Small Cap Fund
A high-quality, concentrated small cap core portfolio of industry-leading companies with strong growth prospects.
Investment Strategy
The Fund pursues its objective of long-term capital appreciation by investing primarily in a diversified mix of common stocks of small cap U.S. companies (market capitalizations of $100 million to $15 billion). The Fund’s portfolio managers focus on core growth companies that, through bottom-up fundamental research analysis, they believe to be undervalued by various measures and offer sound prospects for capital appreciation.
Portfolio Management
Why Madison Small Cap Fund
- Private market value (PMV) framework guides bottom-up security selection and helps limit downside risk.
- High active share with a focused list of holdings.
- Room to grow in a capacity-constrained asset class.
- Long-tenured management.
Key Highlights (As of Tuesday April 15, 2025)
Class A | Class Y | Class I | Class R6 |
|
NAV($) |
9.47 | 9.69 | 9.71 | 9.73 |
Change($) |
-0.03 | -0.02 | -0.03 | -0.03 |
YTD(%) |
-14.45% | -14.32% | -14.30% | -14.35% |
Ticker |
MASMX | BVAOX | MSCIX | MSCRX |
Inception Date |
08/31/19 | 12/16/96 | 02/26/21 | 02/28/22 |
Expense Ratio |
1.35 | 1.10 | 1.00 | 0.92 |
|
Morningstar Overall Among 582 Small Blend funds |
$6.1B
weighted avg. market cap1,2
25
Average years of PM industry experience1
44
holdings1
$167.7M
net assets1
Commentary
The first quarter of 2025 brought new challenges to the market and the global economy. After a solid 2024, we were certainly attenuated to a pullback in the market. Concerns over tariffs and the expected economic uncertainty turned into a full correction with all major indexes down for the quarter. We think this pullback will provide our investors with a range of opportunities.
Performance
| Period | BVAOX – Class Y | Russell 2000 TR USD | Russell 2500 TR USD |
|---|---|---|---|
| 1Yr | -0.42% | -4.01% | -3.11% |
| 3Yr | 1.71% | 0.52% | 1.78% |
| 5Yr | 15.26% | 13.27% | 14.91% |
| 10Yr | 6.07% | 6.30% | 7.46% |
| Since Inception | 12.29% | % | 9.16% |
| Period | BVAOX – Class Y | Russell 2000 TR USD | Russell 2500 TR USD |
|---|---|---|---|
| 1Yr | -0.42% | -4.01% | -3.11% |
| 3Yr | 1.71% | 0.52% | 1.78% |
| 5Yr | 15.26% | 13.27% | 14.91% |
| 10Yr | 6.07% | 6.30% | 7.46% |
| Since Inception | 12.29% | 7.80% | 9.16% |
Average annual returns, %
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.
Portfolio Highlights
Top Ten Fund Holdings (As of 03/31/25)
ENCOMPASS HEALTH CORP |
4.33% |
HEALTHEQUITY INC |
3.17% |
CORE + MAIN INC CLASS A |
3.48% |
SCOTTS MIRACLE GRO CO |
3.15% |
SIMPLY GOOD FOODS CO/THE |
3.26% |
PRIMO BRANDS CORP |
3.10% |
AXIS CAPITAL HOLDINGS LTD |
3.22% |
BOX INC CLASS A |
3.05% |
OPTION CARE HEALTH INC |
3.18% |
CARLISLE COS INC |
3.02% |
Documents and Other Information
| Fact sheet | |
| Investment Strategy letter | |
| Summary Prospectus | |
| Complete Holding List | |
| Form 8937 - Small Cap Fund Reorganization 8/29/2019 | |
| Tax Center |
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, 2025.
2 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.
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.
Investment returns reflect fee waivers without which they would have been lower and net expenses higher. The investment adviser waived 0.04% of its annual services fee from August 31, 2019 until February 27, 2021.
Performance data presented for all periods prior to August 31, 2019, for the Class Y shares of Small Cap Fund (the “Fund”) represents the performance of the Broadview Opportunity Fund (the “Predecessor Fund”) which was the accounting survivor of its reorganization into the Class Y shares of the Fund. The performance presented for periods prior to November 29, 2013, represents the performance of the FMI Focus Fund (the “FMI Fund”) which merged into the Predecessor Fund on November 29, 2013. Prior to November 29, 2013, the adviser of the Predecessor Fund served as sub-adviser of the FMI Fund which had the same investment objective and substantially similar investment strategies as the Predecessor Fund.
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 2000® Index is a small-cap market index which measures the performance of the smallest 2,000 companies in the Russell 3000® Index.
Russell 2500™ Index is a broad index, featuring 2,500 stocks that cover the small- and mid-cap market capitalizations 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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