Madison Investments, an investment advisor, released its fourth-quarter 2025 investor letter for “Madison Mid Cap Fund”. A copy of the letter can be downloaded here. The Russell Midcap Index ended an incredibly successful three-year run with a full-year return of 10.6%, amounting to an annual increase of more than 14%. The market favored more volatile and speculative companies in 2025. This market environment poses challenges for the Madison Mid Cap portfolio, which is focused on high-quality, profitable businesses. Historically, this focus has supported long-term investment success, and the firm remains committed to it, is optimistic about the opportunities this year has presented, and has actively capitalized on them. Against this backdrop, the Fund decreased 1.2% in Q4 2025, lagging the Russell Midcap Index’s 0.2% increase. Please review the Fund’s top five holdings to gain insights into their key selections for 2025.
In its fourth-quarter 2025 investor letter, Madison Mid Cap Fund highlighted MSA Safety Incorporated (NYSE:MSA). The Fund added MSA Safety Incorporated (NYSE:MSA), a leading manufacturer of workplace safety equipment, to its portfolio during the quarter. On March 10, 2026, MSA Safety Incorporated (NYSE:MSA) stock closed at $183.05 per share. One-month return of MSA Safety Incorporated (NYSE:MSA)) was -6.97%, and its shares gained 21.54% over the past 52 weeks. MSA Safety Incorporated (NYSE:MSA) has a market capitalization of $7.17 billion.
Madison Mid Cap Fund stated the following regarding MSA Safety Incorporated (NYSE:MSA) in its fourth quarter 2025 investor letter:
“We added four new investments to the portfolio: Bio-Techne, ServiceTitan, MSA Safety Incorporated (NYSE:MSA), and MSA Safety. MSA Safety is the dominant provider of fire fighter safety equipment, gas/flame detection equipment, and industrial protective products. The company benefits from leading market positions and strong brand recognition. Growth is driven by technological advancements and updated regulatory standards that catalyze multi-year replacement cycles. The business is conservatively managed, has low balance sheet leverage, and generates fantastic returns on invested capital. The stock is trading at an attractive valuation given the quality of the business and what we believe is the potential for growth to accelerate.”
MSA Safety Incorporated (NYSE:MSA) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 20 hedge fund portfolios held MSA Safety Incorporated (NYSE:MSA) at the end of the fourth quarter, the same as in the previous quarter. While we acknowledge the risk and potential of MSA Safety Incorporated (NYSE:MSA) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than MSA Safety Incorporated (NYSE:MSA) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered MSA Safety Incorporated (NYSE:MSA) and shared a list of top dividend stocks. Sequoia Strategy, another investment management firm, established a position in MSA Safety Incorporated (NYSE:MSA) during Q4 2025. In addition, please check out our hedge fund investor letters Q4 2025 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
