4 weeks ago
9
Soumya Eswaran
Fri, July 17, 2026 astatine 9:28 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 Indie Semiconductor, Inc. (NASDAQ:INDI). Indie Semiconductor, Inc. (NASDAQ:INDI) designs and develops assorted semiconductor and infrastructure bundle solutions. On July 16, 2026, Indie Semiconductor, Inc. (NASDAQ:INDI) closed astatine $3.81 per share, reflecting a marketplace capitalization of $864.5 million. Indie Semiconductor, Inc. (NASDAQ:INDI) posted a one-month instrumentality of -13.06%, portion its shares mislaid 21.05% implicit the past 52 weeks.
Madison Small Cap Fund stated the pursuing regarding Indie Semiconductor, Inc. (NASDAQ:INDI) successful its Q2 2026 capitalist update:
"Indie Semiconductor, Inc. (NASDAQ:INDI) is an concern semiconductor institution (market capitalization of ~$1 billion) that is mostly focused connected the automotive market. The institution is successful the process of closing 2 transformative transactions: the merchantability of a commodity semiconductor concern focused connected China, and the acquisition of a institution focused connected concern robotics oregon carnal AI from German concern steadfast Osram. We judge these 2 transactions volition materially amended some the equilibrium expanse and the business's economics, which are not reflected successful the existent valuation. The automotive semiconductor marketplace has been depressed for respective years and is poised for a betterment arsenic inventory overhangs person been mostly cleared. INDI has a important accidental to summation contented per car by leveraging its awesome intelligence spot successful imaginativeness and LiDAR (Light Detection and Ranging). We estimation the intrinsic worth for INDI to beryllium $15."
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