Madison Investments, an investment advisor, released its Q4 2025 investor letter for the “Madison Mid Cap Fund.” A copy of the letter can be downloaded here. The Russell Midcap Index ended an incredibly successful three-year streak with an annual return of 10.6%, representing an annual increase of more than 14%. The market favored the most volatile and speculative companies in 2025. This market environment poses challenges for Madison Mid Cap’s portfolio, which focuses on high-quality, profitable businesses. This approach has historically supported long-term investment success and the firm remains committed to it, optimistic about and actively capitalizing on the opportunities this year has presented. Against this backdrop, the Fund decreased 1.2% in the fourth quarter of 2025, lagging the 0.2% increase in the Russell Midcap index. Review the Fund’s top five holdings to learn about its key picks for 2025.
In its Q4 2025 investor letter, Madison Mid Cap Fund highlighted stocks like Liberty Broadband Corporation (NASDAQ:LBRDK). Headquartered in Englewood, Colorado, Liberty Broadband Corporation (NASDAQ:LBRDK) is a US-based communications services provider with its primary asset being its stake in Charter Communications. On March 10, 2026, Liberty Broadband Corporation (NASDAQ:LBRDK) stock closed at $50.97 per share. Liberty Broadband Corporation (NASDAQ:LBRDK)’s monthly performance was -9.21% and its stock lost 32.17% over the past 52 weeks. Liberty Broadband Corporation (NASDAQ:LBRDK) has a market capitalization of $7.314 billion.
Madison Mid Cap Fund stated the following regarding Liberty Broadband Corporation (NASDAQ:LBRDK) in its Q4 2025 investor letter:
“The five worst detractors of the quarter were Trex, Brown & Brown, CDW, Floor & Décor and Broadband freedom Corporation (NASDAQ:LBRDK). Liberty Broadband, which derives almost all of its value from its stake in Charter Communications, fell as Charter reported a second straight quarter of disappointing profitability and broadband subscriber losses. “Despite this, we believe the prospects for higher free cash flow provide strong support to the stock’s valuation.”
Liberty Broadband Corporation (NASDAQ:LBRDK)) isn’t on our list of the 40 most popular stocks among hedge funds heading into 2026. According to our database, 59 hedge fund portfolios owned Liberty Broadband Corporation (NASDAQ:LBRDK)) at the end of the fourth quarter, down from 54 in the prior quarter. While we recognize the potential of Liberty Broadband Corporation (NASDAQ:LBRDK) 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’s also benefiting significantly from Trump-era tariffs and the offshoring trend, check out our free report on best short-term AI stock.