The fund declined 2.7% in Q1 2026, beating the S&P 500’s 4.33% loss, while holding META amid its 19.32% annual drop.
The Madison Large Cap Fund (Class I) posted a 2.7% decline in Q1 2026, outperforming the S&P 500’s 4.33% loss. The fund’s focus on long-term capital appreciation led to underweight positions in sectors benefiting from inflation concerns, such as Energy and Materials, which gained amid Middle East tensions and commodity price spikes.
Meta Platforms (META), a top holding, closed at $566.98 on June 12, 2026, down 7.32% over the past month and 19.32% over the past year. Despite the decline, the fund maintained its position in META, citing long-term value creation potential amid the company’s $1.44 trillion market capitalization and ongoing capital expenditures.
Equity markets shifted away from mega-cap tech stocks during the quarter, favoring physical economy sectors. The fund’s relative outperformance reflected its selective approach, though its exclusion of inflation-sensitive sectors limited gains.