Madison Small Cap Fund’s Q4 2020 Investor Letter

Madison Funds, an independent investment management firm, published its fourth quarter 2020 “Madison Small Cap Fund” investor letter – a copy of which can be downloaded here. A return of 27.61% was recorded by the fund’s Class Y shares in the fourth quarter of 2020, outperforming its Russell 2500 benchmark that had a 27.41% gain, but below its Russell 2000 index that delivered a 31.37% return in the same period. You can view the complete list of the fund’s Average Annual Total Returns and its top 5 holdings to have a peek at their top bets for 2021.