Investment Strategy

The Fund pursues its objective of long-term capital appreciation by investing in common stocks, securities convertible into common stocks, and related equity securities of mid-size and smaller companies whose market capitalization typically ranges from $500 million to $70 billion. 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.

Why Madison Mid Cap Fund

  • High-quality, concentrated portfolio of 25-40 stocks with high active share.
  • All-weather portfolio that focuses on risk management and downside protection.
  • Bias toward strong franchises and owner/operators.
  • Long-tenured management.

Key Highlights (As of Friday May 24, 2024)

Class A

Class Y

Class I

Class R6

NAV

15.37

16.69

16.73

17.20

Change($)

0.15

0.16

0.17

0.17

YTD(%)

6.29%

6.44%

6.56%

6.57%

Ticker

MERAX

GTSGX

MDCIX

MMCRX

Inception Date

04/19/13

07/21/83

08/31/20

02/29/12

Expense Ratio

1.39

0.94

0.84

0.76

Morningstar Overall
Rating™ as of 04/30/24

Among 394 Mid-Cap Blend funds

View ratings for 3, 5 and 10-year periods

95%

active share1,2

$32.5B

weighted avg. market cap1,3

29

holdings1

$1,378 M

net assets1

Commentary

In their quarterly investment strategy letter, portfolio managers Rich Eisinger, Haruki Toyama, and Andy Romanowich discuss the themes impacting the portfolio, top and bottom contributors to performance, and portfolio activity for the quarter.

Performance

Average annual returns, %

Portfolio Highlights

Top Ten Fund Holdings (As of 04/30/24)

ARCH CAPITAL GROUP LTD

7.99%

COPART INC

4.59%

GARTNER INC

6.72%

DOLLAR TREE INC

4.50%

ROSS STORES INC

5.83%

BROWN + BROWN INC

4.47%

ARISTA NETWORKS INC

5.03%

PACCAR INC

4.23%

CARLISLE COS INC

4.84%

CDW CORP/DE

3.47%

The Morningstar Rating™ for funds, or “star rating”, is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics, and may not indicate positive performance.  Ratings may vary by share class.

1 Data as of March 31, 2024.

2 Active share compares the Fund’s portfolio holdings against those of its benchmark. When the two diverge, the difference is credited to active share. Active Share can range from 0% for an index fund that perfectly mirrors its benchmark to 100% for a portfolio with no overlap with an index.

3 The weighted average market cap represents the average size of the companies in which the Fund invests. Market capitalization is calculated by number of a company’s shares outstanding times its price per share.

Performance quoted represents past performance. Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than that shown.

Net Asset Value (NAV) is the amount per share you would receive if you sold shares that day. Change refers to the amount (in dollar terms) that the value of the share price changed from the previous day’s close of trading. The Year-to-date (YTD) return is the net change in the value of the fund’s share price (in percentage terms) at NAV from January 1 to the current date shown above. Expense ratios are as of each fund’s most recent prospectus.  For more detailed information on performance, including returns for the most recent month-end or quarter-end, view Performance.

Investment returns assume all distributions are reinvested and reflect all applicable fees and expenses. Benchmark index returns assume all distributions are reinvested. Indexes are unmanaged and, therefore, have no fees. Investors cannot invest directly in an index.

An investment in the Fund is subject to risk and there can be no assurance the Fund will achieve its investment objective.  The risks associated with an investment in the Fund can increase during times of significant market volatility. Investments in midsize companies may entail greater risks than investments in larger, more established companies. Midsize companies tend to have narrower product lines, fewer financial resources, and a more limited trading market for their securities, as compared to larger companies. They may also experience greater price volatility than securities of larger capitalization companies because growth prospects for these companies may be less certain and the market for such securities may be smaller. Some midsize companies may not have established financial histories; may have limited product lines, markets, or financial resources; may depend on a few key personnel for management; and may be susceptible to losses and risks of bankruptcy.  More detailed information regarding these risks can be found in the Fund’s prospectus.

Russell Midcap® Index is a mid-cap market index which measures the performance of the mid-cap segment of the U.S. equity universe.

Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group.

© 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.