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 Liberty Broadband Corporation (NASDAQ:LBRDK). Headquartered in Englewood, Colorado, Liberty Broadband Corporation (NASDAQ:LBRDK) is a US-based communication services provider and its principal asset is its ownership interest in Charter Communications. On March 10, 2026, Liberty Broadband Corporation (NASDAQ:LBRDK) stock closed at $50.97 per share. One-month return of Liberty Broadband Corporation (NASDAQ:LBRDK) was -9.21%, and its shares lost 32.17% over the past 52 weeks. Liberty Broadband Corporation (NASDAQ:LBRDK) has a market capitalization of $7.314 billion.
Madison Mid Cap Fund stated the following regarding Liberty Broadband Corporation (NASDAQ:LBRDK) in its fourth quarter 2025 investor letter:
“The bottom five detractors for the quarter were Trex, Brown & Brown, CDW, Floor & Décor, and Liberty Broadband Corporation (NASDAQ:LBRDK). Liberty Broadband, which derives nearly all its value from its ownership stake in Charter Communications, dropped as Charter reported a second straight quarter of disappointing profitability and broadband subscriber losses. Despite this, we believe the prospects for increased free cash flow provide solid valuation support for the stock.”
Liberty Broadband Corporation (NASDAQ:LBRDK) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 59 hedge fund portfolios held Liberty Broadband Corporation (NASDAQ:LBRDK) at the end of the fourth quarter, up from 54 in the previous quarter. While we acknowledge the risk and potential of Liberty Broadband Corporation (NASDAQ:LBRDK) 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 Liberty Broadband Corporation (NASDAQ:LBRDK) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Liberty Broadband Corporation (NASDAQ:LBRDK)) and shared Meridian Hedged Equity Fund’s views on the company. In addition, please check out our hedge fund investor letters Q4 2025 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
