Madison Investments

Mar 2025 → Sep 2026 · 5 funds

Our archive holds 8 letters from Madison Investments, behind 10 investment theses and positions in 41 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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Letters

Companies

Moves

Theses

4 strategies

Madison Investments publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Madison Dividend Income Fund2
Income · 17 companies
Madison Mid Cap Fund2
Mid-cap · 17 companies
Madison Small Cap Fund2
Small-cap · 8 companies
Madison Large Cap Fund1
Large-cap · 13 companies

Also filed under Madison Investments.

What they bought and sold · 18 moves

ExitedHillman Solutions Corp.
June 2025
“We decided to exit HLMN in favor of GMS, which has more formidable and durable moats, in our opinion, and more visible long term growth opportunities.”
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TrimmedShake Shack
June 2025
“Even though we’ve taken some profits, we consider this a core investment position and are excited about the long- term prospects for the shares.”
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New positionCDW Corporation
June 2025
“We initiated positions in Airbnb, CDW Corporation and Gartner and sold Berkshire Hathaway.”
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ExitedHAIN Celestial Group
June 2025
“With limited visibility on leadership, the business, and the broader environment, we decided to exit this small investment position entirely.”
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New positionGMS
June 2025
“GMS, Inc. (GMS)”
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AddedArista Networks
June 2025
“We added to three stocks during the quarter, CDW, Arista Networks, and Floor and Decor.”
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New positionThe Hanover Insurance Group
June 2025
“The Hanover Insurance Group (THG)”
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ExitedBrown-Forman
June 2025
“We also sold our small position in Brown-Forman.”
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New positionMedpace Holdings
June 2025
“We added one new investment in the quarter, Medpace Holdings.”
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AddedCogent Communications
June 2025
“After several meetings and conversations with management, we’ve since used this weakness as an opportunity to add to our investment in CCOI”
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New positionAdvanced Drainage Systems
June 2025
“Advanced Drainage Systems (WMS)”
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AddedCDW
June 2025
“We added to three stocks during the quarter, CDW, Arista Networks, and Floor and Decor.”
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ExitedBerkshire Hathaway Inc
June 2025
“As we’ll discuss later, we decided to sell our investment in Berkshire Hathaway, so its positive contribution towards performance was a result of our sale of the holding prior to the share price decline in the quarter.”
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AddedFloor and Decor
June 2025
“We added to three stocks during the quarter, CDW, Arista Networks, and Floor and Decor.”
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ExitedLegalZoom.com
June 2025
“we decided to sell this small position”
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New positionAirbnb, Inc.
June 2025
“We initiated positions in Airbnb, CDW Corporation and Gartner and sold Berkshire Hathaway.”
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ExitedDollar Tree
June 2025
“With the risk profile heightened, we decided to sell the position.”
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New positionGartner, Inc.
June 2025
“We initiated positions in Airbnb, CDW Corporation and Gartner and sold Berkshire Hathaway.”
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Companies held · 41

Every company Madison Investments has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 10

Advanced Drainage Systems
June 2025
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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Airbnb
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
June 2025
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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Gartner
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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GMS Inc.
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
June 2025
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
June 2025
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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Honeywell
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
March 2025
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 Company, Inc.
March 2025
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 · 8

2026

Sep 2026Madison Investments Monthly

2025

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