1 day ago
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Soumya Eswaran
Fri, June 12, 2026 astatine 10:34 AM CDT 3 min read
Madison Small Cap Fund, managed by Madison Funds, released its Q1 2026 capitalist letter. A transcript of the missive is disposable to download here. The Madison Small Cap Fund (class I) accrued by 0.10% successful the archetypal quarter, trailing down the Russell 2000 Index (up 0.89%) and the Russell 2500 Index (up 2.04%). Despite somewhat underperforming the benchmark successful the quarter, halfway positions and IT investments showed coagulated performance. From a benignant perspective, worth stocks outperformed growth, with the Russell 2000 Value Index rising ~4.5% and the Russell 2000 Growth Index falling astir 3%. The outperformance of the worth is driven by weakness successful speculative names aligning with the Fund's benignant and penchant for quality, profitable franchises. The Fund believes the marketplace volatility, influenced by AI concerns and geopolitical tensions, presents a imaginable accidental for diligent investors. Please reappraisal the Fund's apical 5 holdings to summation insights into their cardinal selections for 2026.
In its first-quarter 2026 capitalist letter, Madison Small Cap Fund Strategy highlighted ICU Medical, Inc. (NASDAQ:ICUI) arsenic a recently added position. ICU Medical, Inc. (NASDAQ:ICUI) is simply a starring aesculapian instrumentality institution specializing successful the improvement of products utilized successful infusion therapy, vascular access, and captious attraction applications. On June 11, 2026, ICU Medical, Inc. (NASDAQ:ICUI) closed astatine $142.86 per share. One-month instrumentality of ICU Medical, Inc. (NASDAQ:ICUI) was 20.33%, and its shares gained 8.19% implicit the past 52 weeks. ICU Medical, Inc. (NASDAQ:ICUI) has a marketplace capitalization of $3.57 billion.
Madison Small Cap Fund stated the pursuing regarding ICU Medical, Inc. (NASDAQ:ICUI) successful its Q1 2026 capitalist letter:
"ICU Medical, Inc. (NASDAQ:ICUI) is simply a aesculapian instrumentality institution that specializes successful infusion therapy, vascular access, and captious attraction applications. The company's main concern is intravenous transportation devices, and it provides some systems and consumables associated with these pumps. The concern is headquartered successful San Clemente, California, and has been astir for implicit 40 years.
ICUI's exemplary is simply a sticky consumables watercourse that follows its instrumentality merchantability and installation. The manufacture is consolidated among 3 players, with ICUI being the smallest. ICUI has gained marketplace stock successful the pumps concern owed to prime issues astatine Becton Dickinson (BDX) and underinvestment astatine Baxter (BAX). Additionally, the company's caller high-volume pump has much connected features, which we judge volition thrust retention rates and incremental revenue. This is simply a boring institution with a bully marketplace presumption and fantabulous currency travel that we presumption arsenic well-positioned successful this volatile market.
We worth this accidental astatine 12x net earlier interest, taxes, depreciation, and amortization (EBITDA), which blends our intrinsic worth estimation to ~$200/share."
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