Madison Investments, an investment advisor, released its first-quarter 2026 investor letter for the “Madison Large Cap Fund”. A copy of the letter is available to download here. The Madison Large Cap Fund (Class I) declined 2.7% in the quarter, outperforming the S&P 500’s -4.33% return. The fund focuses on long-term capital appreciation. The quarter saw a shift in the equity market beyond the mega-cap technology stocks into physical economy stocks, influenced by fears of AI disruption. Additionally, rising commodity prices due to the Middle East conflict reignited inflation concerns, benefiting sectors such as Energy, Materials, Utilities, Staples, and Real Estate, which the Fund does not invest in, impacting its relative performance. Please review the Fund’s top five holdings to gain insights into their key selections for 2026.
In its first-quarter 2026 investor letter, Madison Large Cap Fund highlighted Keysight Technologies, Inc. (NYSE:KEYS) as a notable contributor. Keysight Technologies, Inc. (NYSE:KEYS) is a technology company that designs and manufactures electronic design and test solutions for communications, electronics, and aerospace and defense (A&D) industries. On June 12, 2026, Keysight Technologies, Inc. (NYSE:KEYS) closed at $350.50 per share. One-month return of Keysight Technologies, Inc. (NYSE:KEYS) was 2.99%, and its shares gained 116.10% over the past 52 weeks. Keysight Technologies, Inc. (NYSE:KEYS) has a market capitalization of $62.83 billion.
Madison Large Cap Fund stated the following regarding Keysight Technologies, Inc. (NYSE:KEYS) in its Q1 2026 investor letter:
“The top five contributors for the quarter were Keysight Technologies, Inc. (NYSE:KEYS), Analog Devices, Texas Instruments, Deere, and PACCAR. Electronic test and measurement company Keysight Technologies again reported strong quarterly results and an even better outlook. Along with Keysight’s core end markets returning to growth, it is benefiting from growing demand for AI-specific use cases in optical and electrical equipment.”
Keysight Technologies, Inc. (NYSE:KEYS) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 66 hedge fund portfolios held Keysight Technologies, Inc. (NYSE:KEYS) at the end of the fourth quarter, up from 51 in the previous quarter. Keysight Technologies, Inc. (NYSE:KEYS) revenue grew 31% on a reported basis in the second quarter of fiscal 2026 to $1.72 billion. While we acknowledge the risk and potential of Keysight Technologies, Inc. (NYSE:KEYS) 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 KEYSIGHT TECHNOLOGIES, INC. (NYSE:KEYS) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Keysight Technologies, Inc. (NYSE:KEYS) and shared Jensen Quality Mid Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 2026 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.
