Home›ETFs & Funds›Fund Industry›Madison Small Cap Fund points to data-center cooling o…

Madison Small Cap Fund points to data-center cooling optimism in MAIR

In Q2 2026, the Madison Small Cap Fund (Class I) returned 12.7%, lagging the Russell 2000's 21.5% while calling its newest purchase, Madison Air Solutions, a potential long-term winner.

Wednesday, July 22, 2026 · Written up by our desk · Fund Industry

Madison Funds’ Madison Small Cap Fund said it expects upside for its latest purchase, Madison Air Solutions Corporation (NYSE: MAIR), citing investor letter remarks about optimism for the company’s data center cooling business even after a strong market debut.

The fund’s Q2 2026 investor letter also said small caps showed exceptional strength in the quarter, with the Russell 2000 rallying as it was propelled by Information Technology, Health Care, and Industrials.

Madison Small Cap Fund (Class I) returned 12.7% in Q2 2026, underperforming the Russell 2000’s 21.5% and the Russell 2500’s 20.2%, with the letter attributing results in part to recent investments in underperforming software companies.

For MAIR, the letter noted the stock closed July 17, 2026 at $34.00 per share, for a market capitalization of $17.05 billion, and that it has seen a one-month return of -11.83% and a gain of 1.01% over the past three months.

Latest closeRussell 2000 2,974.57 ▼0.1%

More like this

Sources