Madison Small Cap Fund’s Q3 2022 Investor Letter

Madison Funds, managed by Madison Asset Management, LLC, released its “Madison Small Cap Fund” third quarter 2022 investor letter – a copy of which can be downloaded here. The Russell 2000 declined 2.2% and the Madison Small Cap Fund (Class Y) underperformed the benchmark. With the exception of Energy and Healthcare, all sectors delivered negative returns. Both sector allocation and stock selection hurt our relative performance. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.