Madison Dividend Income Fund
Name
As of 05/01/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
-1.4%
1 yr return
4.0%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$195 M
Holdings in Top 10
36.1%
52 WEEK LOW AND HIGH
$26.3
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.73%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 05/01/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
MADRX - Profile
Distributions
- YTD Total Return -1.4%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 2.1%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameMadison Dividend Income Fund
-
Fund Family NameMADISONMUT
-
Inception DateFeb 28, 2022
-
Shares OutstandingN/A
-
Share ClassOther
-
CurrencyUSD
-
Domiciled CountryUS
Fund Description
The Fund seeks to achieve its investment objective by investing in equity securities of companies with a market capitalization of over $1 billion and a history of paying dividends, with the ability to increase dividends over time. Under normal market conditions, at least 80% of the Fund’s net assets (including borrowings for investment purposes) will be invested in dividend paying equity securities. The Fund's investment adviser, Madison Asset Management, LLC ("Madison"), will identify investment opportunities by screening for companies that generally have the following characteristics: (i) a dividend yield of at least 100% of the market dividend yield (for this purpose, the “market” is the S&P 500); (ii) a strong balance sheet; (iii) a dividend that has been maintained and which is likely to increase; (iv) trade on the high side of the company’s historical relative dividend yield, due to issues which Madison views as temporary; and (v) other compelling valuation characteristics. Under normal market conditions, the Fund expects to be fully invested in equity securities, but will maintain the flexibility to hold up to 20% of the Fund’s assets in investment grade fixed income securities when warranted in Madison's discretion. The Fund may also invest up to 25% of its common stock allocation in foreign securities (including American Depositary Receipts ("ADRs") and emerging market securities). To the extent invested in common stocks, the Fund generally invests in 30-60 companies at any given time. This reflects Madison's belief that your money should be invested in Madison's top investment ideas, and that focusing on Madison's highest conviction investment ideas is the best way to achieve the Fund’s investment objective.
Madison follows a rigorous three-step process when evaluating companies pursuant to which Madison considers (1) the business model, (2) the management team, and (3) the valuation of each potential investment. When evaluating the business model, Madison looks for sustainable competitive advantages, metrics that demonstrate relatively high levels of profitability, stable and growing earnings, and a solid balance sheet. When assessing management, Madison evaluates its operational and capital allocation track records and the nature of its accounting practices. The final step in the process is assessing the proper valuation for the company. Madison strives to purchase securities trading at a discount to their intrinsic
value as determined by discounted cash flows modeling and additional valuation methodologies. Often, Madison finds companies that clear the business model and management team hurdles, but not the valuation hurdle. Those companies are monitored for inclusion at a later date when the price may be more appropriate. Madison seeks to avoid the downside risks associated with overpriced securities.
Madison may sell stocks for a number of reasons, including: (i) the price target Madison has set for stock has been achieved, (ii) the fundamental business prospects for the company have materially changed, or (iii) Madison finds a more attractive alternative. In addition, with regard to dividend paying stocks in particular, Madison may sell a stock that has reduced its dividend to a level that brings the yield on the stock to below the market (S&P 500) dividend yield, but only if the reduction in dividend appears to Madison to be a symptom of fundamental difficulties with the company that are other than temporary in nature.
The Fund’s investment strategy reflects Madison’s general “Participate and Protect®” investment philosophy. Madison’s expectation is that investors in the Fund will participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with investors in portfolios holding more speculative and volatile securities; therefore, this investment philosophy is intended to represent a conservative investment strategy. There is no assurance that Madison’s expectations regarding this investment strategy will be realized.
Although the Fund expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Fund may invest up to 100% in money market instruments. To the extent the Fund engages in this temporary defensive position, the Fund’s ability to achieve its investment objective may be diminished.
MADRX - Performance
Return Ranking - Trailing
Period | MADRX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.4% | N/A | N/A | N/A |
1 Yr | 4.0% | N/A | N/A | N/A |
3 Yr | N/A* | N/A | N/A | N/A |
5 Yr | N/A* | N/A | N/A | N/A |
10 Yr | N/A* | N/A | N/A | N/A |
* Annualized
Return Ranking - Calendar
Period | MADRX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -4.1% | N/A | N/A | N/A |
2022 | N/A | N/A | N/A | N/A |
2021 | N/A | N/A | N/A | N/A |
2020 | N/A | N/A | N/A | N/A |
2019 | N/A | N/A | N/A | N/A |
Total Return Ranking - Trailing
Period | MADRX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.4% | N/A | N/A | N/A |
1 Yr | 4.0% | N/A | N/A | N/A |
3 Yr | N/A* | N/A | N/A | N/A |
5 Yr | N/A* | N/A | N/A | N/A |
10 Yr | N/A* | N/A | N/A | N/A |
* Annualized
Total Return Ranking - Calendar
Period | MADRX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 1.9% | N/A | N/A | N/A |
2022 | N/A | N/A | N/A | N/A |
2021 | N/A | N/A | N/A | N/A |
2020 | N/A | N/A | N/A | N/A |
2019 | N/A | N/A | N/A | N/A |
NAV & Total Return History
MADRX - Holdings
Concentration Analysis
MADRX | Category Low | Category High | MADRX % Rank | |
---|---|---|---|---|
Net Assets | 195 M | N/A | N/A | N/A |
Number of Holdings | 40 | N/A | N/A | N/A |
Net Assets in Top 10 | 64.5 M | N/A | N/A | N/A |
Weighting of Top 10 | 36.07% | N/A | N/A | N/A |
Top 10 Holdings
- Fastenal Co. 4.05%
- Medtronic PLC 4.03%
- Home Depot, Inc. 3.81%
- Comcast Corp. 3.66%
- Morgan Stanley 3.61%
- CME Group, Inc. 3.57%
- NextEra Energy, Inc. 3.49%
- Johnson Johnson 3.32%
- EOG Resources, Inc. 3.28%
- Automatic Data Processing, Inc. 3.26%
Asset Allocation
Weighting | Return Low | Return High | MADRX % Rank | |
---|---|---|---|---|
Stocks | 98.49% | N/A | N/A | N/A |
Cash | 1.51% | N/A | N/A | N/A |
Preferred Stocks | 0.00% | N/A | N/A | N/A |
Other | 0.00% | N/A | N/A | N/A |
Convertible Bonds | 0.00% | N/A | N/A | N/A |
Bonds | 0.00% | N/A | N/A | N/A |
Stock Sector Breakdown
Weighting | Return Low | Return High | MADRX % Rank | |
---|---|---|---|---|
Utilities | 0.00% | N/A | N/A | N/A |
Technology | 0.00% | N/A | N/A | N/A |
Real Estate | 0.00% | N/A | N/A | N/A |
Industrials | 0.00% | N/A | N/A | N/A |
Healthcare | 0.00% | N/A | N/A | N/A |
Financial Services | 0.00% | N/A | N/A | N/A |
Energy | 0.00% | N/A | N/A | N/A |
Communication Services | 0.00% | N/A | N/A | N/A |
Consumer Defense | 0.00% | N/A | N/A | N/A |
Consumer Cyclical | 0.00% | N/A | N/A | N/A |
Basic Materials | 0.00% | N/A | N/A | N/A |
Stock Geographic Breakdown
Weighting | Return Low | Return High | MADRX % Rank | |
---|---|---|---|---|
US | 98.49% | N/A | N/A | N/A |
Non US | 0.00% | N/A | N/A | N/A |
MADRX - Expenses
Operational Fees
MADRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.73% | N/A | N/A | N/A |
Management Fee | 0.70% | N/A | N/A | N/A |
12b-1 Fee | N/A | N/A | N/A | N/A |
Administrative Fee | N/A | N/A | N/A | N/A |
Sales Fees
MADRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | N/A | N/A | N/A |
Deferred Load | N/A | N/A | N/A | N/A |
Trading Fees
MADRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | N/A | N/A | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
MADRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | N/A | N/A | N/A |
MADRX - Distributions
Dividend Yield Analysis
MADRX | Category Low | Category High | MADRX % Rank | |
---|---|---|---|---|
Dividend Yield | 2.12% | N/A | N/A | N/A |
Dividend Distribution Analysis
MADRX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Quarterly |
Net Income Ratio Analysis
MADRX | Category Low | Category High | MADRX % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | N/A | N/A | N/A |
Capital Gain Distribution Analysis
MADRX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency |
Distributions History
Date | Amount | Type |
---|---|---|
Mar 28, 2024 | $0.140 | OrdinaryDividend |
Dec 21, 2023 | $1.192 | OrdinaryDividend |
Sep 29, 2023 | $0.152 | OrdinaryDividend |
Jun 30, 2023 | $0.168 | OrdinaryDividend |
Mar 31, 2023 | $0.147 | OrdinaryDividend |
Dec 22, 2022 | $2.236 | OrdinaryDividend |
Sep 30, 2022 | $0.154 | OrdinaryDividend |
Jun 30, 2022 | $0.155 | OrdinaryDividend |
Mar 31, 2022 | $0.133 | OrdinaryDividend |