Madison Small Cap Fund’s Q2 2023 Investor Letter

Madison Investments, an investment advisor, released its “Madison Small Cap Fund” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund (Class Y) returned 5.1% compared to a 5.2% each rise for the Russell 2000 and the Russell 2500 Index. The best-performing sectors of the portfolio were Industrials, Materials, and Financials while Consumer Staples, Information Technology, and Healthcare were the worst-performing sectors. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.