Group 1: Market Overview - In the fourth quarter of 2025, the S&P 500 returned 2.65%, leading to a full-year return of 17.9% for 2025, with annual growth of over 21% over the last three years [1] - Market leadership was characterized by High Beta and Momentum factors, with narrow participation, although sectors like Healthcare, Financials, and Consumer Discretionary showed slight improvements [1] - Mega-cap technology companies remained the primary drivers of the S&P 500's overall return, indicating high stock concentration [1] Group 2: Madison Large Cap Fund Performance - The Madison Large Cap Fund (Class I) appreciated 3.43% in the fourth quarter, outperforming the S&P 500 Index's return of 2.65% [1] - The fund's top five contributors for the quarter included Alphabet, Parker-Hannifin, Keysight Technologies, Inc., Danaher, and PACCAR [3] Group 3: Keysight Technologies, Inc. Overview - Keysight Technologies, Inc. is a market leader in electronic design and test solutions, with a market capitalization of $51.799 billion [2] - The stock closed at $301.48 per share on February 24, 2026, with a one-month return of 36.11% and a 52-week gain of 88.00% [2] - Keysight Technologies reported strong quarterly results and an improved outlook, with its end markets returning to growth after a subdued period [3] Group 4: Hedge Fund Interest - Keysight Technologies was held by 51 hedge fund portfolios at the end of the fourth quarter, an increase from 44 in the previous quarter [4] - While Keysight is recognized for its potential, certain AI stocks are considered to offer greater upside potential and less downside risk [4]

Company Overview - Keysight Technologies, Inc. is a leading technology company providing electronic design and test solutions across various industries including communications, industrial, aerospace, defense, automotive, and semiconductor [1] - The company is headquartered in Santa Rosa, California, with a market capitalization of $35.2 billion [1][2] Financial Performance - For Q4 2025, Keysight reported a 10% year-over-year increase in revenue, reaching $1.42 billion for the quarter ended October 31 [5] - Non-GAAP EPS increased to $1.91, up from $1.65 in the previous year, contributing to positive investor sentiment [5] - The stock rose 2.9% on November 24 and 10% on November 25 following the earnings release [5] Stock Performance - The stock reached a 52-week high of $214.58 on December 11 but has since pulled back 4.5% [3] - Over the past three months, the stock has surged 19.1%, outperforming the Dow Jones Industrials Average's return of 5.2% [3] - Year-to-date, Keysight has gained 27.5%, compared to the Dow's 13.1% increase [4] - Over the past 52 weeks, shares have risen 19.9%, while the Dow has returned 10.1% [4] - The stock has been trading above the 200-day moving average since early June and above the 50-day moving average since late November, indicating renewed momentum [4] Competitive Position - Keysight has outperformed its rival Teledyne Technologies Incorporated, which has returns of 9.1% year-to-date and 6.4% over the past year [6]