Mid Cap Fund
A high-quality, concentrated mid cap portfolio of industry-leading companies with strong growth prospects.
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 $50 billion. The Fund seeks attractive long-term returns through bottom-up security selection based on fundamental analysis in a diversified portfolio of high-quality companies with attractive valuations.
Portfolio Management
Why Madison Mid Cap Fund
- High-quality, concentrated portfolio of 25-40 stocks with high active share.
- All-weather portfolio that focuses on risk management and downside protection.
- Bias toward strong franchises and owner/operators.
- Long-tenured management.
Key Highlights (As of Wednesday December 06, 2023)
Class A | Class Y | Class I | Class R6 |
|
NAV |
13.91 | 15.08 | 15.12 | 15.55 |
Change($) |
-0.02 | -0.02 | -0.01 | -0.02 |
YTD(%) |
19.60% | 20.16% | 20.29% | 20.26% |
Ticker |
MERAX | GTSGX | MDCIX | MMCRX |
Inception Date |
04/19/13 | 07/21/83 | 08/31/20 | 02/29/12 |
Expense Ratio |
1.40 | 0.95 | 0.85 | 0.77 |
|
Morningstar Overall Among 385 Mid-Cap Blend funds |
95%
active share1,2
$27.1B
weighted avg. market cap1,3
31
holdings1
$818.4M
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 10/31/23)
ARCH CAPITAL GROUP LTD |
8.26% |
BROWN + BROWN INC |
4.53% |
GARTNER INC |
5.77% |
COPART INC |
4.27% |
ROSS STORES INC |
5.49% |
PACCAR INC |
4.26% |
CARLISLE COS INC |
4.86% |
DOLLAR TREE INC |
4.22% |
ARISTA NETWORKS INC |
4.57% |
LIBERTY BROADBAND C |
3.79% |
Documents and Other Information
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 September 30, 2023.
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. The principal risks of investing in the Fund include mid cap risk, equity risk, growth and value risks, capital gains realization risks to taxpaying shareholders, foreign security and emerging market risk, depository receipt risk, and market risk. Investing in small, mid-size or emerging companies involves greater risks not associated with investing in more established companies, such as business risk, significant stock price fluctuations and illiquidity. 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.
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