Madison Small Cap Fund’s Q4 2022 Investor Letter

Madison Funds, managed by Madison Investment Management, released its “Madison Small Cap Fund” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund (Class Y) returned 5.66% compared to a 6.23% rise for the Russell 2000 and a 7.43% increase for the Russell 2500 Index. In 2022, the fund underperformed its benchmarks and returned -24.64%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.