Madison Fund Buys Workday at $129.21, Points to AI Revenue Growth
In Q4 2025, Madison Large Cap Fund initiated a position in Workday, recognizing its transition to new leadership driving double-digit revenue growth, AI commercialization, and potential margin expansion. Workday closed February 23 at $129.21, down 32.3% over the past month and 50.65% over the last year.
1. Fund Performance in Q4 2025
In the fourth quarter of 2025, the S&P 500 returned 2.65% and 17.9% for the full year, while the Madison Large Cap Fund (Class I) gained 3.43% versus the Index’s Q4 performance, driven by high-beta and momentum exposures and selective sector rotations into healthcare, financials and consumer discretionary.
2. Initiation of Workday Position
During Q4, the fund initiated positions in Workday and Honeywell. Workday’s shares closed at $129.21 on February 23, reflecting a 32.3% decline over one month and a 50.65% drop over the past 52 weeks, and the company carries a $34.5 billion market capitalization.
3. Growth Drivers and Outlook
Madison highlighted Workday’s new leadership team targeting sustained double-digit revenue growth, margin expansion and AI agent commercialization. Combined with planned share repurchases, robust cash flow and best-in-class customer retention, the fund expects underappreciated earnings-per-share upside over the coming years.