- International Stock Fund
Fund Objective
The International Stock Fund seeks long-term growth of capital.
Investment Strategies
The International Stock Fund invests at least 80% of its assets in the stock of foreign companies, whose principal operations are located outside the U.S., or that is organized outside the U.S., whose securities are principally traded outside of the U.S., and/or whose securities are quoted or denominated in a foreign currency. The Fund usually holds securities of issuers located in at least three countries other than the U.S. and generally holds 40-70 individual securities in its portfolio at any given time. Typically, a majority of the Fund’s assets are invested in relatively large capitalization stocks of issuers located or operating in developed countries. The Fund may also invest up to 30% of its assets in securities of companies whose principal business activities are located in emerging market countries. Madison typically maintains this segment of the Fund’s portfolio in such stocks that it believes have a low market price relative to their perceived fair value based on fundamental analysis of the issuing company and its prospects. It may also invest in foreign debt and other income bearing securities at times when it believes that income bearing securities have greater capital appreciation potential than equity securities.
Quarterly Materials
Key Highlights
(as of Tuesday February 07, 2023) | ||
Class A | Class Y | |
Daily Price | 8.81 | 8.72 |
Ticker Symbol | MINAX | MINYX |
Inception Date | 12/29/97 |
06/30/06 |
Expense Ratio | 1.61 |
1.36 |
Links to other Madison Funds information:
Daily Price Summary
Performance Summary (PDF)
Prospectus and Financial Reports
Account Applications and Forms
Tax Information
Portfolio Management

Thomas Tibbles, CFA
Tom serves as portfolio manager and multi-sector analyst on the Madison International Equity Team. Prior to joining Madison in 2014, Tom led the Global Equity Team at Hansberger Global Investors, in Toronto. Tom was an initial founder of the International Equity Team in 1996 when at Indago Capital Management, an affiliate of Canada Life. Tom holds a Bachelor of Commerce degree with distinction from the University of Toronto, Trinity College. While attending the University of Toronto, he was awarded the Martin R. Lindsay Scholarship for performance in advanced finance and a Trinity College Scholarship for overall performance. He is a CFA® charterholder and a member of the CFA Society Toronto.

Patrick Tan
Patrick is a portfolio manager and analyst on the Madison International Equity Team and is responsible for multi-sector coverage. Prior to joining Madison in 2014, Patrick was part of the Global Equity Team at Hansberger Global Investors. Patrick was an initial founder of the International Equity Team in 1996 when at Indago Capital Management, an affiliate of Canada Life. As an equity analyst, Patrick is responsible for analysis for the international equity portfolios. Previously, he was involved in quantitative analysis of portfolios, program trading, research technology, database management and performance measurement. He holds a Bachelor of Arts degree in Commerce and Economics from the University of Toronto.

Alyssa Rudakas, CFA
Alyssa is a portfolio manager and analyst on the Madison International Equity Team and is responsible for multi-sector coverage. She joined the International Equity Team in 2011 as a research associate at Hansberger Global Investors, prior to joining Madison in 2014. Alyssa began her career at Dundee Securities Corporation where she worked as a licensed sales assistant. She holds a Bachelor of Commerce degree from the University of Calgary. She is a CFA® charterholder and a member of the CFA Society Toronto.
Portfolio Highlights
Top Ten Fund Holdings | |
(as of December 31, 2022) | |
LARSEN + TOUBRO GDR REG S | 3.3% |
SHELL PLC | 3.1% |
HDFC BANK LTD ADR | 3.0% |
PING AN INSURANCE GROUP CO H | 2.6% |
TENCENT HOLDINGS LTD | 2.5% |
AIRBUS SE | 2.5% |
ASTRAZENECA PLC | 2.4% |
CAMECO CORP | 2.2% |
SONY GROUP CORP | 2.2% |
DBS GROUP HOLDINGS LTD | 2.1% |
% of Fund in Top Ten Securities | 25.9% |
Net Assets (as of 12/31/22) | $12.5 Million |
Turnover (as of 10/31/22) | 31% |