Brown & Brown (BRO) Dropped on Softness in Organic Growth

Madison Investments, an investment advisor, released its first-quarter 2026 investor letter for the “Madison Mid Cap Fund”. The Madison Mid Cap Fund (Class I) declined 4.28% in the quarter, compared to the Russell Midcap Index’s 1.29% return. A copy of the letter can be downloaded here. The first quarter saw a market shift from tech stocks to companies in the physical economy driven by a better economic outlook and AI disruption fears. This transition favored the 'HALO trade' (Heavy Assets, Low Obsolescence), benefiting resilient businesses. In March, geopolitical conflicts and...