Madison Large Cap Fund Exits Nike After Stock Hits Intrinsic Value
Madison Large Cap Fund exited Nike during Q4 2025 after shares rebounded to its estimated intrinsic value under CEO Elliot Hill’s “Win Now” recovery plan. The fund delivered a 3.43% return versus the S&P 500’s 2.65% gain in the quarter.
1. Fund Performance and Market Context
In Q4 2025, Madison Large Cap Fund (Class I) returned 3.43%, outperforming the S&P 500’s 2.65% gain, while the index delivered 17.9% for the full year and over 21% annualized over three years. Market leadership remained concentrated in mega-cap technology, though Healthcare, Financials and Consumer Discretionary saw slight improvements.
2. Exit Rationale for Nike
The fund sold its Nike position after shares rebounded toward its estimated intrinsic value under new CEO Elliot Hill’s “Win Now” recovery plan, with management citing the valuation milestone as the primary trigger for the divestment.
3. Nike Stock Metrics
Nike shares closed at $64.09 on February 24, reflecting a one-month decline of 2.76% and a 21.04% loss over the past 52 weeks, with a market capitalization of $94.878 billion as of quarter-end.
4. Institutional Holding Trends
Quarter-end data show 82 hedge fund portfolios held Nike versus 89 in the prior period, indicating a modest reduction in institutional ownership ahead of the fund’s exit.