4 weeks ago
12
Soumya Eswaran
Fri, July 17, 2026 astatine 9:30 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 Belden Inc. (NYSE:BDC) arsenic a recently added position. Belden Inc. (NYSE:BDC) is simply a US-based networking, connectivity, and concern automation solutions institution that enables information infrastructure to unlock caller possibilities for its customers. On July 16, 2026, Belden Inc. (NYSE:BDC) closed astatine $101.20 per share. One-month instrumentality of Belden Inc. (NYSE:BDC) was -17.97%, and its shares mislaid 20.93% implicit the past 52 weeks. Belden Inc. (NYSE:BDC) has a marketplace capitalization of $3.94 billion.
Madison Small Cap Fund stated the pursuing regarding Belden Inc. (NYSE:BDC) successful its Q2 2026 capitalist update:
"Belden Inc. (NYSE:BDC) is simply a 120-year-old specialty networking and connectivity institution that has spent the past six years deliberately transforming from a commodity ligament and cablegram shaper to an integrated IT/OT (information technology/operational technology) networking and solutions provider, serving concern automation, astute buildings, broadband work providers, and information centers. The economics of the concern person been steadily improving, with expanding gross and operating margins. Recently, the institution announced the acquisition of Ruckus Networks, adding Wi-Fi Enterprise switching and an AI-driven unreality platform. The banal sold disconnected importantly connected this news, but we deliberation this is simply a transformational acquisition with constricted integration hazard that volition measurement up some the company's profitability and maturation rate. Belden is simply a sticky concern constituent and connector concern with deepening moats, and we judge this acquisition has the imaginable to thrust a worldly upward re-rating of the company's valuation. Our intrinsic worth estimation is $175."
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