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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 15, 2025 | Madison Mid Cap Fund | 5.3% | 0.9% | ACGL, ANET, APH, BRO, CDW, CHTR, CPRT, CSL, FND, IT, LBRDA, LH, MCHP, MEDP, MKSI, PCAR, ROST, TDY, WAT, WRB | AI, mid cap, Quality, semiconductors, technology, value | Technology stocks continued strong performance driven by AI-related data center spending. Amphenol and Arista Networks are capitalizing on the surge in AI-related data center spending with outstanding revenue growth. The Information Technology sector is benefiting from widespread exuberance around AI. | View | |
| 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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| 2024 Q1 | May 2, 2024 | Madison Mid Cap Fund | 7.2% | 12.4% | ACGL, ANET, APH, BF.B, BN, BRO, CDW, CFR, CPRT, CSL, DLTR, FND, GBCI, IT, KMX, LBRDA, LH, MC, MKSI, PCAR, ROST, TTWO | insurance, Manufacturing, mid cap, Quality, Regional Banks, technology | Insurance companies benefited from attractive industry conditions with boosted underwriting profits and high growth in investment income. Arch Capital rolled over their fixed income portfolio at more favorable coupon rates. Insurance broker Brown & Brown advanced on solid organic revenue growth as insurance market pricing remains sound. | View | |
| 2024 Q1 | May 2, 2024 | Madison Small Cap Fund | 6.3% | 17.2% | CCOI, CHRD, CNM, CSL, EHC, ENTG, ERF.TO, FORM, HCP, MODN, MWA, OSW, PRMW, PTC, SUM, WSC | energy, industrials, Quality, small cap, technology, value | Mueller Water Products manufactures products and services used in the transmission, distribution, and measurement of water in North America. America's water infrastructure is massive and in very serious need for upgrade and modernization. Significant federal funds have been allocated to do just this and the fund believes MWA is well positioned to capitalize. | HCP MWA CHRD CCOI CNM |
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| 2026 Q1 | Apr 29, 2026 | ROCKLINC Partners Fund | 0.3% | 0.3% | AEM.TO, BUR.L, CCO.TO, CSL, KNSL, MELI, NOW, PLD, ROP, ROYP, SII.TO | deficits, energy, Fiscal, gold, materials, Precious Metals, royalties, Silver | CSL |
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| 2024 Q1 | Apr 15, 2024 | FMI Small Cap Equity | -0.8% | 10.7% | ACGL, BRK.B, CNM, CSL, DLTR, ETN, G, GTES, MU, NOFCY, NVT, PGR, PHG, PLXS, RHI, SAFRY, SMIN, SONY, UNH, YOKOY | Balance Sheet, Construction, international, Quality, small cap, Valuations, value | FMI emphasizes investing in advantaged companies trading at discounts to intrinsic value for temporary reasons. Small Cap and International stocks continue to trade at meaningful discounts with relative valuations around two standard deviations below historical levels. The setup appears favorable for value-oriented investing. | WEIR.L SCHW GTES |
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| 2024 Q1 | Apr 15, 2024 | FMI All Cap Equity | -1.8% | 11.2% | ACGL, BRK.B, CARR, CNM, CSL, DLTR, ETN, FERG, G, GTES, MAS, MU, NVT, PGR, PHG, PLXS, RHI, SCHW, SONY, UNH | Construction, financials, international, Quality, small caps, value | FMI emphasizes investing in advantaged companies trading at discounts to intrinsic value for temporary reasons. All portfolios trade at sizeable discounts to core benchmarks while owning well-run, durable businesses. The firm focuses on finding opportunities outside the Magnificent Seven where valuations and expectations are far less lofty. | WEIR.L SCHW GTES |
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| 2024 Q1 | Apr 15, 2024 | FMI Large Cap Equity | -4.0% | 10.5% | 6841.T, ACGL, BRK.B, CNM, CSL, DLTR, ETN, G, GTES, MU, NVT, PGR, PHG, PLXS, RHI, SAF.PA, SMIN.L, SN.L, SONY, UNH | active management, Construction, Finance, Quality, small caps, Valuations, value | FMI emphasizes investing in advantaged companies trading at discounts to intrinsic value for temporary reasons. All portfolios trade at sizeable discounts to core benchmarks while owning well-run, durable businesses. The firm focuses on finding opportunities where valuations and expectations are far less lofty than mega cap technology. | WEIR.L SCHW GTES |
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| 2024 Q1 | Apr 15, 2024 | FMI International Equity | -7.4% | 2.7% | 4403.T, 6841.T, ACGL, ATR, BECN, BRK.B, CSL, DCI, FBIN, GTES, MU, NVT, PHG, RHI, SAFRY, SCHW, SMIN.L, SN.L, SONY, SSD, WEIR.L | Construction, discount, international, Quality, small caps, Valuations, value | FMI emphasizes investing in advantaged companies trading at discounts to intrinsic value for temporary reasons. All portfolios trade at sizeable discounts to core benchmarks while owning well-run, durable businesses. The firm targets companies with attractive risk/reward profiles through full cycles. | WEIR.L SCHW GTES |
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| 2026 Q1 | Apr 13, 2026 | Distillate Capital Small/Mid Cap Quality & Value | 5.9% | 5.9% | APA, BTU, CF, CHRD, CSL, DINO, EPAM, FBIN, HRB, ICLR, MATX, OVV, PTEN, SNX, TNET, UAN, VYX | energy, fundamentals, Quality, rebalancing, small caps, value | View | ||
| 2024 Q4 | Dec 31, 2024 | Madison Mid Cap Fund | -1.9% | 10.3% | ACGL, ANET, APH, BAM, BRO, CDW, CPRT, CSL, DLTR, FND, IT, LAD, LBRDK, LH, PCAR, ROST, TDY, THO, WAT, WRB | Autos, Cyclical, fundamentals, insurance, mid cap, Quality, technology, value | The fund holds positions in auto-related companies including Lithia Motors, which reported quarterly results suggesting some COVID-induced elevated profitability levels may be more sustainable than previously thought. The fund also sold CarMax during the quarter, believing it will be harder for the company to continue gaining market share due to changing industry dynamics. | View | |
| 2024 Q4 | Dec 31, 2024 | Renaissance Investment Management – Large Cap Growth | - | - | ABNB, AMAT, AMZN, APO, APP, AVGO, BAH, CAH, CI, CSL, HCA, ICLR, JBL, KLAC, LRCX, NFLX, PINS, RCL, UBER, WEX | AI, defense, growth, healthcare, large cap, technology | Enthusiasm for stocks with exposure to artificial intelligence remains unabated, driving returns for mega-cap technology stocks. AppLovin's data-driven improvements are generating exponential increases in data accumulation integral to AI model development and refinement. Broadcom benefits from its dominant position in artificial intelligence application-specific chipsets. | PINS BAH HCA AVGO APP |
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| 2023 Q2 | Dec 7, 2023 | Madison Mid Cap Fund | 7.2% | 12.4% | ABG, ACGL, ANET, APH, BAM, BRO, CDW, CFR, CHTR, CPRT, CSL, EXPD, FND, FWONA, FWONK, GBCI, GCI, GGG, IT, KNSL, LAD, LBRDA, LH, MC, MCHP, MEDP, MKSI, PCAR, ROST, TDY, TECH, THO, TREX, WAT, WRB | AI, mid cap, Quality, semiconductors, technology, value | AI-related data center spending is driving strong performance in technology holdings like Amphenol and Arista Networks. The fund is participating in this surge while also noting strength in other business areas beyond AI for these companies. | View | |
| 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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| 2023 Q3 | Oct 15, 2023 | Madison Small Cap Fund | 6.3% | 17.2% | AWI, AXS, BBCP, CC, CSL, EHC, ENTG, FROG, GOGO, HAYW, MGNI, MODN, NEWR, OLLI, OLN, OSW, PRMW, PTC, RADI, SUM, WSC | interest rates, Quality, Recession, Russell 2000, small caps, value | Fund focuses exclusively on small cap investments with historically low valuations relative to large caps providing significant opportunity. Managers believe small caps continue to lag large caps but see this as creating attractive entry points. | HAYW FROG OLLI MDLZ MGNI GOGO |
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| 2025 Q3 | Oct 14, 2025 | Madison Mid Cap Fund | 1.9% | 2.8% | ACGL, ANET, APH, BRO, CDW, CHTR, CPRT, CSL, FND, IT, LBRDA, LH, MCHP, MEDP, MKSI, PCAR, ROST, TDY, WAT, WRB | AI, mid cap, Quality, semiconductors, technology, value | Information Technology sector benefiting from widespread exuberance around AI, with portfolio companies Amphenol and Arista Networks capitalizing on surge in AI-related data center spending. Technology stocks continued very strong performance driven by AI momentum. | ANET APH MEDP |
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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 Q3 | Oct 11, 2023 | Generation Investment Management Global Equity | - | - | AMZN, CSL, DHR, HSIC, LR.PA, MELI, RIVN, SCHW, SU.PA, TMO, TT | AI, Climate, Electrification, Energy Transition, Esg, Global Equity, sustainability, technology | Generative AI entered public consciousness in Q2 2023 but public interest faded in Q3. Generation is ramping up research efforts to understand generative AI, having robust discussions about pros and cons, and exploring use cases internally including helping understand company earnings calls. | SU.PA |
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| 2025 Q4 | Jan 21, 2026 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | -4.7% | 9.4% | ALL, AME, ARGX, AXON, CASY, COR, CRS, CSL, DASH, EME, HOOD, INSM, ORLY, PINS, POOL, RGEN, ROST, TPG, TTWO, VEEV | AI, consumer, financials, growth, healthcare, industrials, mid cap, technology | Take-Two Interactive delivered solid fiscal second-quarter results with 20% year-over-year growth in recurring consumer spending. The delay of Grand Theft Auto 6 launch from May to November 2026 caused shares to fall sharply, presenting an opportunity to add to the position on weakness. JFrog saw significant pipeline growth in its security add-on following the NPM supply chain attack, driving a 32% rally. The manager anticipates significant acceleration in AI adoption as 2026 unfolds, with Bentley Systems positioned to benefit from increased application usage driven by AI adoption in civil engineering. argenx showed strong progress in its Vyvgart franchise with multiple catalysts over the next 12 months. Insmed advanced 21% with positive reception for Brensocatib launch. Repligen delivered double-digit growth across business and geographies with healthy consumable demand and outperforming equipment sales. Demand for security increased following the recent NPM supply chain attack. JFrog's security add-on which secures open-source packages before organizations onboard them has seen significant pipeline growth, highlighting the critical need for software supply chain security. Carpenter Technology serves as a key supplier to aerospace and defense markets, with strong fiscal first quarter results and higher forward guidance lifting the stock 28%. Defense was highlighted as showing solid sales for Amphenol's electrical connectors business. Bentley Systems is positioned to benefit from global investment in mining and electric grids, and large regional infrastructure projects. The implementation of the One Big Beautiful Bill is projected to catalyze corporate capital spending according to the manager's outlook. | AMAT AXON PINS TTWO |
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| 2025 Q4 | Jan 15, 2026 | ROCKLINC Partners Fund | 0.7% | 20.3% | AAPL, ACA, AEM.TO, AMZN, APG, BIP.TO, BN.TO, BUR.L, CCO.TO, CSL, DHR, FNV.TO, GROY, KNSL, KPG.AX, MELI, MKL, NOW, OR.V, PLD, RGLD, ROP, RPRX, SII.TO, TSU.TO, WPM.TO | active management, Canada, ETFs, gold, Precious Metals, Silver, uranium, value | Gold delivered one of its strongest annual performances in decades during 2025, with a 64.5% gain to $4,318 per ounce. The acceleration in Q4 underscores persistent safe-haven demand amid geopolitical tensions, central bank buying, inflation hedging, massive global debts and a favorable macro backdrop with lower real yields on fixed income securities. Silver far outpaced even gold with explosive momentum in the final quarter, delivering a colossal 147.5% gain for the year to $71.54 per ounce. This reflects gold's safe-haven spillover plus strong industrial demand from solar, electronics, EVs, and AI-related applications, chronic supply deficits, and early cycle speculative fervour. The firm's significant allocation to precious metals royalty companies was the primary driver of outperformance in 2025. Precious metals staged historic rallies as hard assets and inflation hedges dominated, providing a powerful tailwind to resource-heavy Canadian indices amid broader global uncertainty. The new Rocklinc Principled Equity Fund focuses on undervalued securities through a concentrated portfolio of 20 or fewer holdings, enabling conviction-driven investments based on deep fundamental analysis. The firm deliberately steers clear of overvalued securities trading at extreme multiples and resists purely speculative investments. Canada leads globally in active ETF adoption, with about 30% of total ETF assets under management being actively managed, compared to just 8% in the US. The firm launched the Rocklinc Principled Equity Fund ETF to tap into this booming market where investor demand and competition among providers are driving rapid growth. Sprott has successfully positioned itself at the center of the modern energy transition through its dominance in the uranium sector. The Sprott Physical Uranium Trust is now the largest holder of physical uranium in the world, effectively becoming the institutional gateway for nuclear energy exposure. | SII |
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| 2023 Q4 | Jan 14, 2024 | Generation Investment Management Global Equity | - | - | A, ACN, ADDYY, ADI, AMAT, AMZN, BAX, CBRE, CSL, DHR, GEBN.SW, HSIC, JLL, KGP, MELI, MSFT, NZYM-B.CO, SE, SIKA.SW, TMO, TT, TXN, VEEV, VLTO, VWS.CO, WAT | AI, Climate, Global Equity, healthcare, real estate, sustainability, technology | The release of GPT-4 showed the world the perils and promise of generative artificial intelligence. Companies linked to the generative AI revolution have added to returns, including Amazon, Microsoft and Applied Materials which provides equipment for semiconductor chip manufacture. | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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| 2025 Q4 | Jan 13, 2026 | Generation Investment Management Global Equity | - | - | ADYEY, AMZN, ASML, CRM, CSL, DHR, GOOGL, LEGN.PA, MCO, MELI, MSCI, MSFT, SIK.SW, SNPS, SPOT, SU.PA, TMO, TSM, VWS.CO, WDAY | AI, Energy Transition, global, long-term, Quality, sustainability, technology, valuation | Generation believes computing power demand will roughly triple if a third of internet users interact with AI services via voice for 20 minutes daily. They invest across the AI build-out from chip manufacturing (TSMC, ASML) to electrical equipment (Legrand, Schneider) to cloud companies. Roughly one third of the portfolio is involved in AI build-out in some capacity. Generation focuses on quality companies with strong pricing power, indispensable products, and long-term thinking management teams. They believe quality stocks have had one of their weakest relative performances in 15 years, creating attractive valuations. The portfolio has never been so cheaply valued relative to benchmark despite faster earnings growth. MercadoLibre serves as Latin America's core digital infrastructure, operating in 18 countries with strong positions in Brazil, Argentina and Mexico. The platform handled 1.8 billion shipments in 2024, roughly doubling from 2020 figures. Over half a million SMEs sell on the platform representing upwards of 70% of gross merchandise sales. Generation invests across the payments ecosystem including Visa, Mastercard, PayPal, and Adyen. Adyen processes EUR 1.4 trillion of payments with a single global platform approach. More than half of MercadoLibre users say Mercado Pago was their first digital payment method, demonstrating the financial inclusion benefits. The portfolio includes renewable energy companies like Vestas Wind Systems and energy efficiency companies like Legrand and Schneider Electric. Companies are setting science-based emissions targets with 67% of portfolio covered by validated targets. The transition faces political headwinds but technological and economic advances continue to accelerate. | View | |
| 2024 Q3 | Sep 30, 2024 | Madison Small Cap Fund | 6.3% | 17.2% | BOX, CCOI, CIEN, CNM, CR, CSL, EHC, OSW, SMG, SUM, WK | Construction, Housing, industrials, small cap, software, technology | New investment in Workiva, a cloud-based software provider of compliance and regulatory reporting solutions used by 75% of Fortune 500 companies. The platform offers collaboration, data integration, and process management controls for financial and regulatory management systems. | WK |
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| 2024 Q3 | Sep 30, 2024 | Madison Mid Cap Fund | 7.2% | 12.4% | ABG, ACGL, APH, BRO, CDW, CPRT, CSL, DLTR, FND, GGG, IT, KMX, LAD, LBRDK, MC, MCHP, MKSI, PCAR, ROST, WAT | Consolidation, consumer, financials, industrials, mid cap, Quality, technology, value | Added two new positions in Lithia Motors and Asbury Automotive, two of the largest auto franchise dealer groups. Dealers earn more profits from parts and service than new car sales, providing steady business throughout economic cycles. These businesses have a long runway to create value via consolidation of this fragmented industry. | ABG LAD GGG |
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| 2024 Q3 | Sep 30, 2024 | FMI Small Cap Equity | -0.8% | 10.7% | ARMK, BJ, CSL, FBIN, FN, G, HLI, HSIC, NSIT, NVDA, PLXS, SKX, SSD | consumer, industrials, Quality, small caps, technology, value | FN ARMK |
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| 2024 Q3 | Sep 30, 2024 | FMI All Cap Equity | -1.8% | 11.2% | ARMK, AVY, BJ, BKNG, BRK.B, CSL, DG, FERG, G, HLI, MAS, SCHW | Diversified, long-term, Quality, ROIC, valuation, value | Aramark operates in the $500 billion food and facilities services market with procurement advantages and defensible moat through quality, breadth, and digital capabilities. The company has a long runway to take market share from smaller operators and self-operators, with margin improvement potential from new business profitability ramp and operating leverage. | DG ARMK |
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| 2024 Q3 | Sep 30, 2024 | FMI Large Cap Equity | -4.0% | 10.5% | ARMK, AVY, BKNG, BRK-B, CARR, CSL, DG, FERG, MAS, SCHW, UL | Foodservice, large cap, Quality, Trade Down, value | Aramark represents a large player in the food and facilities services industry with procurement advantages and defensible moat through quality, breadth, and digital capabilities. The company has margin improvement potential driven by profitability ramp of new business, lagged pricing benefits, supply chain efficiencies, and operating leverage. | DG ARMK |
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| 2023 Q4 | Aug 1, 2024 | Oakmark Fund- International Small Cap | 7.4% | 0.0% | APA, BAX, BLK, CHTR, COF, CSL, DHR, GOOGL, KKR, META, PH, PHM, PINS, SCHW, VEEV | Asset Management, financials, large cap, US, value | Despite value facing headwinds versus growth in 2023, with the Russell 1000 Growth Index outperforming Value by 31 percentage points, the managers believe the value opportunity is at least as good as it was at the start of 2022. They view the current setup of higher interest rates and wider P/E multiple dispersion as favorable for value investing. | BLK |
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| 2024 Q2 | Jul 17, 2024 | Madison Small Cap Fund | 6.3% | 17.2% | CCOI, CNM, CR, CSL, CVLT, EHC, FORM, HCP, INSP, LZ, MODN, OPCH, OSW, PRMW, SUM, WSC | AI, industrials, semiconductors, small caps, takeovers, technology, value | The AI data center buildout is driving significant demand for specialized memory chips called High Bandwidth Memory (HBM), with test intensity 25% higher than traditional memory. Form Factor has dominant market share at leading HBM maker SK Hynix and benefits from this trend. However, the AI frenzy is creating overheated valuations in anything related to the Nvidia-charged AI data center buildout. | OPCH INSP LZ FORM |
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| 2024 Q2 | Jul 17, 2024 | Madison Mid Cap Fund | 7.2% | 12.4% | ACGL, ANET, APH, BF.B, BRO, CDW, CPRT, CSL, DLTR, FND, FWONA, IT, KMX, LH, MC, MKSI, PCAR, ROST, TDY, THO, WAT | insurance, mid cap, Quality, technology, value | Amphenol and Arista Networks each have exposure to growing AI infrastructure spending, which is benefitting both their businesses and investor sentiment on their stock prices. | TDY |
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| 2023 Q2 | Jun 30, 2023 | Oakmark Fund- International Small Cap | 7.4% | 0.0% | AMZN, BAX, CE, CSL, FCNCA, GOOGL, IQV, TFC, WBD | Building Materials, healthcare, normalized earnings, Regional Banks, Specialty Chemicals, Traditional Value, value | The fund is finding cheap stocks on traditional value metrics despite value underperforming growth by 2400 basis points. Many new positions fall into traditional value category, replacing faster-growing stocks that outperformed this year. | IQV FCNCA ACEL CSL BAX |
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| 2023 Q1 | Apr 14, 2023 | Madison Mid Cap Fund | 7.2% | 12.4% | ACGL, ANET, APH, BRO, CDW, CHTR, CPRT, CSL, FND, IT, LBRDA, LH, MEDP, MKSI, PCAR, ROST, TDY, TREX, WAT, WRB | AI, mid cap, Quality, semiconductors, technology, value | Technology stocks continued strong performance driven by AI-related data center spending. Amphenol and Arista Networks capitalized on the surge in AI-related data center spending, though managers note strength in other business areas as well. | View | |
| 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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| 2025 Q1 | Mar 31, 2025 | Madison Small Cap Fund | -9.0% | -9.0% | AXS, BOX, CFLT, CMCO, CSL, EHC, HQY, OPCH, POWI, PRMB, RVLV, SHAK, SMG, SMPL, WK | Construction, consumer, financials, healthcare, small cap, tariffs, technology | Industrial economic activity remains depressed and the back half recovery expected in residential and non-residential construction now seems in jeopardy due to stubbornly high interest rates. The managers believe companies with depressed construction exposure are attractively valued but acknowledge these stocks may take longer to inflect upwards than previously anticipated. They continue to see opportunities in construction-related industries due to this unique cycle where many companies have strong balance sheets and higher than normal margin profiles. | View | |
| 2025 Q1 | Mar 31, 2025 | Madison Mid Cap Fund | -4.2% | -4.2% | ACGL, ANET, AWI, BF.B, BRO, CSL, DLTR, EXPD, IT, KNSL, LBRDA, MCHP, MKSI, PCAR, ROST, TDY, THO, TREX, WAT, WRB | industrials, insurance, mid cap, semiconductors, technology, value | Three insurance companies topped the contributor list during the quarter. Industry fundamentals remain sound with defensive demand profiles and limited tariff exposure. Brown & Brown benefits from strong organic growth and margin expansion, while Arch Capital and W.R. Berkley showed solid premium growth and better-than-expected reserve development. | TREX KNSL |
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| 2023 Q1 | Mar 31, 2023 | FMI All Cap Equity | -1.8% | 11.2% | ARW, AVY, CSL, CVNA, FERG, FMS, G, KMX, PHG, SAP, SCHW, SNN.L | inflation, positioning, rates, Sentiment, value | Portfolio trades at 13.7x projected 2023 earnings, representing a 43% discount to Russell 3000. Manager emphasizes attractive valuations on both absolute and relative basis as a key source of optimism. | FERG AVY |
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| 2023 Q1 | Mar 31, 2023 | FMI International Equity | -7.4% | 2.7% | BJ, BKNG, BMEB.PA, CSL, DG, FBIN, GOOGL, HOWG.L, NSIT, PLXS, PRI, RXL.PA, SCHW, SKX, SLB, SONY, SW.PA, ULVR.L, UNH, ZION | Banking, growth, Housing, international, Quality, Travel, value | The firm discusses the global banking crisis including failures of Silicon Valley Bank, Signature Bank, and Silvergate Capital, along with Credit Suisse's rescue. They maintain positions in Zions Bancorporation and Charles Schwab despite volatility, believing both have sticky deposit bases and conservative balance sheets. The crisis highlights banking sector fragility and will likely lead to lower profitability and multiples going forward. | BKNG AEO|ASH|ASUR|AZZ|DCO|FA|FBIN|GHM|LEU|NSP|RRR|UTZ AAPL|MSFT|NFLX|NVDA|UNH SCHW ZBRA |
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| 2023 Q1 | Mar 31, 2023 | FMI Large Cap Equity | -4.0% | 10.5% | BJ, BKNG, BME.L, CSL, DG, FBIN, GOOGL, HWDN.L, INSG, PLXS, PRI, RXL.PA, SCHW, SKX, SLB, SONY, SW.PA, ULVR.L, UNH, ZION | Banking, Housing, international, Quality, technology, value | The banking crisis highlighted the fragility of the sector, with three bank failures including Silicon Valley Bank. FMI maintains selective exposure to high-quality banks with sticky deposit bases like Zions and Schwab, viewing recent declines as overly punitive and adding to positions. | BKNG AEO|ASH|ASUR|AZZ|DCO|FA|FBIN|GHM|LEU|NSP|RRR|UTZ AAPL|MSFT|NFLX|NVDA|UNH SCHW ZBRA |
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| 2023 Q1 | Mar 31, 2023 | FMI Small Cap Equity | -0.8% | 10.7% | BJ, BKNG, BME.L, CSL, D05.SI, DG, FBIN, GOOGL, HWDN.L, LLOY.L, NSIT, PLXS, PRI, ROG.SW, RXL.PA, SCHW, SKX, SLB, SONY, SW.PA, ULVR.L, UNH, ZION | Banking, contrarian, Crisis, Housing, international, Quality, value | The firm discusses the global banking crisis of Q1 2023, including failures of Silicon Valley Bank, Signature Bank, and Silvergate Capital. They maintain selective exposure to banks with sticky deposit bases like Zions and Schwab, viewing recent declines as overly punitive given their conservative balance sheets and quality management teams. | BKNG AEO|ASH|ASUR|AZZ|DCO|FA|FBIN|GHM|LEU|NSP|RRR|UTZ AAPL|MSFT|NFLX|NVDA|UNH SCHW ZBRA |
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| 2023 Q4 | Jan 14, 2024 | Madison Mid Cap Fund | 7.2% | 12.4% | ACGL, ANET, BAM, BF.B, BRO, CDW, CPRT, CSL, DLTR, FWONA, GBCI, IT, KMX, LBRDA, LH, MKL, PCAR, PGR, ROST, WAT | Banking, insurance, mid cap, retail, technology, value | The fund holds multiple insurance positions including Arch Capital Group, Markel Group, and Brown & Brown. Arch Capital benefits from attractive market conditions boosting underwriting profits, with favorable supply-demand dynamics in both reinsurance and primary insurance expected to keep profits elevated. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 30, 2026 | Fund Letters | ROCKLINC Partners Fund | Carlisle Companies Incorporated | Building Products & Equipment | Building Products | Bull | New York Stock Exchange | barriers to entry, Building Products, capital allocation, construction materials, market leader, Non-Discretionary, premium pricing, Roofing, secular growth, Warranty | View Pitch |
| Apr 28, 2026 | Fund Letters | Oakmark Fund | Carlisle Companies Incorporated | Materials | Building Products | Bull | NYSE | Building materials, Commercial Roofing, construction, market leader, Pricing power, Value | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Chaitanya Mishra | Carlisle Companies Incorporated | Industrials | Building Products & Equipment | Neutral | NYSE | — | View Pitch |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Tim Campbell | Baillie Gifford | $120.3B | $7.3M | 0.01% | 22,884 | -5,384 | -19.05% | 0.0424% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $746,233 | 0.00% | 2,333 | -19,889 | -89.50% | 0.0043% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $1.1M | 0.00% | 3,300 | +3,300 | +100.00% | 0.0061% |
| Ray Dalio | Bridgewater Associates | $27.4B | $9.1M | 0.03% | 28,451 | -9,804 | -25.63% | 0.0527% |
| Israel Englander | Millennium Management LLC | $233.2B | $8.1M | 0.00% | 25,197 | -57,685 | -69.60% | 0.0467% |
| Jeremy Grantham | GMO LLC | $39.1B | $5.8M | 0.01% | 18,143 | +18,143 | +100.00% | 0.0336% |
| Frank Sands | Sands Capital Management | $32.9B | $309.5M | 0.94% | 967,640 | +118,139 | +13.91% | 1.7917% |
| Cliff Asness | AQR Capital Management | $190.6B | $39.6M | 0.02% | 123,904 | +89,092 | +255.92% | 0.2294% |
| Bruce Kovner | Caxton Associates | $3.2B | $1.6M | 0.05% | 4,229 | +0 | +0.00% | 0.0090% |
| Charles Mawer | Mawer Investment Management | $17.9B | $10.3M | 0.06% | 32,310 | -6,988 | -17.78% | 0.0598% |
| Richard L. Chilton Jr. | Chilton Investment | $4.8B | $1.8M | 0.04% | 5,737 | -4,452 | -43.69% | 0.0106% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $1,404 | 0.00% | 4 | +0 | +0.00% | 0.0000% |