appetite
Risk appetite posture is moderate conviction: Madison Large Cap Fund lagged the momentum-charged market in Q3 2025 but remains anchored to its high-quality value discipline, actively reallocating capital away from challenged h...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Madison Large Cap Fund lagged the momentum-charged market in Q3 2025 but remains anchored to its high-quality value discipline, actively reallocating capital away from challenged h...
Forward Guidance
Forward guidance signal: Madison Large Cap Fund lagged the momentum-charged market in Q3 2025 but remains anchored to its high-quality value discipline, actively reallocating capital away from challenged h...
Language Signal
Tone analysis indicates above average conviction language: Madison Large Cap Fund lagged the momentum-charged market in Q3 2025 but remains anchored to its high-quality value discipline, actively reallocating capital away from challenged h...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Madison Large Cap Fund lagged the momentum-charged market in Q3 2025 but remains anchored to its high-quality value discipline, actively reallocating capital away from challenged h...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Madison Large Cap Fund lagged the momentum-charged market in Q3 2025 but remains anchored to its high-quality value discipline, actively reallocating capital away from challenged h...
Time Horizon
Investment time horizon reflects a high conviction orientation. Madison Large Cap Fund lagged the momentum-charged market in Q3 2025 but remains anchored to its high-quality value discipline, actively reallocating capital away from challenged h...
