Core Insights - Madison Small Cap Fund experienced a challenging third quarter in 2025, with the fund down 1.3%, underperforming its benchmarks due to stock selection and a speculative market environment [1] Fund Performance - The Madison Small Cap Fund's performance was significantly impacted by a broad-based decline in the small-cap index [1] - The fund's top five holdings are highlighted as key picks for 2025 [1] Shake Shack Inc. Analysis - Shake Shack Inc. (NYSE: SHAK) reported a one-month return of -8.87% and a 52-week loss of 31.96%, closing at $83.70 per share with a market capitalization of $3.573 billion on November 20, 2025 [2] - The fund noted that Shake Shack's performance was affected by aggressive analyst expectations and concerns about the job market, which could impact future customer traffic [3] - Despite the challenges, the long-term outlook for Shake Shack remains positive, with potential for improved store-level margins [3] Financial Performance - Shake Shack Inc. reported total revenue of $367.4 million in Q3 2025, reflecting a year-over-year increase of 15.9% [4] - The company is not among the top 30 most popular stocks among hedge funds, with a decrease in hedge fund holdings from 39 to 34 [4]