BKEN - Madison Small Cap Fund Q1 2024 Investment Strategy Letter

2024-04-24 04:15:00 ET

Summary

• The Madison Small Cap Fund (Class Y) enjoyed solid first quarter performance, returning 11.4% versus 5.2% for the Russell 2000 benchmark and 6.9% for the Russell 2500.
• The complexion of the rally in the first quarter was notably different than what we saw in Q4, as there was a clear preference for higher quality names, which accrued to our favor.
• During the quarter, we sold two stocks (Alteryx and PTC) and initiated two new investment positions (HashiCorp and Mueller Water Products).0.

The Madison Small Cap Fund (Class Y) enjoyed solid first quarter performance, returning 11.4% versus 5.2% for the Russell 2000 benchmark and 6.9% for the Russell 2500. All sectors except communication services and energy enjoyed positive relative performance. Although Stock selection drove most of our outperformance, sector allocation was also additive. The complexion of the rally in the first quarter was notably different than what we saw in Q4, as there was a clear preference for higher quality names, which accrued to our favor....

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