Here’s Madison Dividend Income Fund’s Investment Thesis for Honeywell (HON)

Madison Investments, an investment advisor, released its “Madison Dividend Income Fund” first-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund (Class Y) returned +3.2% compared to the -4.3%, +2.1%, and +1.7% returns for the S&P 500 Index, Russell 1000 Value Index, and Lipper Equity Income peer group. The firm views that since late 2022, the shift from dividend stocks to non-dividend tech stocks has created a unique opportunity to buy high-quality dividend stocks at below-average valuations. In addition, please check the fund’s...