Madison Investments
Madison Small Cap Fund
Small-cap
Mar 2025 → Jun 2025
Our archive holds 2 letters from this strategy, behind 3 investment theses and positions in 8 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year · follow all of Madison Investments for every strategy.
What it bought and sold
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.
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.
With limited visibility on leadership, the business, and the broader environment, we decided to exit this small investment position entirely.
GMS, Inc. (GMS)
The Hanover Insurance Group (THG)
After several meetings and conversations with management, we’ve since used this weakness as an opportunity to add to our investment in CCOI
Advanced Drainage Systems (WMS)
we decided to sell this small position
Its investment theses
- Advanced Drainage SystemsJun 2025Advanced 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.
- GMS Inc.Jun 2025GMS 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.
- The Hanover Insurance GroupJun 2025The Hanover Insurance Group is a high-quality, underfollowed P&C insurance company with a diversified business mix and an assessed intrinsic value of $210.