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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 15, 2025 | Madison Small Cap Fund | 4.3% | -5.0% | CIEN, CMN, CRL, CSL, EXP, GMS, HXL, SAIA, SHAK, SMPL, WSC | aerospace, AI, Construction, Quality, small caps, Speculation, value | AI continues to be the dominant theme driving Russell 2000 performance, with broad-based fear among investors that AI could pose an existential threat to software business models. The manager believes these fears are vastly overblown, noting that 60% of AI answers are incorrect and 95% of enterprise AI projects are failing. | CRL EXP HXL |
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| 2023 Q2 | Dec 7, 2023 | Madison Small Cap Fund | 6.3% | 17.2% | CIEN, CMN, CRL, CSL, EXP, GMS, HXL, SAIA, SHAK, SMPL, WSC | aerospace, AI, Construction, Quality, small caps, Speculation, underperformance, value | AI continues to be the dominant theme driving Russell 2000 performance, with Ciena benefiting from AI capital spending boom. However, manager views AI disruption fears in software as vastly overblown, noting 60% of AI answers are incorrect and 95% of enterprise AI projects are failing. | CRL EXP HXL |
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| 2025 Q3 | Oct 14, 2025 | Madison Small Cap Fund | -1.6% | -6.6% | AXS, BOX, CIEN, CMN, CRL, CSL, EHC, ENTG, EXP, FORM, GMS, HAYW, HQY, HXL, KN, SAIA, SHAK, SMG, SMPL, WSC | aerospace, AI, Construction, Quality, small caps, underperformance, value | AI continues to be the dominant theme driving much of the Russell 2000's performance, particularly in technology stocks. The manager expresses skepticism about AI disruption fears in software, noting that 60% of AI answers are incorrect and 95% of enterprise AI projects are failing. They view fears about AI replacing critical software applications as vastly overblown. | CRL EXP HXL |
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| 2023 Q1 | Apr 14, 2023 | Madison Small Cap Fund | 6.3% | 17.2% | CIEN, CMN, CRL, CSL, EXP, GMS, HXL, SAIA, SHAK, SMPL, WSC | aerospace, AI, Construction, consumer, healthcare, Quality, small cap, Speculation | AI continues to be the dominant theme driving Russell 2000 performance, with Ciena benefiting from AI capital spending. However, the manager views fears about AI disrupting software business models as vastly overblown, noting that 60% of AI answers are incorrect and 95% of enterprise AI projects are failing. | CRL EXP HXL |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||