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Name

As of 11/01/2024

Price

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

Madison Funds - Madison Diversified Income Fund USD Cls A

MBLAX | Fund

$12.95

$179 M

6.93%

$0.90

1.11%

Vitals

YTD Return

4.8%

1 yr return

10.5%

3 Yr Avg Return

0.7%

5 Yr Avg Return

4.8%

Net Assets

$179 M

Holdings in Top 10

23.9%

52 WEEK LOW AND HIGH

$13.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.11%

SALES FEES

Front Load 5.75%

Deferred Load N/A

TRADING FEES

Turnover 34.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

$500

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/01/2024

Price

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

Madison Funds - Madison Diversified Income Fund USD Cls A

MBLAX | Fund

$12.95

$179 M

6.93%

$0.90

1.11%

MBLAX - Profile

Distributions

  • YTD Total Return 4.8%
  • 3 Yr Annualized Total Return 0.7%
  • 5 Yr Annualized Total Return 4.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.27%
DIVIDENDS
  • Dividend Yield 6.9%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Madison Funds - Madison Diversified Income Fund USD Cls A
  • Fund Family Name
    Madison Funds
  • Inception Date
    Feb 07, 2013
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    John Brown

Fund Description

The Fund seeks income by investing in a broadly diversified array of securities, including bonds, common stocks, real estate securities, foreign market bonds and stocks, and money market instruments. Bonds, stock and cash components will vary, reflecting the portfolio managers’
judgments of the relative availability of attractively yielding and priced stocks and bonds; however, under normal market conditions, the Fund’s portfolio managers generally attempt to target a 40% bond and 60% stock investment allocation. Nevertheless, bonds (including investment grade, non-investment grade securities (i.e., “junk” bonds), and mortgage- or asset-backed) may constitute up to 80% of the Fund’s assets, stocks (including common stocks, preferred stocks and convertible bonds) may constitute up to 70% of the Fund’s assets, real estate securities may constitute up to 25% of the Fund’s assets, foreign (including American Depositary Receipts ("ADRs") and emerging market) stocks and bonds may constitute up to 25% of the Fund’s assets, and money market instruments may constitute up to 25% of the Fund’s assets. Although the Fund is permitted to invest up to 80% of its assets in lower credit quality bonds, under normal circumstances, the Fund intends to limit the investment in lower credit quality bonds to less than 50% of the Fund’s assets.
With regard to the fixed income component of the Fund, while there is no maturity strategy utilized, the Fund is managed with the goal of being between 90-110% of the market benchmark duration. The weighted average life of the Fund’s bond portfolio as of December 31, 2022 was 8.59 years. Duration is an approximation of the expected change in a debt security’s price given a 1% move in interest rates, using the following formula:
[change in debt security value = (change in interest rates) x (duration) x (-1)]. By way of example, assume XYZ company issues a five year bond which has a duration of 4.5 years. If interest rates were to instantly increase by 1%, the bond would be expected to decrease in value by approximately 4.5%. As of December 31, 2022, the duration of the Fund’s bond portfolio was 6.19 years, and the duration of the benchmark index (which, for this purpose, is the ICE BofA U.S. Corporate, Government & Mortgage Index), was 6.28 years.
The balance between the two strategies of the Fund -- i.e., fixed income investing and equity investing -- is determined after reviewing the risks associated with each type of investment, with the goal of meaningful risk reduction as market conditions demand. The Fund may also invest in exchange traded funds (“ETFs”) that are registered investment companies and may also write (sell) covered call options, when deemed appropriate by the portfolio managers, in order to generate additional income through the collection of option premiums. With regard to the equity portion of the Fund, the Fund generally holds 30-60 individual securities in its portfolio at any given time. This reflects the belief of the Fund's investment adviser, Madison Asset Management, LLC ("Madison"), that your money should be invested in Madison's top investment ideas, and that focusing on Madison's best investment ideas is the best way to achieve the Fund’s investment objective.
The Fund typically sells a stock when the fundamental expectations for producing competitive yields at an acceptable level of price risk no longer apply, the price exceeds its intrinsic value or other stocks appear more attractive.
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.
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MBLAX - Performance

Return Ranking - Trailing

Period MBLAX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.8% -3.2% 57.3% 97.11%
1 Yr 10.5% -2.8% 64.3% 98.41%
3 Yr 0.7%* -5.5% 13.7% 86.52%
5 Yr 4.8%* -3.3% 19.4% 88.64%
10 Yr 6.0%* 0.9% 11.9% 57.94%

* Annualized

Return Ranking - Calendar

Period MBLAX Return Category Return Low Category Return High Rank in Category (%)
2023 -10.5% -12.2% 23.9% 99.86%
2022 -14.8% -34.7% 2.8% 18.33%
2021 1.9% -11.9% 18.1% 72.99%
2020 4.5% -20.9% 39.7% 76.67%
2019 11.7% 0.8% 25.7% 74.18%

Total Return Ranking - Trailing

Period MBLAX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.8% -3.2% 57.3% 97.11%
1 Yr 10.5% -2.8% 64.3% 98.41%
3 Yr 0.7%* -5.5% 13.7% 86.52%
5 Yr 4.8%* -3.3% 19.4% 88.64%
10 Yr 6.0%* 0.9% 11.9% 57.94%

* Annualized

Total Return Ranking - Calendar

Period MBLAX Return Category Return Low Category Return High Rank in Category (%)
2023 3.3% -12.2% 26.8% 97.11%
2022 -7.9% -29.0% 10.9% 8.65%
2021 14.4% -3.0% 27.3% 35.20%
2020 7.6% -19.5% 40.6% 82.38%
2019 19.3% 2.2% 32.7% 56.70%

NAV & Total Return History

MBLAX - Holdings

Concentration Analysis

MBLAX Category Low Category High MBLAX % Rank
Net Assets 179 M 789 K 230 B 77.94%
Number of Holdings 320 2 16015 29.58%
Net Assets in Top 10 38.6 M 577 K 69.8 B 84.70%
Weighting of Top 10 23.92% 10.8% 122.7% 83.98%

Top 10 Holdings

  1. Bristol-Myers Squibb Co 2.94%
  2. Johnson & Johnson 2.90%
  3. Caterpillar Inc 2.77%
  4. Pfizer Inc 2.71%
  5. Fastenal Co 2.68%
  6. The Travelers Companies Inc 2.61%
  7. Dominion Energy Inc 2.58%
  8. BlackRock Inc 2.39%
  9. Comcast Corp Class A 2.36%
  10. McDonald's Corp 2.34%

Asset Allocation

Weighting Return Low Return High MBLAX % Rank
Stocks 		68.33% 0.00% 100.16% 51.95%
Bonds 		29.68% 0.00% 74.58% 33.77%
Cash 		1.93% -7.92% 100.00% 45.31%
Convertible Bonds 		0.06% 0.00% 23.84% 86.63%
Preferred Stocks 		0.00% 0.00% 23.91% 28.72%
Other 		0.00% -42.55% 113.97% 47.62%

Stock Sector Breakdown

Weighting Return Low Return High MBLAX % Rank
Healthcare 		19.67% 0.00% 29.35% 5.25%
Financial Services 		17.21% 0.00% 38.77% 15.31%
Industrials 		12.93% 0.00% 24.37% 12.83%
Consumer Defense 		9.96% 0.00% 15.14% 12.54%
Energy 		9.18% 0.00% 85.65% 8.75%
Consumer Cyclical 		7.93% 0.00% 19.36% 74.20%
Technology 		6.67% 0.00% 44.21% 94.17%
Communication Services 		6.66% 0.00% 38.10% 60.79%
Utilities 		3.77% 0.00% 99.55% 26.09%
Basic Materials 		3.58% 0.00% 33.35% 64.72%
Real Estate 		2.43% 0.00% 65.01% 70.55%

Stock Geographic Breakdown

Weighting Return Low Return High MBLAX % Rank
US 		68.33% 0.00% 100.16% 49.06%
Non US 		0.00% 0.00% 39.06% 30.59%

Bond Sector Breakdown

Weighting Return Low Return High MBLAX % Rank
Government 		36.34% 0.00% 97.26% 30.52%
Corporate 		30.95% 0.00% 98.21% 48.98%
Securitized 		25.56% 0.00% 92.13% 28.20%
Cash & Equivalents 		6.09% 0.00% 99.92% 17.75%
Municipal 		1.07% 0.00% 24.80% 15.99%
Derivative 		0.00% -2.87% 42.43% 32.47%

Bond Geographic Breakdown

Weighting Return Low Return High MBLAX % Rank
US 		29.02% 0.00% 74.58% 34.78%
Non US 		0.66% 0.00% 15.37% 5.77%

MBLAX - Expenses

Operational Fees

MBLAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.11% 0.03% 17.63% 40.75%
Management Fee 0.65% 0.00% 1.83% 79.23%
12b-1 Fee 0.25% 0.00% 1.00% 22.33%
Administrative Fee 0.20% 0.01% 0.83% 80.75%

Sales Fees

MBLAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 5.75% 2.25% 5.75% 2.65%
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

MBLAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 2.00% 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.

MBLAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 34.00% 0.00% 343.00% 43.45%

MBLAX - Distributions

Dividend Yield Analysis

MBLAX Category Low Category High MBLAX % Rank
Dividend Yield 6.93% 0.00% 17.90% 0.14%

Dividend Distribution Analysis

MBLAX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annual Quarterly Quarterly

Net Income Ratio Analysis

MBLAX Category Low Category High MBLAX % Rank
Net Income Ratio 1.27% -2.34% 19.41% 43.02%

Capital Gain Distribution Analysis

MBLAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

View More +

MBLAX - Fund Manager Analysis

Managers

John Brown

Start Date

Tenure

Tenure Rank

Jan 01, 1998

24.43

24.4%

John, CFA, serves as a portfolio manager on Madison's dividend income and value strategies. John has been working in the financial services industry since 1983 and joined Madison in 2009. He earned his B.S. in finance and computer science from Northern Illinois University and his MBA from the University of Wisconsin-Madison.

Chris Nisbet

Start Date

Tenure

Tenure Rank

Jun 30, 2013

8.92

8.9%

Chris serves as a portfolio manager for Madison’s Fixed Income Team, specializing in government and corporate bond portfolios. Chris has been working in the financial services industry since 1990 and joined Madison in 1992. He earned his B.S. in economics and M.S. in finance and investments from the University of Wisconsin-Madison.

Andrew Justman

Start Date

Tenure

Tenure Rank

Feb 28, 2015

7.26

7.3%

Mr. Justman, Vice President and Portfolio Manager of Madison, has co-managed the equity portion of the Fund since May 2015. Andrew has been working in the financial services industry since 2001 and joined Madison in 2005. He earned his BBA in finance and economics and M.S. in finance from the University of Wisconsin-Madison, specializing in the Applied Security Analysis Program. Prior to joining Madison he worked at Merrill Lynch.

Allen Olson

Start Date

Tenure

Tenure Rank

Feb 28, 2021

1.25

1.3%

Allen serves as a portfolio manager and analyst for Madison’s Fixed Income Team, specializing in corporate-only and credit research. Allen has been working in the financial services industry since 1998 and joined Madison in 2002. He earned his B.S. in economics from the University of Wisconsin-Green Bay and M.S. in management from the University of Wisconsin-Milwaukee.

Michael Sanders

Start Date

Tenure

Tenure Rank

Feb 28, 2022

0.25

0.3%

Mike Sanders, CFA, serves as a portfolio manager for Madison’s Fixed Income Team, specializing in credit research. Sanders has been working in the financial services industry since 2004 and joined Madison in 2013. He earned his BBA in finance from St. Norbert College, M.S. in economics from Marquette University and a MBA in analytical finance and accounting from the University Of Chicago Booth School Of Business.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 34.51 6.36 2.41

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