Madison International Stock Fund Q4 2024 Investment Strategy Letter

2025-02-20 14:06:00 ET

Summary

• The Madison International Stock Fund outperformed the MSCI ACWI ex-US index in the final quarter of 2024.
• Stock positioning began to align with the anticipated effect that Trump’s policies and cabinet nominations will have on industries and economies.
• From a currency perspective, we have already witnessed a relative strengthening of the U.S. dollar.

Market Overview

After several quarters of positive performance, the MSCI ACWI ex-US index declined 7.6% in the fourth quarter. All regions declined, with Europe and Emerging Markets dropping the most, and all sectors declined, especially Materials and Health Care....

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