Madison Small Cap Fund Highlights Extreme Networks as Compelling Investment
The Madison Small Cap Fund's Q2 2026 investor letter, published on Yahoo Finance, highlights Extreme Networks (EXTR) as a key holding. The fund notes the small-cap market's exceptional strength in Q2, driven by anticipated peace in the Middle East and rallies in Information Technology, Health Care, and Industrials. The fund returned 12.7% in Q2, underperforming the Russell 2000's 21.5%. Extreme Networks, a cloud-driven enterprise networking company, closed at $29.76 on July 16, 2026, with a market cap of $3.93 billion. The fund praises Extreme's pivot from legacy hardware to a cloud-managed, software-defined platform, citing a strong 'specification moat' and high customer stickiness. It identifies the Wi-Fi 7 transition and AI deployment as catalysts, estimating an intrinsic value of $40 per share. The article also notes that 41 hedge fund portfolios held EXTR at the end of Q1 2026, up from 37.
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