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Name

As of 12/23/2024

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 Core Bond Fund

MBOIX | Fund

$8.83

$196 M

3.29%

$0.29

0.50%

Vitals

YTD Return

1.3%

1 yr return

1.7%

3 Yr Avg Return

-1.8%

5 Yr Avg Return

N/A

Net Assets

$196 M

Holdings in Top 10

19.4%

52 WEEK LOW AND HIGH

$8.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.50%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

$250,000

IRA

$250,000

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/23/2024

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 Core Bond Fund

MBOIX | Fund

$8.83

$196 M

3.29%

$0.29

0.50%

MBOIX - Profile

Distributions

  • YTD Total Return 1.3%
  • 3 Yr Annualized Total Return -1.8%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.57%
DIVIDENDS
  • Dividend Yield 3.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Madison Core Bond Fund
  • Fund Family Name
    MADISONMUT
  • Inception Date
    Feb 28, 2022
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael Sanders

Fund Description

Under normal market conditions, the Fund invests at least 80% of its net assets (including borrowings for investment purposes) in bonds. To keep current income relatively stable and to limit share price volatility, the Fund emphasizes investment grade securities and maintains an intermediate (typically 3-7 year) average portfolio duration, with the goal of being between 85-115% of the market benchmark duration (for this purpose, the benchmark used is Bloomberg U.S. Aggregate BondIndex, the duration of which as of December 31, 2023 was 6.01 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%.
The Fund is managed so that, under normal market conditions, the weighted average life of the Fund will be 10 years or less. The weighted average life of the Fund as of December 31, 2023 was 8.67 years. The Fund strives to add incremental return in the portfolio by making strategic decisions relating to credit risk, sector exposure and yield curve positioning. The Fund generally holds 100-500 individual securities in its portfolio at any given time and may invest in the following instruments:
•    Corporate debt securities: securities issued by domestic and foreign (including emerging market) corporations which have a rating within the four highest categories and, to a limited extent (up to 20% of its assets), in securities not rated within the four highest categories (i.e., “junk bonds”). The Fund’s investment adviser, Madison Asset Management, LLC (“Madison”), will only invest in lower-grade securities when it believes that the creditworthiness of the issuer is stable or improving, and when the potential return of investing in such securities justifies the higher level of risk;
• U.S. Government debt securities: securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities;
•    Foreign government debt securities: securities issued or guaranteed by a foreign (including emerging market) government or its agencies or instrumentalities, payable in U.S. dollars, which have a rating within the four highest categories;
•    Non-rated debt securities:securities issued or guaranteed by corporations, financial institutions, and others which, although not rated by a national rating service, are considered by Madison to have an investment quality equivalent to those categories in which the Fund is permitted to invest (including up to 20% of the Fund’s assets in junk bonds); and
•    Asset-backed, mortgage-backed and commercial mortgage-backed securities: securities issued or guaranteed by special purpose corporations and financial institutions that represent direct or indirect participation in, or are collateralized by, an underlying pool of assets. The types of assets that can be “securitized” include, among others, residential or commercial mortgages, credit card receivables, automobile loans, and other assets.
Madison may alter the composition of the Fund with regard to quality and maturity and may sell securities prior to maturity. Under normal market conditions, however, turnover for the Fund is generally not expected to exceed 100%. Sales of fund securities may result in capital gains. This can occur any time Madison sells a bond at a price that was higher than the purchase price, even if Madison does not engage in active or frequent trading. Madison’s intent when it sells bonds is to “lock in” any gains already achieved by that investment or, alternatively, prevent additional or potential losses that could occur if Madison continued to hold the bond. Turnover may also occur when Madison finds an investment that could generate a higher return than the investment currently held. However, increasing portfolio turnover at a time when Madison’s assessment of market performance is incorrect could lower investment performance. The Fund pays implied brokerage commissions when it purchases or sells bonds, which is the difference between the bid and ask price. As a result, as portfolio turnover increases, the cumulative effect of this may hurt Fund performance. Under normal market conditions, the Fund will not engage in active or frequent trading of its bonds. However, it is possible that Madison will determine that market conditions require a significant change to the composition of the Fund’s portfolio. For example, if interest rates begin to rise, Madison may attempt to sell bonds in anticipation of further rate increases before they lose more value. Also, if the Fund experiences large swings in shareholder purchases and redemptions, Madison may be required to sell bonds more frequently in order to generate the cash needed to pay redeeming shareholders. Under these circumstances, the Fund could make a taxable capital gain distribution.
Madison reserves the right to invest a portion of the Fund’s assets in short-term debt securities (i.e., those with maturities of one year or less) and to maintain a portion of fund assets in uninvested cash. However, Madison does not intend to hold more than 35% of the Fund’s assets in such investments, unless Madison determines that market conditions warrant a temporary defensive investment position. Under such circumstances, up to 100% of the Fund may be so invested. To the extent the Fund engages in this temporary defensive position, the Fund’s ability to achieve its investment objective may be diminished. Short-term investments may include investment grade certificates of deposit, commercial paper and repurchase agreements. Madison might hold substantial cash reserves in seeking to reduce the Fund’s exposure to bond price depreciation during a period of rising interest rates and to maintain desired liquidity while awaiting more attractive investment conditions in the bond market.
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.
Read More

MBOIX - Performance

Return Ranking - Trailing

Period MBOIX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.3% -7.8% 11.6% 61.83%
1 Yr 1.7% -7.5% 11.7% 56.74%
3 Yr -1.8%* -11.0% 27.4% 21.86%
5 Yr N/A* -7.6% 58.4% 50.56%
10 Yr N/A* -3.0% 73.8% 85.52%

* Annualized

Return Ranking - Calendar

Period MBOIX Return Category Return Low Category Return High Rank in Category (%)
2023 2.6% -16.2% 8.1% 25.68%
2022 -14.4% -34.7% 131.9% 13.09%
2021 N/A -11.6% 4.4% N/A
2020 N/A -9.9% 946.1% N/A
2019 N/A -1.7% 16.9% N/A

Total Return Ranking - Trailing

Period MBOIX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.3% -7.8% 11.6% 61.83%
1 Yr 1.7% -7.5% 11.7% 56.74%
3 Yr -1.8%* -11.0% 27.4% 21.86%
5 Yr N/A* -7.6% 58.4% 45.94%
10 Yr N/A* -3.0% 73.8% 82.14%

* Annualized

Total Return Ranking - Calendar

Period MBOIX Return Category Return Low Category Return High Rank in Category (%)
2023 5.9% -11.3% 11.9% 53.43%
2022 -12.5% -32.2% 131.9% 19.04%
2021 N/A -9.4% 9.2% N/A
2020 N/A -1.9% 1009.0% N/A
2019 N/A 1.1% 21668.0% N/A

NAV & Total Return History

MBOIX - Holdings

Concentration Analysis

MBOIX Category Low Category High MBOIX % Rank
Net Assets 196 M 2.9 M 314 B 81.97%
Number of Holdings 371 1 17880 74.04%
Net Assets in Top 10 38.1 M 1.62 M 35.1 B 85.77%
Weighting of Top 10 19.44% 4.7% 3984.6% 64.75%

Top 10 Holdings

  1. U.S. Treasury Notes 2.80%
  2. U.S. Treasury Notes 2.47%
  3. U.S. Treasury Notes 2.16%
  4. U.S. Treasury Notes 2.01%
  5. U.S. Treasury Bonds 1.98%
  6. State Street Institutional US Government Money Market Fund 1.85%
  7. U.S. Treasury Notes 1.68%
  8. Federal National Mortgage Association 1.55%
  9. Federal Home Loan Mortgage Corp. 1.48%
  10. U.S. Treasury Notes 1.47%

Asset Allocation

Weighting Return Low Return High MBOIX % Rank
Bonds 		94.23% 0.00% 9231.88% 53.68%
Other 		3.48% -27.25% 1695.17% 54.10%
Cash 		2.42% -54.51% 237.69% 55.97%
Convertible Bonds 		0.41% 0.00% 7.93% 83.26%
Stocks 		0.00% 0.00% 99.98% 88.50%
Preferred Stocks 		0.00% 0.00% 72.34% 86.81%

Bond Sector Breakdown

Weighting Return Low Return High MBOIX % Rank
Government 		35.82% 0.00% 86.23% 27.82%
Corporate 		32.53% 0.00% 100.00% 43.41%
Securitized 		29.89% 0.00% 98.40% 48.33%
Cash & Equivalents 		2.42% 0.00% 237.69% 52.02%
Derivative 		0.00% -6.56% 43.84% 55.45%
Municipal 		0.00% 0.00% 100.00% 94.67%

Bond Geographic Breakdown

Weighting Return Low Return High MBOIX % Rank
US 		94.23% 0.00% 9042.62% 48.39%
Non US 		0.00% 0.00% 189.26% 89.51%

MBOIX - Expenses

Operational Fees

MBOIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.50% 0.01% 39.64% 72.10%
Management Fee 0.39% 0.00% 1.76% 60.76%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.10% 0.01% 0.50% 61.01%

Sales Fees

MBOIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

MBOIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 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.

MBOIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 2.00% 493.39% 8.24%

MBOIX - Distributions

Dividend Yield Analysis

MBOIX Category Low Category High MBOIX % Rank
Dividend Yield 3.29% 0.00% 10.11% 69.12%

Dividend Distribution Analysis

MBOIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly SemiAnnual Monthly Quarterly

Net Income Ratio Analysis

MBOIX Category Low Category High MBOIX % Rank
Net Income Ratio 1.57% -1.28% 4.79% 58.60%

Capital Gain Distribution Analysis

MBOIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

MBOIX - Fund Manager Analysis

Managers

Michael Sanders

Start Date

Tenure

Tenure Rank

Sep 23, 2016

5.69

5.7%

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.

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 33.43 6.77 1.16

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