Core Insights - Madison Mid Cap Fund's fourth-quarter 2025 investor letter indicates a challenging market environment for high-quality, profitable businesses, with the Russell Midcap Index achieving a full-year return of 10.6% and the Fund decreasing by 1.2% in Q4 2025 [1] Company Performance - MKS Inc. (NASDAQ:MKSI) is highlighted as a leading contributor to the Madison Mid Cap Fund, with a market capitalization of $15.15 billion [2][4] - MKS Inc. reported revenue of $1.03 billion in Q4 2025, reflecting a 5% sequential increase and a 10% year-over-year growth [4] - The stock of MKS Inc. closed at $225.28 per share on March 10, 2026, with a one-month return of -13.04% and a remarkable 178.05% gain over the past 52 weeks [2] Market Trends - The market in 2025 favored more volatile and speculative companies, which posed challenges for the Madison Mid Cap portfolio focused on high-quality businesses [1] - MKS Inc.'s growth is attributed to its Electronics and Packaging business, which is benefiting from accelerating growth due to AI-related applications [3]

Core Insights - Madison Mid Cap Fund's Class I returned 1.9% in Q3 2025, underperforming the Russell Midcap Index which increased by 5.3% [1] - The Information Technology sector led performance in both the quarter and year-to-date [1] Company Performance - MKS Instruments, Inc. (NASDAQ:MKSI) reported a one-month return of -3.11% but gained 20.51% over the last 52 weeks, closing at $138.49 per share with a market capitalization of $9.302 billion on November 20, 2025 [2] - MKS Instruments, Inc. achieved revenue of $988 million in Q3 2025, reflecting a 2% sequential increase and a 10% year-over-year growth [4] Investment Sentiment - MKS Instruments, Inc. was highlighted as a strong performer in the technology sector during Q3, benefiting from an improving semiconductor cycle and positive investor sentiment [3] - The number of hedge funds holding MKS Instruments, Inc. increased from 32 to 33 in the second quarter of 2025 [4]

Group 1 - Madison Mid Cap Fund's Class Y returned 5.2% in Q2 2025, underperforming the Russell Midcap Index which increased by 8.5% [1] - MKS Instruments, Inc. (NASDAQ:MKSI) was highlighted as a top stock, with a one-month return of 21.09% and a 52-week gain of 17.51% [2] - MKS Instruments reported Q2 2025 revenue of $973 million, reflecting a 4% sequential increase and a 10% year-over-year growth [4] Group 2 - The top five contributors to the Madison Mid Cap Fund in Q2 2025 included MKS Instruments, benefiting from improved sentiment in the semiconductor cycle [3] - MKS Instruments had a market capitalization of $8.638 billion as of September 19, 2025, with shares closing at $128.62 [2] - MKS Instruments was held by 33 hedge fund portfolios at the end of Q2 2025, an increase from 32 in the previous quarter [4]