• 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 foreign equity securities. The fund invests primarily in relatively large capitalization stocks of issuers located or operating in developed countries. The subadviser typically maintains the fund's portfolio in stocks which it believes have a low market price relative to their perceived value based on fundamental analysis of the issuing company and its prospects. This is sometimes referred to as a "value" approach. 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

Quarterly Fact Sheet

Key Highlights

(as of Thursday January 23, 2020)
  Class A Class B Class Y
Daily Price 13.28 12.95 13.25
Ticker Symbol MINAX MINBX MINYX
Inception Date 12/29/97 12/29/97

06/30/06
Expense Ratio 1.60 2.35

1.35

Links to other Madison Funds information:
Daily Price Summary
Performance Summary (PDF)
Prospectus and Financial Reports
Account Applications and Forms
Tax Information

Portfolio Management


The investment adviser to the fund is Madison Asset Management, LLC (“Madison”). Madison has delegated the day-to-day responsibility of managing the fund to Lazard Asset Management LLC (“Lazard”).
The members of the investment team are:
John Reinsberg (Deputy Chairman of Lazard), Michael Bennett, CPA (Managing Director and Portfolio Manager of Lazard), Michael Fry (Managing Director and Portfolio Manager Of Lazard), and Michael Powers (Managing Director and Portfolio Manager of Lazard) co-manage the fund. Messrs. Reinsberg and Bennett have co-managed the fund since its inception, and Mr. Fry joined the team in 2002 while Mr. Powers joined the team in 2005.

Portfolio Highlights

Top Ten Fund Holdings
(as of December 31, 2019)
SAP SE3.2%
NOVARTIS AG REG3.1%
MEDTRONIC PLC3.0%
ROYAL DUTCH SHELL PLC A SHS2.9%
SANOFI2.7%
RELX PLC2.6%
VOLKSWAGEN AG PREF2.6%
SAMSUNG ELECTRONICS CO LTD2.5%
SAFRAN SA2.4%
ASSA ABLOY AB B2.2%
% of Fund in Top Ten Securities27.2%
 
Net Assets (as of 12/31/19) $19.5 Million
Turnover (as of 10/31/19) 37%


Complete Holdings List

International securities have additional risks. Please see prospectus for further details.