Madison Small Cap Fund Sold Saia (SAIA) Due to Macro Economic Challenges

Core Insights - Madison Small Cap Fund experienced a challenging third quarter in 2025, with a decline of 1.3%, underperforming its benchmarks due to stock selection and a speculative market environment [1] Company Performance - Saia, Inc. (NASDAQ:SAIA) reported a one-month return of -13.67% and a 52-week loss of 53.76%, closing at $250.48 per share with a market capitalization of $6.673 billion as of November 20, 2025 [2] - In Q3 2025, Saia, Inc. announced revenue of $839.6 million, which remained relatively flat compared to Q3 2024 [4] Investment Strategy - Madison Small Cap Fund exited its position in Saia, Inc. during the third quarter due to a challenging macroeconomic environment for LTL pricing and operational issues related to geographic expansion [3] - The fund expressed a willingness to revisit the investment in the future if operating rates improve, highlighting the company's strong customer service focus and excellent business moat [3]