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 [1] Fund Performance - The fund's performance was negatively impacted by sector allocation, particularly in the healthcare sector, which was the weakest [1] - The fund remains cautious about the speculative market, acknowledging that "markets can stay irrational longer than you can stay solvent" [1] Company Highlight: Mirion Technologies, Inc. - Mirion Technologies, Inc. is a leader in radiation detection and monitoring solutions for the nuclear and medical sectors, with a market capitalization of $5.02 billion [2] - The stock closed at $20.04 per share on March 12, 2026, with a one-month return of -10.97% and a 52-week gain of 38.59% [2] Business Model and Growth Potential - Mirion Technologies has a recurring-revenue, consumption-based business model with EBITDA margins around 25%, with potential to expand to 30% [3] - The company is well-positioned to benefit from growth trends in nuclear power and cancer care, supported by a recent renaissance in nuclear energy [3] - Mirion holds a significant market presence, with a +60% market share in ionization radiation detection and monitoring, and is involved in 95% of nuclear power plants globally [3] Revenue Drivers and Valuation - Maintenance and upgrade cycles are crucial revenue drivers, as parts and subsystems are typically replaced like-for-like [3] - The intrinsic value of Mirion Technologies is estimated to be $30 [3]