Madison Investments, an investment advisor, released its “Madison Large Cap Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The fund decreased 2.2% in the third quarter compared to an 8.1% gain for the S&P 500 Index. The current market focus on short-term profits led the fund to underperform the benchmark considerably in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2025.

In its third-quarter 2025 investor letter, Madison Large Cap Fund highlighted stocks such as Gartner, Inc. (NYSE:IT). Established in 1979, Gartner, Inc. (NYSE:IT) is a research and advisory company that operates through research, conferences, and consulting segments. The one-month return of Gartner, Inc. (NYSE:IT) was -7.33%, and its shares lost 58.48% of their value over the last 52 weeks. On November 6, 2025, Gartner, Inc. (NYSE:IT) stock closed at $228.64 per share, with a market capitalization of $16.48 billion.

Madison Large Cap Fund stated the following regarding Gartner, Inc. (NYSE:IT) in its third quarter 2025 investor letter:

“The bottom five detractors for the quarter were Gartner, Inc. (NYSE:IT), Fiserv, Texas Instruments, Liberty Broadband, and Accenture. Shares in Gartner declined in the quarter following disappointing second quarter results. Growth slowed more than expected, which management attributed to the macro environment (companies, especially those impacted by tariffs, weren’t in the mood to add to their expenses), while the market attributed the slowing to AI disruption (companies substituting generative AI tools for Gartner subscriptions). We believe the AI risk to Gartner is manageable, as the combination of its strong reputation and proprietary data, including surveys, models, benchmarking data, five hundred thousand annual client calls, twenty seven thousand annual tech vendor calls, etc., creates a trove of unique insights not available to generic generative AI tools.”

Gartner, Inc. (NYSE:IT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. According to our database, 45 hedge fund portfolios held Gartner, Inc. (NYSE:IT) at the end of the second quarter, compared to 51 in the previous quarter. In the third quarter of 2025, Gartner, Inc. (NYSE:IT) reported revenue of $1.5 billion, reflecting as increase of 3% year-over-year as reported and 1% FX neutral. While we acknowledge the potential of Gartner, Inc. (NYSE:IT) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.