Madison Large Cap Fund’s Q1 2026 Investor Letter

Madison Investments, an investment advisor, released its first-quarter 2026 investor letter for the “Madison Large Cap Fund”. The Madison Large Cap Fund (Class I) declined 2.7% in the quarter, compared to the S&P 500’s -4.33% return. The Fund focuses on long-term capital appreciation. The quarter saw a shift in the equity market beyond the mega-cap technology stocks into physical economy stocks, influenced by fears of AI disruption. Additionally, rising commodity prices due to the Middle East conflict reignited inflation concerns, benefiting sectors such as Energy, Materials, Utilities, Staples, and Real Estate, which the Fund does not invest in, impacting its relative performance. Please review the Fund’s top five holdings to gain insights into their key selections for 2026.

A copy of Madison Large Cap Fund’s Q1 2026 investor letter is available to download here.

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