Madison Small Cap Fund’s Q3 2025 Investor Letter

Madison Investments, an investment advisor, released its “Madison Small Cap Fund” third-quarter 2025 investor letter. The third quarter was difficult for the Small Cap Fund. The small-cap index’s performance was broad-based. The Madison Small Cap Fund (class Y) was down 1.3% in the quarter, significantly underperforming the benchmarks. The underperformance was driven by stock selection and exacerbated by a very speculative market. In addition, please check the fund’s top five holdings to know its best picks in 2025.

A copy of Madison Small Cap Fund’s Q3 2025 Investor Letter can be downloaded here.