Madison Dividend Income Fund’s Q4 Investor Letter

Madison Funds, managed by Madison Investment Management, released its “Madison Dividend Income Fund” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned +13.9%, outperforming the S&P 500 Index, Russell 1000 Value Index, and Lipper Equity Income peer group, which returned +7.6%, +12.4%, and +12.4%, respectively. For the full year 2022, the fund returned –5.4% compared to -18.1% return for the S&P 500 Index, -7.6% for the Russell 1000 Value Index, and -5.6% for the Lipper Equity Income peer group. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.