Overview

• The fund returned 4.42% in Q2 2025, trailing the Russell 2000 and Russell 2500 during a rebound in small caps.
• Madison attributed the shortfall mainly to stock selection in Information Technology and Consumer Staples, naming Cogent Communications as its weakest IT holding.
• Cogent’s new Wavelength Services fell short of high expectations and pressured the stock, and Madison increased its position after meetings with management.
• Shake Shack was the fund’s top contributor for the quarter, with menu, marketing, and operating initiatives reinforcing its status as a core holding.
• Madison trimmed a small LegalZoom stake due to concerns about the addressable market, while Insider Monkey reported hedge-fund holder counts of 30 for CCOI, 34 for SHAK, and 35 for LZ at Q2’s end.