- Madison Small Cap Fund Investment Strategy Letter Madison Small Cap Fund harvested semiconductor gains, added software exposure and initiated positions in Bentley Systems and Alphatec after AI-disruption concerns compressed valuations. It exited Baldwin Insurance Group following its takeover, sold WillScot amid weak construction conditions, and left FormFactor on valuation. The managers favor profitable franchises with durable margins while reducing construction exposure until rates ease. third quarter 2026 AAON $5.7BATEC $1.1BBSY $13B
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