Core Viewpoint - 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 the fourth quarter of 2025, primarily due to negative sector allocation impacts, particularly in healthcare [1] Group 1: Fund Performance - The fund's Class I shares returned -0.4% in Q4 2025, lagging behind the Russell 2000 Index which returned 2.2% [1] - Sector allocation was a significant factor in the fund's underperformance, with healthcare identified as the weakest sector [1] Group 2: Primo Brands Corporation - Primo Brands Corporation (NYSE:PRMB) is highlighted as a key holding, with a market capitalization of $7.591 billion [2] - The stock closed at $20.76 per share on March 13, 2026, having delivered a 10.66% return in the past month but lost 35.69% over the past twelve months [2] - The company is recognized for its water delivery business, which is considered a quality business model, serving consumers and small businesses through a subscription or direct exchange [3] Group 3: Company Challenges and Management Response - Primo Brands faced significant challenges in 2025, including logistical issues and a tornado that damaged a critical bottling plant, leading to missed deliveries and subscription cancellations [3] - Despite these setbacks, new management has been proactive in addressing the issues, indicating that the mistakes were not fatal [3] - The stock price has significantly declined, erasing two years' worth of gains, reflecting the impact of operational challenges on market valuation [3]