Madison Investments, an investment advisor, released its fourth-quarter 2025 investor letter for “Madison Mid Cap Fund”. A copy of the letter can be downloaded here. The Russell Midcap Index ended an incredibly successful three-year run with a full-year return of 10.6%, amounting to an annual increase of more than 14%. The market favored more volatile and speculative companies in 2025. This market environment poses challenges for the Madison Mid Cap portfolio, which is focused on high-quality, profitable businesses. Historically, this focus has supported long-term investment success, and the firm remains committed to it, is optimistic about the opportunities this year has presented, and has actively capitalized on them. Against this backdrop, the Fund decreased 1.2% in Q4 2025, lagging the Russell Midcap Index’s 0.2% increase. Please review the Fund’s top five holdings to gain insights into their key selections for 2025.
In its fourth-quarter 2025 investor letter, Madison Mid Cap Fund highlighted stocks like Bio-Techne Corporation (NASDAQ:TECH). Bio-Techne Corporation (NASDAQ:TECH) is a leader in the life science research market that engages in the manufacturing and selling of life science reagents, instruments, and services. On March 10, 2026, Bio-Techne Corporation (NASDAQ:TECH) stock closed at $52.82 per share. One-month return of Bio-Techne Corporation (NASDAQ:TECH)) was -16.75%, and its shares lost 12.31% over the past 52 weeks. Bio-Techne Corporation (NASDAQ:TECH)) has a market capitalization of $8.26 billion.
Madison Mid Cap Fund stated the following regarding Bio-Techne Corporation (NASDAQ:TECH) in its fourth quarter 2025 investor letter:
“We added four new investments to the portfolio: Bio-Techne Corporation (NASDAQ:TECH), ServiceTitan, A.O. Smith, and MSA Safety. Bio-Techne is a leader in the life sciences research market with a broad portfolio of products that are used to enable discoveries of new drugs, therapeutics, and diagnostics. These products include over 6,000 proteins, 400,000 antibody types, and 2,400 diagnostic assays. Around 80% of the business is recurring revenues. We are encouraged by the new CEO’s strategy to leverage the core business and expand the company’s leadership position in protein research. Consternation surrounding the health of customer research spending gave us the opportunity to buy the stock at a discount to our estimate of intrinsic value.”
Bio-Techne Corporation (NASDAQ:TECH)) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 41 hedge fund portfolios held Bio-Techne Corporation (NASDAQ:TECH)) at the end of the fourth quarter, compared to 43 in the previous quarter. Bio-Techne Corporation (NASDAQ:TECH) reported revenue of $295.9 million in second quarter of fiscal 2026, unchanged from prior’s quarter on both an organic and reported basis. While we acknowledge the potential of Bio-Techne Corporation (NASDAQ:TECH)) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
