Madison Investments, an investment advisor, released its fourth-quarter 2025 investor letter for “Madison Small Cap Fund”. A copy of the letter can be downloaded here. The fourth quarter was challenging for the fund and continued to underperform its benchmark, the Russell 2000 Index. The fund (Class I) returned -0.4%, lagging the benchmark’s 2.2% return. Sector allocation negatively impacted the Fund’s performance this quarter, with healthcare being the weakest sector. The Fund remains optimistic that the speculative market is losing momentum, but cautious, given the saying “markets can stay irrational longer than you can stay solvent”. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.
In its fourth-quarter 2025 investor letter, Madison Small Cap Fund highlighted Mirion Technologies, Inc. (NYSE:MIR). Mirion Technologies, Inc. (NYSE:MIR) is a US-based company that provide radiation detection, measurement, analysis, and monitoring products and services to medical and nuclear safety sectors. On March 12, 2026, Mirion Technologies, Inc. (NYSE:MIR) stock closed at $20.04 per share. One-month return of Mirion Technologies, Inc. (NYSE:MIR) was -10.97%, and its shares gained 38.59% over the past 52 weeks. Mirion Technologies, Inc. (NYSE:MIR) has a market capitalization of $5.02 billion.
Madison Small Cap Fund stated the following regarding Mirion Technologies, Inc. (NYSE:MIR) in its fourth quarter 2025 investor letter:
“Mirion Technologies, Inc. (NYSE:MIR) is a global leader in radiation detection, measurement, and monitoring solutions, serving both the nuclear and medical markets. The company is well-positioned to benefit from secular growth trends in nuclear power and cancer care. We like the recurring-revenue, consumption-based business model and healthy earnings before interest, taxes, depreciation, and amortization (EBITDA) margins (~25%), with room to expand to 30%. Mirion has all the hallmarks of a high-quality compounder with exposure to two secular growth markets. The company’s expanding backlog and digital transformation initiatives position it for sustained, durable growth. There’s been a recent renaissance in Nuclear energy with support across the political spectrum. We believe nuclear energy will play an important role in power generation globally at the intersection of green energy and the power-hungry AI revolution. The moats appear substantial, especially in nuclear technology. Mirion has a presence in 95% of nuclear power plants globally and a +60% market share in ionization radiation detection and monitoring in a tightly regulated market. Maintenance and upgrade cycles are the most important revenue driver, as parts and subsystems are almost always replaced like-for-like. We estimate the intrinsic value to be $30.”
Mirion Technologies, Inc. (NYSE:MIR) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 39 hedge fund portfolios held Mirion Technologies, Inc. (NYSE:MIR) at the end of the fourth quarter, compared to from 44 in the previous quarter. While we acknowledge the risk and potential of Mirion Technologies, Inc. (NYSE:MIR) 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 Mirion Technologies, Inc. (NYSE:MIR) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Mirion Technologies, Inc. (NYSE:MIR) and shared a list of best under-the-radar stocks to buy according to hedge funds. 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.
