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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 Mid Cap Fd USD Cls A

MERAX | Fund

$15.83

$671 M

1.10%

$0.17

1.39%

Vitals

YTD Return

9.5%

1 yr return

21.4%

3 Yr Avg Return

7.0%

5 Yr Avg Return

10.6%

Net Assets

$671 M

Holdings in Top 10

48.1%

52 WEEK LOW AND HIGH

$15.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.39%

SALES FEES

Front Load 5.75%

Deferred Load N/A

TRADING FEES

Turnover 24.00%

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 Mid Cap Fd USD Cls A

MERAX | Fund

$15.83

$671 M

1.10%

$0.17

1.39%

MERAX - Profile

Distributions

  • YTD Total Return 9.5%
  • 3 Yr Annualized Total Return 7.0%
  • 5 Yr Annualized Total Return 10.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.50%
DIVIDENDS
  • Dividend Yield 1.1%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name
    Madison Funds - Madison Mid Cap Fd 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
    Rich Eisinger

Fund Description

The Fund invests generally in common stocks, securities convertible into common stocks and related equity securities of “midsize” companies (for this purpose, “midsize” is defined as those companies with market capitalization of between $500 million and $50 billion). Under normal market conditions, the Fund will maintain at least 80% of its net assets (including borrowings for investment purposes) in such mid cap securities. The Fund may also invest up to 25% of its assets in foreign securities (including American Depositary Receipts ("ADRs") and emerging market securities). As a non-principal investment strategy, the Fund may also invest in exchange traded funds (“ETFs”) that are registered investment companies, warrants, preferred stocks and debt securities, including non-investment grade convertible debt securities. The Fund generally holds 25-40 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 seeks attractive long-term returns through bottom-up security selection based on fundamental analysis in a diversified portfolio of high-quality companies with attractive valuations. These will typically be industry leading companies in niches with strong growth prospects. The Fund’s portfolio managers believe in selecting stocks for the Fund that show steady, sustainable growth and reasonable valuation.
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 the stock has been achieved or exceeded, (ii) the fundamental business prospects for the company have materially changed, or (iii) Madison finds a more attractive alternative.
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.
Read More

MERAX - Performance

Return Ranking - Trailing

Period MERAX Return Category Return Low Category Return High Rank in Category (%)
YTD 9.5% -12.7% 37.7% 85.99%
1 Yr 21.4% -0.7% 49.8% 87.39%
3 Yr 7.0%* -22.6% 20.7% 9.94%
5 Yr 10.6%* -0.9% 24.6% 42.68%
10 Yr 11.1%* 2.6% 13.3% 4.67%

* Annualized

Return Ranking - Calendar

Period MERAX Return Category Return Low Category Return High Rank in Category (%)
2023 24.3% -12.9% 28.8% 5.07%
2022 -15.7% -52.6% 20.1% 26.14%
2021 20.1% -43.8% 32.4% 24.64%
2020 5.1% -10.6% 82.1% 78.68%
2019 27.8% -8.5% 37.5% 15.61%

Total Return Ranking - Trailing

Period MERAX Return Category Return Low Category Return High Rank in Category (%)
YTD 9.5% -12.7% 37.7% 85.99%
1 Yr 21.4% -0.7% 49.8% 87.39%
3 Yr 7.0%* -22.6% 20.7% 9.94%
5 Yr 10.6%* -0.9% 24.6% 42.68%
10 Yr 11.1%* 2.6% 13.3% 4.67%

* Annualized

Total Return Ranking - Calendar

Period MERAX Return Category Return Low Category Return High Rank in Category (%)
2023 25.8% 1.2% 31.3% 6.20%
2022 -13.9% -45.7% 21.1% 42.90%
2021 25.7% -30.2% 52.8% 36.52%
2020 9.0% -8.4% 84.3% 75.68%
2019 32.9% 1.0% 43.4% 10.83%

NAV & Total Return History

MERAX - Holdings

Concentration Analysis

MERAX Category Low Category High MERAX % Rank
Net Assets 671 M 728 K 168 B 43.42%
Number of Holdings 32 1 2780 91.60%
Net Assets in Top 10 328 M 399 K 13.2 B 22.69%
Weighting of Top 10 48.12% 0.5% 100.0% 12.08%

Top 10 Holdings

  1. Arch Capital Group Ltd 6.83%
  2. Dollar Tree Inc 5.28%
  3. Gartner Inc 4.91%
  4. Liberty Broadband Corp C 4.70%
  5. Progressive Corp 4.63%
  6. Brown & Brown Inc 4.32%
  7. HD Supply Holdings Inc 4.19%
  8. Ross Stores Inc 4.08%
  9. CarMax Inc 4.01%
  10. Carlisle Companies Inc 3.97%

Asset Allocation

Weighting Return Low Return High MERAX % Rank
Stocks 		98.14% 0.86% 100.67% 63.87%
Cash 		1.86% 0.00% 99.07% 39.22%
Preferred Stocks 		0.00% 0.00% 11.46% 70.87%
Other 		0.00% -0.01% 51.08% 78.15%
Convertible Bonds 		0.00% 0.00% 1.78% 70.87%
Bonds 		0.00% 0.00% 72.71% 73.67%

Stock Sector Breakdown

Weighting Return Low Return High MERAX % Rank
Financial Services 		30.27% 0.00% 46.10% 1.12%
Technology 		24.51% 0.00% 40.65% 7.30%
Consumer Cyclical 		16.41% 2.49% 46.48% 12.64%
Industrials 		11.06% 0.00% 45.89% 89.33%
Communication Services 		7.35% 0.00% 30.98% 6.74%
Consumer Defense 		6.39% 0.00% 32.18% 16.57%
Healthcare 		3.99% 0.00% 24.06% 94.66%
Utilities 		0.00% 0.00% 18.97% 95.51%
Real Estate 		0.00% 0.00% 25.82% 96.35%
Energy 		0.00% 0.00% 58.13% 95.79%
Basic Materials 		0.00% 0.00% 16.35% 99.16%

Stock Geographic Breakdown

Weighting Return Low Return High MERAX % Rank
US 		92.95% 0.86% 100.25% 92.72%
Non US 		5.19% 0.00% 10.11% 2.24%

MERAX - Expenses

Operational Fees

MERAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.39% 0.03% 19.40% 24.51%
Management Fee 0.74% 0.00% 1.50% 62.82%
12b-1 Fee 0.25% 0.00% 1.00% 56.55%
Administrative Fee 0.20% 0.01% 0.30% 79.25%

Sales Fees

MERAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 5.75% 3.50% 5.75% 38.10%
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

MERAX 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.

MERAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 24.00% 0.00% 304.00% 25.47%

MERAX - Distributions

Dividend Yield Analysis

MERAX Category Low Category High MERAX % Rank
Dividend Yield 1.10% 0.00% 29.78% 47.90%

Dividend Distribution Analysis

MERAX Category Low Category High Category Mod
Dividend Distribution Frequency Annually Annual Quarterly Annual

Net Income Ratio Analysis

MERAX Category Low Category High MERAX % Rank
Net Income Ratio -0.50% -2.06% 3.38% 89.30%

Capital Gain Distribution Analysis

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

Distributions History

View More +

MERAX - Fund Manager Analysis

Managers

Rich Eisinger

Start Date

Tenure

Tenure Rank

Jan 01, 1998

24.43

24.4%

Rich serves as a mid-cap and large cap portfolio manager and analyst on Madison’s U.S. Equity Team. He is one of the Principals at Madison Investments and is Co-Head of Investments with a focus on the firm’s Equity Teams. He started in the financial services industry in 1994 and joined Madison in 1997. Rich is also a member of the firm’s Executive and Investment Risk Management Committees as well as the Board of Directors. He earned his J.D. from the University of Louisville and his MBA from Cornell University.

Haruki Toyama

Start Date

Tenure

Tenure Rank

Feb 28, 2015

7.26

7.3%

Haruki serves as a portfolio manager for Madison’s mid-cap strategies and is an equity analyst for Madison’s U.S. Equity Team. Haruki has been working in the financial industry since 1994 and joined Madison in 2014. He earned his B.A. in music and economics from Brown University and MBA from Cornell University.

Andy Romanowich

Start Date

Tenure

Tenure Rank

Feb 28, 2019

3.25

3.3%

Mr. Romanowich, Vice President and Portfolio Manager, has co-managed the Fund since May 2019. Mr. Romanowich has been a member of the Madison equity team since joining the firm in 2009 and has worked in the financial services industry since 2004.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.25 38.44 7.29 5.78

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