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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 27, 2025 | Cullen Enhanced Equity Income Fund | -1.2% | 4.5% | COP, CVX, DOW, JCI, NSC, PCAR, PPG, RTX | cash flow, defensiveness, dividends, income, volatility | The commentary highlights income-oriented equities as attractive amid elevated volatility and moderating growth. Management emphasizes dividends and option premiums as tools to enhance total return while reducing downside risk. The strategy prioritizes stability and cash flow over aggressive capital appreciation. | NSC COP PPG PCAR |
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| 2022 Q2 | Jul 21, 2022 | Kovitz Core Equity Strategy | -18.5% | -22.5% | ADI, ANET, C, CHTR, CVET, DLTR, ICE, KMX, PCAR, PWR | - | View | ||
| 2024 Q1 | May 2, 2024 | Madison Investors Fund | 7.8% | 17.0% | ADI, CAN, FI, LBRDA, PCAR | - | View | ||
| 2024 Q1 | Apr 12, 2024 | Kovitz Core Equity Strategy | 10.3% | 10.3% | AON, BDX, CHTR, GIL, GOOG, JPM, KMX, META, ORCL, PCAR, PPG, SPLK, SPOT | - | View | ||
| 2025 Q3 | Oct 19, 2025 | American Century Equity Income Fund | 5.3% | - | AMT, CRH, GOOG, JNJ, KVUE, NSC, PCAR | AI, Consumer Staples, dividends, Health Care, infrastructure | AI investments and data center expansion supported utilities and industrials, contributing to portfolio strength. The fund emphasized quality dividend payers in consumer staples and health care as defensive plays amid inflation and policy uncertainty. Infrastructure demand from AI computing and transportation consolidation also provided tailwinds. | View | |
| 2024 Q3 | Oct 17, 2024 | Kovitz Core Equity Strategy | 6.9% | 28.7% | AAPL, ADI, AMAT, AXP, BRK/A, DLTR, FI, GM, HAS, J, JPM, KEYS, MSI, PCAR, SCHW, SPOT, UNH | - | View | ||
| 2025 Q4 | Jan 20, 2026 | Madison Large Cap Fund | 3.4% | 3.4% | A, ACGL, ADI, AMZN, BN, CDW, CPRT, DHR, FERG, FI, GOOGL, HON, KEYS, LOW, NKE, PCAR, PGR, PH, TXN, WDAY | AI, Automation, financials, industrials, large cap, Quality, technology, value | The portfolio is populated with high-quality, durable businesses across a wide range of industries, selling for reasonable prices. The fund invests in the proven over the promise, the long-term over the short-term, and durability over momentum. This focus on quality businesses has been a strong foundation for attractive long-term investment performance. Alphabet released new AI models that gave investors further confidence that the company is well positioned for growth. Workday is investing in commercializing AI agents, which should be additive to revenue growth. The fund acknowledges heightened concerns of AI-related disruption affecting some businesses. Honeywell is undergoing a portfolio transformation with the anticipated separation of the aerospace and automation businesses in the second half of 2026. This separation will further enhance the return on invested capital and growth opportunities for each business. | WDAY FISV |
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| 2025 Q4 | Jan 20, 2026 | Madison Mid Cap Fund | -1.2% | 1.8% | ACGL, ANET, AOS, APH, BRO, CDW, EXPD, FND, LBRDA, MCHP, MKSI, MSA, PCAR, ROST, TDY, TECH, TREX, TTAN, WAT, WRB | AI, financials, industrials, mid cap, Quality, technology, value | The fund focuses on high-quality, highly profitable, durable businesses with shareholder-oriented management teams selling below intrinsic value assessments. This quality-focused approach has historically provided strong long-term performance despite being temporarily out of favor in speculative market environments. Several portfolio companies are benefiting from AI-related applications and data center spending. MKS's Electronics and Packaging business shows accelerating growth partly due to AI applications, while Amphenol's IT/Datacom business produces spectacular organic growth driven by AI-related data center spending. | MCHP MSA AOS TTAN BIO ROST |
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| 2023 Q4 | Jan 16, 2024 | Kovitz Core Equity Strategy | 10.4% | 26.8% | AAPL, ADSK, BDX, DGE LN, DLTR, GIL, GM, GOOG, LOW, PCAR | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Madison Mid Cap Fund | 7.2% | 12.4% | BRO, DLTR, FND, GGG, LAD, LBRDA, MC, MCHP, PCAR | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Madison Investors Fund | 7.8% | 17.0% | BAM, CLOV, CPRT, DLTR, GOOG, KEYS, LOW, PCAR, SCHW | - | View | ||
| 2024 Q2 | Jul 17, 2024 | Madison Investors Fund | 7.8% | 17.0% | ADI, ARCH, DE, DLTR, GOOG, LOW, PCAR, PH, TJX | - | View | ||
| 2023 Q1 | Apr 14, 2023 | Madison Mid Cap Fund | 7.2% | 12.4% | ANET, BKI, CPRT, CSL, FND, GBCI, IT, PCAR, ROST, WRB | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Dec 5, 2025 | Fund Letters | James Cullen | Paccar Inc. | Industrials | Machinery | Bull | NASDAQ | aftermarket, Margins, Powertrains, trucks, valuation | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||