**Performance**: Madison Investors Fund outperforms S&P 500 due to stellar performance from top contributors

Madison, Wisconsin – The Madison Investors Fund (Class Y) showed a 9.63% increase in the first quarter of 2024, slightly lower than the 10.56% growth in the S&P 500 index during the same period. In terms of portfolio performance, several key individual contributors outperformed the benchmark, including PACCAR, Arch Capital, Progressive, Fiserv, and Parker-Hannifin.

PACCAR, a truck manufacturer, experienced significant growth driven by strong performance in operating margins, new truck models, improved manufacturing efficiency, and expansion of the aftermarket parts division. This division’s operating profits have doubled over the last five years, providing stability amidst the cyclicality of manufacturing commercial trucks.

Both Arch Capital and Progressive, insurers focused on different areas of the insurance market, saw positive contributions during the quarter due to favorable market conditions boosting underwriting profits. Fiserv, a payment processor, continued to see steady revenue and profit growth, with a successful launch of the Clover payment platform for small-and-medium sized businesses.

The top five detractors from the portfolio included Liberty Broadband, Dollar Tree, Analog Devices, Accenture, and Becton Dickinson. Liberty Broadband faced challenges as internet subscriber growth declined, while Dollar Tree struggled with inconsistent results at Family Dollar. Analog Devices experienced declining end-market demand, but remained optimistic about long-term growth in analog semiconductor chips.

Accenture saw subdued revenue growth as demand for technology consulting services slowed, while Becton Dickinson faced subdued fundamentals in China and margin pressures from inflation. Despite these challenges, there were no new buys or sells during the quarter as the fund remained committed to its long-term investment strategy of selecting competitively advantaged companies at attractive valuations.

The fund managers expressed their gratitude for the investors’ trust and reiterated their commitment to staying invested for the long term. The report also provided important disclosures about the fund’s performance, its investment objectives, and the risks involved. Investors were encouraged to carefully consider the information provided before making any investment decisions.