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 Amphenol Corporation (NYSE:APH). Amphenol Corporation (NYSE:APH) is a leading manufacturer of electrical, electronic, and fiber optic connectors. On March 10, 2026, Amphenol Corporation (NYSE:APH) stock closed at $136.74 per share. One-month return of Amphenol Corporation (NYSE:APH) was -5.07%, and its shares gained 117.63% over the past 52 weeks. Amphenol Corporation (NYSE:APH) has a market capitalization of $168.08 billion.
Madison Mid Cap Fund stated the following regarding Amphenol Corporation (NYSE:APH) in its fourth quarter 2025 investor letter:
“The top five contributors for the quarter were Ross Stores, MKS, Waters, PACCAR, and Amphenol Corporation (NYSE:APH). Amphenol’s IT/Datacom business continues to produce spectacular organic growth on the back of Al-related data center spending, which is driving up the earnings and share price of the stock. We trimmed our position in Amphenol during the quarter, on valuation. We brought the position size down to a level commensurate with the stock’s current risk/reward following a tremendous run of strong performance for the business and the stock.”
Amphenol Corporation (NYSE:APH) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 103 hedge fund portfolios held Amphenol Corporation (NYSE:APH) at the end of the fourth quarter, up from 89 in the previous quarter. Amphenol Corporation (NYSE:APH) reported record sales in Q4 2025, reaching $6.439 billion, reflecting an increase of 49% in US dollars compared to Q4 2024. While we acknowledge the risk and potential of Amphenol Corporation (NYSE:APH) 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 Amphenol Corporation (NYSE:APH) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Amphenol Corporation (NYSE:APH) and shared Jensen Quality Growth Equity Strategy’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.
