Madison Mid Cap Fund’s Q4 2025 Investor Letter

Madison Investments, an investment advisor, released its fourth-quarter 2025 investor letter for “Madison Mid Cap Fund”. 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.

A copy of Madison Mid Cap Fund’s Q4 2025 investor letter can be downloaded here.