Madison Small Cap Fund Trimmed LegalZoom.com (LZ) in Q2

Group 1 - Madison Small Cap Fund's second-quarter 2025 investor letter indicates a rebound in equities following a pause in tariff implementation, with the Russell 2000 Index up 8.5% for the quarter and down only 1.79% year-to-date [1] - The Madison Small Cap Fund (class Y) returned 4.42% in the quarter, underperforming compared to the Russell 2000 and Russell 2500 indices [1] - LegalZoom.com, Inc. (NASDAQ:LZ) is highlighted as a stock of interest, with a one-month return of -0.19% and a 52-week gain of 59.25%, closing at $10.67 per share with a market capitalization of $1.923 billion [2] Group 2 - LegalZoom.com, Inc. (NASDAQ:LZ) reported a 9% year-over-year revenue increase to $193 million in the second quarter [3] - Despite improvements in fundamentals under new management, Madison Small Cap Fund decided to sell its small position in LegalZoom.com, Inc. due to concerns about the addressable market size and execution capabilities [3] - LegalZoom.com, Inc. is not among the 30 most popular stocks among hedge funds, with 35 hedge fund portfolios holding the stock at the end of the second quarter, up from 32 in the previous quarter [3]