2024-07-25 06:15:00 ET
Summary
- The Madison Small Cap Fund (Class Y) outperformed each benchmark on a relative basis, declining 1.06%, representing +222 basis points (bps) and +321 bps of outperformance, respectively.
- While the S&P 500 makes all-time highs, the small cap index (Russell 2000) has barely budged from a YTD return perspective and has yet to recapture its previous highs from 2021.
- Our top performing sector was Information Technology, followed by Consumer Discretionary and Consumer Staples.
The small cap market was weak in the second quarter, with the Russell 2000 Index declining 3.28% and the Russell 2500 Index declining 4.27%. The Madison Small Cap Fund (Class Y) outperformed each benchmark on a relative basis, declining 1.06%, representing +222 basis points (bps) and +321 bps of outperformance, respectively. Strong stock selection was the main driver. We had two takeovers in the portfolio, which we’ll discuss later....
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For further details see:
Madison Small Cap Fund Q2 2024 Investment Strategy Letter