Madison Investments, an investment advisor, released its fourth-quarter 2025 investor letter for “Madison Mid Cap Fund”. A copy of the letter can be downloaded here. The Russell Midcap Index ended an incredibly successful three-year run with a full-year return of 10.6%, amounting to an annual increase of more than 14%. The market favored more volatile and speculative companies in 2025. This market environment poses challenges for the Madison Mid Cap portfolio, which is focused on high-quality, profitable businesses. Historically, this focus has supported long-term investment success, and the firm remains committed to it, is optimistic about the opportunities this year has presented, and has actively capitalized on them. Against this backdrop, the Fund decreased 1.2% in Q4 2025, lagging the Russell Midcap Index’s 0.2% increase. Please review the Fund’s top five holdings to gain insights into their key selections for 2025.
In its fourth-quarter 2025 investor letter, Madison Mid Cap Fund highlighted stocks like Brown & Brown, Inc. (NYSE:BRO). Brown & Brown, Inc. (NYSE:BRO) is a leading insurance products and services company. On March 10, 2026, Brown & Brown, Inc. (NYSE:BRO) stock closed at $68.58 per share. One-month return of Brown & Brown, Inc. (NYSE:BRO) was 2.33%, and its shares lost 41.52% over the past 52 weeks. Brown & Brown, Inc. (NYSE:BRO) has a market capitalization of $23.415 billion.
Madison Mid Cap Fund stated the following regarding Brown & Brown, Inc. (NYSE:BRO) in its fourth quarter 2025 investor letter:
“The bottom five detractors for the quarter were Trex, Brown & Brown, Inc. (NYSE:BRO), CDW, Floor & Décor, and Liberty Broadband. Brown & Brown reported another quarter of slowing organic growth and management suggested the fourth quarter will see more of the same. While growth is slowing, it is simply moderating to a more normalized level and profitability remains high, setting up the company well to continue to compound value over the long run.”
Brown & Brown, Inc. (NYSE:BRO)) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 42 hedge fund portfolios held Brown & Brown, Inc. (NYSE:BRO) at the end of the fourth quarter, compared to 44 in the previous quarter. While we acknowledge the risk and potential of Brown & Brown, Inc. (NYSE:BRO) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Brown & Brown, Inc. (NYSE:BRO) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Brown & Brown, Inc. (NYSE:BRO) and shared a list of best income stocks with highest upside potential. In addition, please check out our hedge fund investor letters Q4 2025 page for more investor letters from hedge funds and other leading investors.
READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money.
Disclosure: None. This article is originally published at Insider Monkey.
