Madison Small Cap Fund’s Q4 2023 Investor Letter

Madison Investments, an investment advisor, released its “Madison Small Cap Fund” fourth-quarter 2023 investor letter. The small-cap market rebounded in the fourth quarter, with the Russell 2000 Index rising 14%, following a benign inflation report in October. In the fourth quarter, the fund (Class Y) returned 11.2% underperforming the benchmark’s 14.0% return. The fund returned 16.1% YTD compared to a 16.9% return for the benchmark. The broader index, the Russell 2500, posted a 13.4% quarterly return and a 17.4% annual return. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

A copy of the investor letter can be downloaded here.