2 months ago
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Soumya Eswaran
Mon, July 20, 2026 astatine 7:10 AM CDT 3 min read
Madison Small Cap Fund, managed by Madison Funds, released its Q2 2026 capitalist letter. A transcript of the missive tin beryllium downloaded here. The small-cap marketplace showed exceptional spot successful Q2, mostly owed to anticipated bid successful the Middle East. The Russell 2000 Index began to rally, propelled by Information Technology, Health Care, and Industrials. The Madison Small Cap Fund (Class I) returned 12.7% successful the quarter, underperforming the Russell 2000's 21.5% and Russell 2500's 20.2%. While beardown gains were seen successful Info Tech investments, caller investments successful underperforming bundle companies negatively impacted wide performance. Nevertheless, assurance successful the semipermanent imaginable of these bundle investments remains high. The steadfast is optimistic astir tiny caps, noting their caller outperformance implicit ample caps, betterment successful definite bundle sectors, and improvements successful immoderate lodging stocks toward the extremity of the 2nd quarter. Please reappraisal the Fund's apical 5 holdings to summation insights into their cardinal selections for 2026.
In its Q2 2026 capitalist letter, Madison Small Cap Fund highlighted its latest purchase, Madison Air Solutions Corporation (NYSE:MAIR). Madison Air Solutions Corporation (NYSE:MAIR), a subsidiary of Madison Industries Holdings LLC, is an indoor aerial prime products and solutions manufacturer. Madison Air Solutions Corporation (NYSE:MAIR) went nationalist successful April 2026. On July 17, 2026, Madison Air Solutions Corporation (NYSE:MAIR) closed astatine $34.00 per share, reflecting a marketplace capitalization of $17.05 billion. Madison Air Solutions Corporation (NYSE:MAIR) posted a one-month instrumentality of -11.83%, portion its shares gained 1.01% implicit the past 3 months.
Madison Small Cap Fund stated the pursuing regarding Madison Air Solutions Corporation (NYSE:MAIR) successful its Q2 2026 capitalist update:
"Madison Air Solutions Corporation (NYSE:MAIR) is simply a diversified concern institution focused connected HVAC, with astir two-thirds of its gross from commercialized markets and one-third from residential. The institution has established starring positions crossed aggregate well-known brands and is recognized for beardown operating margins and currency travel generation. Following a beardown nationalist marketplace debut, the valuation reflects important optimism astir the company's information halfway cooling business. However, we judge its broader HVAC operations, work business, and residential opportunities besides connection upside. The institution besides benefits from an experienced enactment squad and a differentiated marketplace approach. Our intrinsic worth estimation is $50."
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