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Madison Investments

Mar 2025 → Jun 2025 · 4 funds

Our archive holds 7 letters from Madison Investments, behind 10 investment theses. Every quote below is copied verbatim from the letter it came from.

Madison Investments’s own letters page
7
Letters
0
Companies
0
Moves
10
Theses

Theses · 10

  • Advanced Drainage Systems (WMS) is a leading manufacturer of high-performance drainage solutions with substantial advantages in scale, distribution, and cost, positioned to benefit from increasing storm intensity and related water management challenges.

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  • June 2025

    Airbnb is a leading player in the alternative accommodation market with strong growth potential, an excellent balance sheet, and an attractive investment opportunity due to recent share price declines.

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  • CDW Corporation is a resilient value-added reseller of IT products poised for continued market share growth despite potential tariff impacts on hardware prices.

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  • June 2025

    Gartner is an attractive investment due to its strong business model, competitive advantage, excellent long-term growth outlook, and currently depressed valuation despite recent underperformance.

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  • June 2025

    GMS Inc. is the leading specialty distributor of building products with over $5.5 billion in TTM revenues and a significant market share, positioned for growth through strategic acquisitions and capital deployment.

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  • Medpace Holdings is a rapidly growing contract research organization focused on clinical trial services for small biotech companies, led by a committed founder and with significant growth potential despite current market challenges.

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  • The Hanover Insurance Group is a high-quality, underfollowed P&C insurance company with a diversified business mix and an assessed intrinsic value of $210.

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  • March 2025

    Honeywell is a high-quality investment in the Industrial sector with sustainable competitive advantages and plans to create shareholder value through a strategic breakup into three entities.

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  • Kinsale Capital Group is a fast-growing excess and surplus insurance company with a strong entrepreneurial culture, proprietary technology, and significant growth potential despite recent stock underperformance.

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  • Trex is the leading manufacturer of composite decking, benefiting from market share growth due to durability and low maintenance, and is poised to capitalize on the ongoing shift from wood to composite decks.

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Letter archive · 7

Funds · 4

  • Madison Dividend Income Fund2
  • Madison Mid Cap Fund2
  • Madison Small Cap Fund2
  • Madison Large Cap Fund1

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