MicroStockHub/iStock via Getty Images The Madison Small Cap Fund (class I) was virtually flat, up 0.10% in the first quarter versus the Russell 2000 Index (up 0.89%) and Russell 2500 Index (up 2.04%). While we slightly underperformed our benchmark, we saw encouraging signs for the Fund, with solid performance from our core positions and IT investments outperforming in a weak tech tape. New positions also contributed to relative performance in the quarter. Stylistically, value outperformed growth within small caps, with the Russell 2000 Value Index up ~4.5% and the Russell 2000 Growth Index down almost 3% in the first quarter. The growth index pullback was mostly driven by weakness in speculative names. This is encouraging for our style as we prefer quality, profitable franchises over speculative stocks. However, volatility continues to define market, with AI disruption fears and the ripple effects from the Iran war impacting energy markets, interest rates, and sentiment daily.…