Madison Small Cap Fund Sold Chord Energy Corporation (CHRD) for a More Compelling Opportunity

Madison Small Cap Fund Sold Chord Energy Corporation (CHRD) for a More Compelling Opportunity Soumya Eswaran Fri, June 12, 2026 at 10:29 PM GMT+7 3 min read ^RUT CHRD Madison Small Cap Fund, managed by Madison Funds, released its Q1 2026 investor letter. A copy of the letter is available to download here. The Madison Small Cap Fund (class I) increased by 0.10% in the first quarter, trailing behind the Russell 2000 Index (up 0.89%) and the Russell 2500 Index (up 2.04%). Despite slightly underperforming the benchmark in the quarter, core positions and IT investments showed solid performance. From a style perspective, value stocks outperformed growth, with the Russell 2000 Value Index rising ~4.5% and the Russell 2000 Growth Index falling almost 3%. The outperformance of the value is driven by weakness in speculative names aligning with the Fund’s style and preference for quality, profitable franchises. The Fund believes the market volatility, influenced by AI concerns and geopolitical tensions, presents a potential opportunity for patient investors. Please review the Fund’s top five holdings to gain insights into their key selections for 2026.

In its first-quarter 2026 investor letter, Madison Small Cap Fund Strategy highlighted Chord Energy Corporation (NASDAQ:CHRD). Chord Energy Corporation (NASDAQ:CHRD) is a leading US-based independent exploration and production company engages in the acquisition, exploration, development and production of crude oil, natural gas, and natural gas liquids. On June 11, 2026, Chord Energy Corporation (NASDAQ:CHRD) closed at $133.74 per share. One-month return of Chord Energy Corporation (NASDAQ:CHRD) was -9.87%, and its shares gained 26.12% over the past 52 weeks. Chord Energy Corporation (NASDAQ:CHRD) has a market capitalization of $7.53 billion.

Madison Small Cap Fund stated the following regarding Chord Energy Corporation (NASDAQ:CHRD) in its Q1 2026 investor letter: