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Soumya Eswaran
Fri, June 12, 2026 astatine 10:26 AM CDT 3 min read
Madison Small Cap Fund, managed by Madison Funds, released its Q1 2026 capitalist letter. A transcript of the missive is disposable to download here. The Madison Small Cap Fund (class I) accrued by 0.10% successful the archetypal quarter, trailing down the Russell 2000 Index (up 0.89%) and the Russell 2500 Index (up 2.04%). Despite somewhat underperforming the benchmark successful the quarter, halfway positions and IT investments showed coagulated performance. From a benignant perspective, worth stocks outperformed growth, with the Russell 2000 Value Index rising ~4.5% and the Russell 2000 Growth Index falling astir 3%. The outperformance of the worth is driven by weakness successful speculative names aligning with the Fund's benignant and penchant for quality, profitable franchises. The Fund believes the marketplace volatility, influenced by AI concerns and geopolitical tensions, presents a imaginable accidental for diligent investors. Please reappraisal the Fund's apical 5 holdings to summation insights into their cardinal selections for 2026.
In its first-quarter 2026 capitalist letter, Madison Small Cap Fund Strategy highlighted stocks specified arsenic Charles River Laboratories International, Inc. (NYSE:CRL). Charles River Laboratories International, Inc. (NYSE:CRL) is simply a declaration probe enactment that provides cause discovery, development, and information investigating services to pharmaceutical and biotechnology firms. On June 11, 2026, Charles River Laboratories International, Inc. (NYSE:CRL) closed astatine $188.06 per share. One-month instrumentality of Charles River Laboratories International, Inc. (NYSE:CRL) was 24.67%, and its shares gained 25.83% implicit the past 52 weeks. Charles River Laboratories International, Inc. (NYSE:CRL) has a marketplace capitalization of $9.06 billion.
Madison Small Cap Fund stated the pursuing regarding Charles River Laboratories International, Inc. (NYSE:CRL) successful its Q1 2026 capitalist letter:
"Our worst performing assemblage successful the archetypal 4th was Healthcare. Our investments successful cause improvement companies similar Charles River Laboratories International, Inc. (NYSE:CRL) and Medpace Holdings (MEDP) pulled back, driven by AI disruption fears. Our enactment suggests disruption fears are overexaggerated. Although we hold that cause improvement volition payment greatly from the implementation of AI tools, we disagree that this volition pb to a lessening of cause improvement spending. We judge this ratio volition pb to much viable cause candidates and an summation successful request for objective probe services. We besides judge that declaration probe organizations' (CROs) implementation of these tools tin amended programme plan times, shorten proceedings timelines and amended objective submissions. Larger CROs, specified arsenic Medpace and Charles River Labs, person ample resources to seizure this worth for some them and their clients. Despite the pullbacks, we stay enthusiastic astir these investments and person selectively added to our positions."
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