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Madison Small Cap Fund’s Standout Performer: Ciena Corp (CIEN)
The Madison Small Cap Fund’s Q4 2025 investor letter highlights Ciena Corporation (CIEN) as a standout performer in its information technology holdings, noting its significant growth in the “cloud provider” business. Despite its strong fundamentals and becoming an AI capital spending beneficiary, the fund exited its position due to CIEN’s market capitalization exceeding small-cap criteria and a full valuation, seeking better opportunities elsewhere.