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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Madison Mid Cap Fund 2022 Q3 Investor Letter | Buyside Digest

Back to Fund Profile (Madison Mid Cap Fund)

Primary Source Intelligence • Q3 2022 Letter Analysis

Madison Mid Cap Fund Quarterly Analysis

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.

Fund Returns

Annualized+10.01%

Digest Analysis

Quick Take

"Analysis pending..."

Executive Summary

No summary available.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

80%

CautiousHigh

High Conviction (80%)

The managers explicitly cite a high-conviction approach with a concentrated portfolio of 25-40 holdings, low turnover, and strong belief in their current holdings ('we like what we own').

Growth Outlook

30%

BearishBullish

Bearish (30%)

The letter describes an unfolding significant downturn, market swoons, and persistent economic uncertainty around inflation and interest rates.

Risk Appetite

30%

DefensiveAggressive

Defensive (30%)

Positioning remains defensive and quality-oriented, prioritizing risk management, durable competitive advantages, and trimming outperforming insurers to reallocate capital.

Capital Deployment

10%

De-riskingDeploying

De-risking (10%)

Capital was deployed conservatively on a net basis, funding new positions and additions primarily through position exits and trimming existing holdings.

Forward Guidance

20%

CautiousExpansionary

Cautious (20%)

While near-term macro conditions remain challenging, the managers express optimism regarding eventual economic normalization and long-term secular growth in key investments.

Language Signal

60%

BearishBullish

Balanced (60%)

The communication is disciplined and reassuring, assuring investors that management does not scramble during tough macro environments.

Perceived Risk

25%

Low RiskElevated

Low Risk (25%)

The macro environment is viewed as high-risk due to economic downturns, unpredictable consumer spending shifts, and volatile earnings estimates.

Opportunity Density

35%

ScarceAbundant

Selective (35%)

Portfolio activity was low during the quarter, with only one new buy and one exit, citing limited actionable opportunities in certain mature areas.

Time Horizon

85%

Short-TermLong-Term

Decade+ (85%)

The strategy firmly stresses long-term business growth outlooks, durable franchises, and multi-year secular trends over short-term market noise.