Madison Dividend Income Fund Q1 2026 Investment Strategy Letter
The Madison Dividend Income Fund (class I) posted a +5.8% return in the first quarter of 2026, outperforming the S&P 500, Russell 1000 Value Index, and the Lipper Equity Income peer group. The fund benefited from a diversified portfolio of lower-valuation dividend stocks and had no exposure to the top eight S&P 500 companies. Performance was dampened by weakness in financial sector holdings, which struggled during the quarter. The fund's strategy continues to emphasize income generation and risk mitigation through valuation discipline.
- ▪The Madison Dividend Income Fund (class I) returned +5.8% in Q1 2026.
- ▪The fund outperformed the S&P 500 (-4.3%), Russell 1000 Value (+2.1%), and Lipper Equity Income (+0.2%) benchmarks.
- ▪The portfolio avoided exposure to the eight largest S&P 500 stocks, contributing to its relative insulation from market volatility.
- ▪Financial sector holdings detracted from performance amid a weak quarter for the industry.
- ▪Madison Investments manages approximately $22 billion in assets and is headquartered in Madison, Wisconsin.
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