Group 1: Madison Mid Cap Fund Overview - Madison Investments released its fourth-quarter 2025 investor letter for the Madison Mid Cap Fund, noting a full-year return of 10.6% for the Russell Midcap Index, with an annual increase of over 14% [1] - The market in 2025 favored more volatile and speculative companies, which posed challenges for the Madison Mid Cap portfolio focused on high-quality, profitable businesses [1] - The Fund decreased by 1.2% in Q4 2025, underperforming the Russell Midcap Index's 0.2% increase [1] Group 2: Bio-Techne Corporation Insights - Bio-Techne Corporation (NASDAQ:TECH) was highlighted as a new investment in the Madison Mid Cap Fund's portfolio, recognized as a leader in the life sciences research market [3] - The company has a market capitalization of $8.26 billion, with a one-month return of -16.75% and a 52-week loss of 12.31% [2] - Bio-Techne's business model includes around 80% recurring revenues, and the new CEO's strategy aims to leverage the core business and expand its leadership in protein research [3] Group 3: Financial Performance and Market Position - Bio-Techne Corporation reported revenue of $295.9 million in the second quarter of fiscal 2026, unchanged from the previous quarter on both an organic and reported basis [4] - The number of hedge fund portfolios holding Bio-Techne decreased from 43 to 41 in the fourth quarter, indicating a slight decline in popularity among hedge funds [4] - Despite acknowledging Bio-Techne's potential, the company believes certain AI stocks offer greater upside potential with less downside risk [4]