Group 1: Fund Performance - Madison Small Cap Fund underperformed its benchmark, the Russell 2000 Index, with a return of -0.4% compared to the benchmark's 2.2% return in Q4 2025 [1] - Sector allocation negatively impacted the Fund's performance, 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] Group 2: Cogent Communications Holdings, Inc. - Cogent Communications Holdings, Inc. (NASDAQ:CCOI) is an internet services company with a market capitalization of $941.169 million [2] - The stock closed at $18.80 per share on March 13, 2026, with a one-month return of -28.95% and a 52-week loss of 73.49% [2] - The Fund decided to exit its position in Cogent Communications due to the company's dividend suspension and elevated leverage, which could lead to extreme swings in equity value [3] Group 3: Hedge Fund Interest - Cogent Communications Holdings, Inc. was held by 26 hedge fund portfolios at the end of Q4 2025, down from 31 in the previous quarter [5] - While acknowledging Cogent's potential, the Fund believes that certain AI stocks offer greater upside potential and less downside risk [5]