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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Madison Large Cap Fund underperformed the S&P 500 in Q2 2025, returning 3.12%. Capital was actively redeployed out of Berkshire Hathaway and into opportunistic new positions in Airbnb, CDW, and Gartner."
In Q2 2025, the Madison Large Cap Fund (Class Y) returned 3.12%, trailing the S&P 500 Index's 10.94%. Portfolio performance was led by Ferguson, Berkshire Hathaway, and a recovering analog semiconductor cohort (Analog Devices, Texas Instruments). Performance was dragged down by transient slowdowns at Fiserv and Copart, alongside cooling growth in insurance holdings (Arch Capital, Progressive). In a busy quarter of capital deployment, the fund initiated new stakes in Airbnb, CDW, and Gartner, while exiting Berkshire Hathaway on size and leadership transition concerns.
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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 underperformed the S&P 500 in Q2 2025, returning 3.12%. Capital was actively redeployed out of Berkshire Hathaway and into opportunistic new positions in...
Growth Outlook
Market outlook remains above average conviction: The Madison Large Cap Fund underperformed the S&P 500 in Q2 2025, returning 3.12%. Capital was actively redeployed out of Berkshire Hathaway and into opportunistic new positions in...
Risk Appetite
Risk appetite posture is above average conviction: The Madison Large Cap Fund underperformed the S&P 500 in Q2 2025, returning 3.12%. Capital was actively redeployed out of Berkshire Hathaway and into opportunistic new positions in...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Madison Large Cap Fund underperformed the S&P 500 in Q2 2025, returning 3.12%. Capital was actively redeployed out of Berkshire Hathaway and into opportunistic new positions in...
Forward Guidance
Forward guidance signal: The Madison Large Cap Fund underperformed the S&P 500 in Q2 2025, returning 3.12%. Capital was actively redeployed out of Berkshire Hathaway and into opportunistic new positions in...
Language Signal
Tone analysis indicates above average conviction language: The Madison Large Cap Fund underperformed the S&P 500 in Q2 2025, returning 3.12%. Capital was actively redeployed out of Berkshire Hathaway and into opportunistic new positions in...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Madison Large Cap Fund underperformed the S&P 500 in Q2 2025, returning 3.12%. Capital was actively redeployed out of Berkshire Hathaway and into opportunistic new positions in...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Madison Large Cap Fund underperformed the S&P 500 in Q2 2025, returning 3.12%. Capital was actively redeployed out of Berkshire Hathaway and into opportunistic new positions in...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Madison Large Cap Fund underperformed the S&P 500 in Q2 2025, returning 3.12%. Capital was actively redeployed out of Berkshire Hathaway and into opportunistic new positions in...
