Madison Small Cap Fund’s Standout Performer: Ciena Corp (CIEN)

Core Insights - Madison Small Cap Fund underperformed its benchmark, the Russell 2000 Index, with a return of -0.4% compared to the benchmark's 2.2% in Q4 2025 [1] - The fund's performance was negatively impacted by sector allocation, particularly in the healthcare sector [1] - The fund remains optimistic about the speculative market losing momentum but is cautious about market irrationality [1] Company Highlights - Ciena Corporation (NYSE:CIEN) is a leading network technology company with a market capitalization of $47.73 billion [2] - Ciena's stock closed at $337.38 per share on March 13, 2026, with a one-month return of 11.01% and a 52-week gain of 413.67% [2] - Ciena has transitioned to a "cloud provider" business model, which now constitutes over 50% of its revenue mix, driven by partnerships with major companies like Meta, Microsoft, and AWS [3] - The collaboration with Meta for technology development in data centers represents a significant growth opportunity for Ciena, leading to a premium market valuation [3]