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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Madison Sustainable Equity gained 6.32% gross in Q2 2025, underperforming the S&P 500 due to managed care headwinds. The portfolio rotated capital from rails (Union Pacific) and managed care (UnitedHealth) into cloud infrastructure (Arista Networks)."
Madison Sustainable Equity returned 6.32% gross (5.70% to 6.10% net of fees) in Q2 2025, lagging the S&P 500 Index's 10.94% return. Strong performance in the Technology sector, led by holdings in Oracle and Microsoft, was offset by negative sector allocation and stock selection in Healthcare (principally UnitedHealth Group) due to Medicare Advantage headwinds. To manage risk, the fund reduced its healthcare exposure below 14%, initiated a new position in Arista Networks, and sold Union Pacific. The managers remain cautiously optimistic but note that macroeconomic visibility remains low amid ongoing tariff policy 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: Madison Sustainable Equity gained 6.32% gross in Q2 2025, underperforming the S&P 500 due to managed care headwinds. The portfolio rotated capital from rails (Union Pacific) and ma...
Growth Outlook
Market outlook remains above average conviction: Madison Sustainable Equity gained 6.32% gross in Q2 2025, underperforming the S&P 500 due to managed care headwinds. The portfolio rotated capital from rails (Union Pacific) and ma...
Risk Appetite
Risk appetite posture is moderate conviction: Madison Sustainable Equity gained 6.32% gross in Q2 2025, underperforming the S&P 500 due to managed care headwinds. The portfolio rotated capital from rails (Union Pacific) and ma...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Madison Sustainable Equity gained 6.32% gross in Q2 2025, underperforming the S&P 500 due to managed care headwinds. The portfolio rotated capital from rails (Union Pacific) and ma...
Forward Guidance
Forward guidance signal: Madison Sustainable Equity gained 6.32% gross in Q2 2025, underperforming the S&P 500 due to managed care headwinds. The portfolio rotated capital from rails (Union Pacific) and ma...
Language Signal
Tone analysis indicates above average conviction language: Madison Sustainable Equity gained 6.32% gross in Q2 2025, underperforming the S&P 500 due to managed care headwinds. The portfolio rotated capital from rails (Union Pacific) and ma...
Perceived Risk
Perceived risk level is evaluated as above average conviction. Madison Sustainable Equity gained 6.32% gross in Q2 2025, underperforming the S&P 500 due to managed care headwinds. The portfolio rotated capital from rails (Union Pacific) and ma...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Madison Sustainable Equity gained 6.32% gross in Q2 2025, underperforming the S&P 500 due to managed care headwinds. The portfolio rotated capital from rails (Union Pacific) and ma...
Time Horizon
Investment time horizon reflects a high conviction orientation. Madison Sustainable Equity gained 6.32% gross in Q2 2025, underperforming the S&P 500 due to managed care headwinds. The portfolio rotated capital from rails (Union Pacific) and ma...
