Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund (Class I) returned 1.9% compared to the 5.3% increase for the Russell Midcap Index. The Russell Mid Cap Index experienced significant growth in the third quarter of 2025. Information Technology led the performance both in the quarter and YTD. In addition, please check the fund’s top five holdings to know its best picks ...

Core Viewpoint - Amphenol Corporation (NYSE:APH) is recognized as a strong investment opportunity due to its growth potential and market position, despite being considered expensive relative to its growth rate [1]. Company Overview - Amphenol Corporation manufactures electrical, electronic, and fiber optic connectors, cables, and sensors for various industries, including automotive, aerospace, communications, and industrial technology [1]. Market Sentiment - Jim Cramer highlighted Amphenol as a "great stock" during a recent discussion, emphasizing its strong performance and growth trajectory [1]. - Cramer referred to Amphenol as an "amazing company," noting its evolution from a coaxial cable company to a significant player in the data center market [1]. Valuation Insights - The stock is currently valued at a high multiple in the 30s, indicating that while it is not cheap, it is still a solid investment for long-term holders [1]. - Cramer advised against chasing the stock at its current valuation but suggested holding it if already owned [1].

Core Insights - Baron Asset Fund's third-quarter 2025 investor letter indicates a decline of 4.23% for the fund, contrasting with a 2.78% decline for the Russell Midcap Growth Index and an 8.18% return for the Russell 3000 Index, driven primarily by expectations of Federal Reserve interest rate cuts [1] Company Highlights - Amphenol Corporation (NYSE:APH) reported a one-month return of 12.25% and an impressive 89.47% increase in share value over the past 52 weeks, closing at $139.09 per share with a market capitalization of $170.254 billion as of November 7, 2025 [2] - The company is recognized as a leading global supplier of advanced interconnect systems for data centers, benefiting from rising expectations for data center capital spending due to the accelerating adoption of AI [3] - Amphenol's acquisition of CommScope's Connectivity and Cable Solutions business for $10.5 billion was positively received by investors, showcasing the company's commitment to shareholder value through strategic capital deployment and disciplined acquisitions [3] Financial Performance - Amphenol's third-quarter sales surged by 53% in US dollars and 52% in local currencies, reaching $6.194 billion, reflecting strong demand in the market [4] - The number of hedge funds holding Amphenol shares increased from 69 to 81 in the second quarter, indicating growing interest among institutional investors [4]

Core Viewpoint - Amphenol Corporation is highlighted as a strong investment opportunity for the next decade, with recent price target increases from major analysts indicating robust demand in the IT and datacom sectors [1][3]. Group 1: Analyst Upgrades - JPMorgan raised Amphenol's price target to $145 from $125, maintaining an Overweight rating due to increased estimates based on strong market demand [1][2]. - BofA analyst Wamsi Mohan upgraded Amphenol to Buy from Neutral, with a new price target of $150, up from $120, reflecting positive market sentiment [3]. Group 2: Market Demand - The IT and datacom markets are identified as key growth drivers for Amphenol, with expectations that demand will persist as hyperscalers deploy dense compute racks that require numerous connectors [2].

Core Insights - The third quarter of 2025 was marked by strong performance in US equities, driven by optimism regarding the Federal Reserve's dovish stance and a boom in artificial intelligence (AI) [1] - Mar Vista U.S. Quality Strategy reported a return of +3.29% net of fees, underperforming compared to the Russell 1000 Index (+8.00%) and the S&P 500 Index (+8.12%) [1] Company Highlights: Amphenol Corporation (NYSE:APH) - Amphenol Corporation's stock experienced a one-month return of 5.63% and a remarkable 93.70% increase over the past 52 weeks, closing at $125.79 per share with a market capitalization of $153.58 billion on October 8, 2025 [2] - The company reported strong Q2 results and an optimistic Q3 outlook, with revenue growth driven by AI-related product design wins, particularly contributions to NVIDIA's Blackwell NVL platform expected to ramp in the second half of 2025 [3] - Amphenol benefits from a diversified portfolio across various end markets, capitalizing on the trend of increased connectivity and intelligence in devices, while maintaining best-in-class margins and returns on invested capital [3] Market Position and Hedge Fund Interest - Amphenol Corporation was held by 81 hedge fund portfolios at the end of Q2 2025, an increase from 69 in the previous quarter, indicating growing interest among institutional investors [4] - The company's second quarter sales surged by 57% in U.S. dollars and 56% in local currencies, reaching $5.650 billion [4]