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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Madison Mid Cap Fund climbed 5.2% in Q2 2025, underperforming its benchmark. The fund actively reallocated capital, divesting completely from Dollar Tree and Brown-Forman due to tariff and secular risks while initiating a new position in Medpace Holdings."
In Q2 2025, the Madison Mid Cap Fund (Class Y) generated a return of 5.2%, trailing the Russell Midcap Index's gain of 8.5%. Top contributors were driven by AI-infrastructure growth (Amphenol, Arista Networks) and positive signals in the semiconductor cycle (Microchip, MKS). Underperformance was led by insurance holdings, Gartner (affected by DOGE-driven federal budget cuts), and tariff-impacted names like PACCAR. The fund initiated one new position in Medpace Holdings and added to CDW, Arista, and Floor & Decor. In contrast, they completely exited Dollar Tree and Brown-Forman due to elevated risks from tariffs and unfavorable secular consumption trends.
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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 climbed 5.2% in Q2 2025, underperforming its benchmark. The fund actively reallocated capital, divesting completely from Dollar Tree and Brown-Forman due t...
Growth Outlook
Market outlook remains moderate conviction: The Madison Mid Cap Fund climbed 5.2% in Q2 2025, underperforming its benchmark. The fund actively reallocated capital, divesting completely from Dollar Tree and Brown-Forman due t...
Risk Appetite
Risk appetite posture is moderate conviction: The Madison Mid Cap Fund climbed 5.2% in Q2 2025, underperforming its benchmark. The fund actively reallocated capital, divesting completely from Dollar Tree and Brown-Forman due t...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Madison Mid Cap Fund climbed 5.2% in Q2 2025, underperforming its benchmark. The fund actively reallocated capital, divesting completely from Dollar Tree and Brown-Forman due t...
Forward Guidance
Forward guidance signal: The Madison Mid Cap Fund climbed 5.2% in Q2 2025, underperforming its benchmark. The fund actively reallocated capital, divesting completely from Dollar Tree and Brown-Forman due t...
Language Signal
Tone analysis indicates above average conviction language: The Madison Mid Cap Fund climbed 5.2% in Q2 2025, underperforming its benchmark. The fund actively reallocated capital, divesting completely from Dollar Tree and Brown-Forman due t...
Perceived Risk
Perceived risk level is evaluated as above average conviction. The Madison Mid Cap Fund climbed 5.2% in Q2 2025, underperforming its benchmark. The fund actively reallocated capital, divesting completely from Dollar Tree and Brown-Forman due t...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Madison Mid Cap Fund climbed 5.2% in Q2 2025, underperforming its benchmark. The fund actively reallocated capital, divesting completely from Dollar Tree and Brown-Forman due t...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Madison Mid Cap Fund climbed 5.2% in Q2 2025, underperforming its benchmark. The fund actively reallocated capital, divesting completely from Dollar Tree and Brown-Forman due t...
