Group 1: Market Overview - The second quarter of 2025 began with a continuation of the previous quarter's trends, marked by significant declines in equities and treasuries due to catastrophic tariffs [1] - A pause in tariff implementation led to a rebound in equities, supported by better-than-expected macroeconomic data, particularly in inflation and employment [1] - The Russell 2000 Index increased by 8.5% for the quarter and is down only 1.79% year-to-date [1] Group 2: Madison Small Cap Fund Performance - The Madison Small Cap Fund (class Y) returned 4.42% in the second quarter, underperforming compared to the Russell 2000 and Russell 2500 indices [1] - The fund's top five holdings were highlighted as key picks for 2025 [1] Group 3: Shake Shack Inc. Performance - Shake Shack Inc. (NYSE:SHAK) experienced a one-month return of -1.54% and a 52-week decline of 7.90%, with a closing stock price of $98.99 and a market capitalization of $4.226 billion as of September 17, 2025 [2] - Despite challenges in the Consumer Staples sector, Shake Shack's performance in Consumer Discretionary investments was notable, with Q1 results surpassing those of major competitors like Chipotle and McDonald's [3] - Shake Shack's recent menu innovations, marketing investments, and operational initiatives are expected to drive greater returns, and the company is viewed as having significant growth potential [3] Group 4: Hedge Fund Interest and Revenue - Shake Shack Inc. was held by 34 hedge fund portfolios at the end of the second quarter, a decrease from 39 in the previous quarter [4] - The company reported total revenue of $356.5 million in the second quarter of 2025, exceeding guidance expectations [4]