Madison Mid Cap Fund Bets on Bentley Systems (BSY) for Years of Growth Ahead

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Soumya Eswaran

Tue, June 30, 2026 astatine 8:47 AM CDT 3 min read

Madison Investments, an concern advisor, released its first-quarter 2026 capitalist missive for the "Madison Mid Cap Fund". The Madison Mid Cap Fund (Class I) declined 4.28% successful the quarter, compared to the Russell Midcap Index's 1.29% return. A transcript of the missive tin beryllium downloaded here. The archetypal 4th saw a marketplace displacement from tech stocks to companies successful the carnal system driven by a amended economical outlook and AI disruption fears. This modulation favored the 'HALO trade' (Heavy Assets, Low Obsolescence), benefiting resilient businesses. In March, geopolitical conflicts and rising commodity prices heightened ostentation concerns, starring to beardown show successful Energy and Materials sectors, portion Utilities besides gained. This inclination posed challenges for the Madison Mid Cap Fund owed to its constricted vulnerability to these sectors. In this environment, the money identifies opportunities successful high-quality, underappreciated businesses and is actively investing successful them. Please reappraisal the Fund's apical 5 holdings to summation insights into its cardinal selections for 2026.

In its first-quarter 2026 capitalist letter, Madison Mid Cap Fund highlighted Bentley Systems, Incorporated (NASDAQ:BSY). Headquartered successful Exton, Pennsylvania, Bentley Systems, Incorporated (NASDAQ:BSY) is an infrastructure engineering bundle solutions provider. On June 29, 2026, Bentley Systems, Incorporated (NASDAQ:BSY) closed astatine $29.72 per share. One-month instrumentality of Bentley Systems, Incorporated (NASDAQ:BSY) was -12.59%, and its shares mislaid 44.65% implicit the past 52 weeks. Bentley Systems, Incorporated (NASDAQ:BSY) has a marketplace capitalization of $9.03 billion.

Madison Mid Cap Fund stated the pursuing regarding Bentley Systems, Incorporated (NASDAQ:BSY) successful its Q1 2026 capitalist letter:

"Amid each the interest regarding the imaginable for AI to disrupt bundle companies, we opportunistically added 2 caller bundle investments to the portfolio, some companies with unsocial characteristics that we judge volition beryllium to beryllium resilient to AI disruption, Tyler Technologies and Bentley Systems, Incorporated (NASDAQ:BSY). Founded successful 1984 by 5 Bentley brothers, Bentley Systems maintains a enactment presumption successful bundle that enables the design, operation and monitoring of civilian infrastructure assets. Although the institution hired its archetypal extracurricular CEO successful 2024, it remains an owner-operator, with Greg Bentley serving arsenic Executive Chairman, and the household holding conscionable nether 50% of the equity. Bentley is increasing recurring subscription revenues astatine a accordant low-double digit complaint portion expanding operating margins annually. AI is opening to heighten the productivity of designers, and volition assistance the architecture, engineering, and operation manufacture onslaught the increasing backlog of some developed and emerging marketplace infrastructure projects. We foresee galore years of beardown maturation ahead."

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