FORM

FORM

FORM

Market Cap: $7.26B

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
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	View
2026 Q1	Apr 18, 2026	Madison Small Cap Fund	0.1%	0.1%	CHRD, CRL, CVLT, DRS, ENTG, FORM, GMED, GTLB, ICUI, MEDP, MTDR, PCOR, POWI, SITE, VIAV, WK	AI, defense, energy, healthcare, semiconductors, small caps, software		SITE PCOR MTDR ICUI	View
2023 Q4	Dec 31, 2023	TimesSquare Capital Management U.S. Small Cap Growth Strategy	6.2%	0.0%	ASND, ATGE, ATRC, AZEK, BJ, ESAB, FLYW, FORM, FROG, HLNE, ICFI, PRA, RAPT, SWAV, VC, WING, WK, WNS, ZWS	Automation, cybersecurity, financials, growth, healthcare, industrials, small cap, technology	Cybersecurity remains a top priority for companies, propelled by recent well-publicized cyberattacks at MGM Resorts, Caesars Entertainment, and Clorox. New SEC disclosure rules on cyber risks took effect in December 2023. Channel checks indicate that IT budgets will continue growing, with cybersecurity becoming an increasing percentage.		View
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	View
2025 Q4	Jan 20, 2026	Madison Small Cap Fund	-0.4%	-6.9%	AAON, AMPL, CCOI, CFLT, CIEN, EHC, ENTG, FORM, GTLB, MIR, POWI, PRMB, RVLV, SMG, VCEL, VFC, VIAV, WAL, ZION	AI, Consumer Staples, Quality, Risk Appetite, small caps, software, Speculation, underperformance	The AI capital spending boom drove strong performance in select technology stocks like Ciena and Confluent. However, the manager questions how long the AI capital spending cycle will last and whether investors will begin asking for returns on this investment. The fund avoided most speculative AI-related opportunities due to quality parameters. Software stocks faced significant pressure as investors feared AI-powered solutions would displace traditional applications. The manager fundamentally rejects this thesis, believing enterprises won't migrate mission-critical data to language models generating errors at 60% rates. They used the selloff to add GitLab and Amplitude at attractive valuations. Consumer Staples was the epicenter of underperformance as investors showed no appetite for defensive businesses in a pro-cyclical, speculative bull market. The sector now trades at historically steep discounts despite facing perceived challenges including input cost inflation, GLP-1 impacts, and tariff supply chain effects. The market demonstrated insatiable appetite for risk, with the best performing stocks being the most speculative companies with no profits or revenue but thematic AI linkage. This extended to biotechs, meme stocks, crypto, and mining stocks, while defensive businesses were deeply out of favor. Small caps continued underperforming large caps despite a strong year for the Russell 2000. The fund significantly underperformed due to the speculative nature of the rally favoring companies without profits or revenue. Quality businesses with durable moats can now be found at attractive prices again.	AAON GTLB VIAV AMPL VCEL MIR CIEN CCOI WAL	View
2024 Q3	Sep 30, 2024	TimesSquare Capital Management U.S. Small Cap Growth Strategy	6.2%	0.0%	ADUS, BJ, BOOT, CERT, CWAN, EME, EWCZ, FORM, FROG, INSM, LOAR, MODG, MTDR, MYRG, OS, PCVX, SVV, WH, WHD, WMT	Biotechnology, consumer, energy, growth, healthcare, industrials, small cap, technology	AI remains a dominant trend with many companies seeing greater risks of underspending and being left behind rivals. Companies are setting their IT budgets for 2025 with AI considerations. The technology continues to drive corporate spending decisions across sectors.		View
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	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Madison Small Cap Fund	FormFactor Inc	Information Technology	Semiconductor Equipment	Bull	NASDAQ	AI infrastructure, HBM, High-Bandwidth Memory, market share, Moat, NVIDIA, semiconductor equipment, SK Hynix, Test Equipment	View Pitch

BSD Shareholders of FORM

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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
Paul Tudor Jones	Tudor Investment Corp	$53.4B	$2.8M	0.01%	50,741	+50,741	+100.00%	0.0390%
Steven A. Cohen	Point72 Asset Management	$86.8B	$24.0M	0.03%	430,087	+314,971	+273.61%	0.3304%
Ray Dalio	Bridgewater Associates	$27.4B	$1.4M	0.01%	25,979	+25,979	+100.00%	0.0200%
Israel Englander	Millennium Management LLC	$233.2B	$4.6M	0.00%	82,369	-30,809	-27.22%	0.0633%
Aaron Weitman	CastleKnight Management LP	$4.5B	$1.6M	0.03%	27,800	+27,800	+100.00%	0.0214%
David Siegel & John Overdeck	Two Sigma Investments	$67.5B	$6.3M	0.01%	113,753	-244,384	-68.24%	0.0874%
Cliff Asness	AQR Capital Management	$190.6B	$11.4M	0.01%	204,768	+36,808	+21.91%	0.1573%

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