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...