Madison Small Cap Fund’s Q1 2023 Investor Letter

Madison Investments, an investment advisor, released its “Madison Small Cap Fund” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund (Class Y) returned 5.69% compared to a 2.74% rise for the Russell 2000 and a 3.39% increase for the Russell 2500 Index. Holdings in the Consumer Discretionary sector and low exposure to Financials, particularly regional banks drove the fund’s performance in the quarter.  In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.