• Small Cap Fund

Fund Objective

The Small Cap Fund seeks long-term capital appreciation.

Investment Strategies

Madison focuses on core growth strategies through bottom-up fundamental research analysis to identify stocks of businesses that are selling at what it believes are substantial discounts to prices that accurately reflect their future earnings prospects. Madison conducts extensive research on each prospective investment using a five pillar analysis process to evaluate companies as potential investments for the portfolio. Investments that meet most of the criteria are added to a list of similar companies to be monitored by Madison.  Companies meeting all five pillars may be added to the portfolio. The five pillars of the analysis are: (1) strong business traits, (2) defendable market niche, (3) attractive growth potential, (4) capable management, and (5) discount to private market value.

Key Highlights

(as of Wednesday September 28, 2022)
  Class A Class Y Class I Class R6
Daily Price 8.88 9.00 9.01 9.01
Ticker Symbol MASMX BVAOX MSCIX MSCRX
Inception Date 8/31/2019 12/16/96 2/26/2021 2/28/2022
Expense Ratio 1.35 1.10 1.00 0.92


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

Form 8937 – Small Cap Fund Reorganization 8/29/2019​

Portfolio Management


Faraz Farzam, CFA®

Aaron J. Garcia, CFA®

Portfolio Highlights

Top Ten Fund Holdings
(as of August 31, 2022)
WILLSCOT MOBILE MINI HOLDING5.4%
COMMVAULT SYSTEMS INC3.1%
ENCOMPASS HEALTH CORP3.0%
ENTEGRIS INC3.0%
CARLISLE COS INC2.8%
BOX INC CLASS A2.7%
PTC INC2.5%
EDGEWELL PERSONAL CARE CO2.5%
MODEL N INC2.4%
CIENA CORP2.3%
% of Fund in Top Ten Securities29.7%
 
Net Assets (as of 6/30/22) $188.4 Million
Turnover (audited as of 10/31/21) 44%

 

Complete Holdings List