The fund’s Q1 2026 letter highlights Matador Resources amid a 4.5% rise in Russell 2000 Value Index.
Madison Small Cap Fund’s Q1 2026 performance lagged benchmarks, rising 0.10% versus the Russell 2000’s 0.89% gain. Value stocks led the quarter, with the Russell 2000 Value Index up 4.5%, while growth stocks declined nearly 3%.
The fund attributed value outperformance to weakness in speculative names, aligning with its focus on quality, profitable franchises. Market volatility from AI concerns and geopolitical tensions was cited as a potential opportunity for long-term investors.
Matador Resources Company (MTDR) was highlighted as a top holding, closing at $53.62 on June 11, 2026. The stock fell 11.14% over one month but gained 3.83% in the past year.