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Madison Funds - Madison International Stock Fund USD Cls A
mutual fund
MINAX
Payout Change
Pending
Price as of:
$9.56
+0.04
+0.42%
primary theme
International Large-Cap Blend Equity
MINAX (Mutual Fund)
Madison Funds - Madison International Stock Fund USD Cls A
Payout Change
Pending
Price as of:
$9.56
+0.04
+0.42%
primary theme
International Large-Cap Blend Equity
MINAX (Mutual Fund)
Madison Funds - Madison International Stock Fund USD Cls A
Payout Change
Pending
Price as of:
$9.56
+0.04
+0.42%
primary theme
International Large-Cap Blend Equity
Name
As of 12/09/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
$9.56
$13.9 M
0.28%
$0.03
1.61%
Vitals
YTD Return
3.8%
1 yr return
9.5%
3 Yr Avg Return
-0.4%
5 Yr Avg Return
1.3%
Net Assets
$13.9 M
Holdings in Top 10
26.7%
52 WEEK LOW AND HIGH
$9.5
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.61%
SALES FEES
Front Load 5.75%
Deferred Load N/A
TRADING FEES
Turnover 120.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
$500
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/09/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
$9.56
$13.9 M
0.28%
$0.03
1.61%
MINAX - Profile
Distributions
- YTD Total Return 3.8%
- 3 Yr Annualized Total Return -0.4%
- 5 Yr Annualized Total Return 1.3%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.53%
- Dividend Yield 0.3%
- Dividend Distribution Frequency Annually
Fund Details
-
Legal NameMadison Funds - Madison International Stock Fund USD Cls A
-
Fund Family NameMadison Funds
-
Inception DateFeb 07, 2013
-
Shares OutstandingN/A
-
Share ClassOther
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerAlyssa Rudakas
Fund Description
Under normal market conditions, the Fund invests at least 80% of its net assets (including borrowings for investment purposes) in the stock of foreign companies. For this purpose, a foreign company is one 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 types of stocks that the Fund may invest in include common stocks, securities convertible into common stocks, preferred stocks, and other securities representing equity interests such as American Depositary Receipts (“ADRs”) (which represent an interest in the shares of a non-U.S. company that have been deposited with a U.S. bank, trade in U.S. dollars and clear through U.S. settlement systems, thus allowing the holder of an ADR to avoid having to transact in a foreign currency), European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and Swedish Depositary Receipts ("SDRs"). EDRs, GDRs and SDRs are receipts evidencing an arrangement with a non-U.S. financial institution similar to that for ADRs and are designed for use in non-U.S. securities markets.
The Fund may also invest in debt securities, foreign money market instruments, and other income bearing securities as well as forward foreign currency exchange contracts and other derivative securities and contracts. 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. Such securities are those issued by companies located in countries included in the Morgan Stanley Capital International All Country World Index ex USA (“MSCI ACWI ex USA”) Index.
The Fund may also invest up to 40% of its assets in securities of companies whose principal business activities are located in emerging market countries; however, the Fund’s exposure will typically be limited to within +/- 10% relative to the benchmark (for this purpose, the benchmark used is the MSCI ACWI ex USA Index, which as of December 31, 2022, had 28.4% of its assets invested in emerging market securities). The growth style of equity management used by the Fund's investment adviser, Madison Asset Management, LLC ("Madison"), emphasizes companies with sustainable competitive advantages, secular long-term cash flow growth, returns on invested capital above their cost of capital and the ability to manage for profitable growth that can create long-term value for shareholders. In general, the Fund seeks companies with the following characteristics, although not all of the companies selected will have these attributes:
•High secular growth.
•Superior profitability.
•Medium to large capitalizations, although there are no limitations on the size of the companies in which the Fund may invest.
In making investment decisions, Madison generally selects securities on the basis of fundamental company-by-company analysis. In choosing securities, Madison will typically focus on the market price of a company’s securities relative to its evaluation of the company’s long-term earnings and cash flow potential. In addition, a company’s valuation measures, including but not limited to price-to-earnings ratio and price-to-book ratio, will customarily be considered.
Although the Fund expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Fund may invest up to 100% in money market instruments. To the extent the Fund engages in this temporary defensive position, the Fund’s ability to achieve its investment objective may be diminished.
MINAX - Performance
Return Ranking - Trailing
| Period | MINAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 3.8% | -3.6% | 30.8% | 94.00% |
| 1 Yr | 9.5% | -1.8% | 40.3% | 91.31% |
| 3 Yr | -0.4%* | -13.5% | 48.0% | 93.32% |
| 5 Yr | 1.3%* | -34.2% | 75.0% | 98.81% |
| 10 Yr | 2.2%* | 1.2% | 32.5% | 99.21% |
* Annualized
Return Ranking - Calendar
| Period | MINAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 15.1% | -1.4% | 22.0% | 26.53% |
| 2022 | -18.5% | -43.6% | 71.3% | 57.12% |
| 2021 | -28.2% | -28.5% | 18.9% | 99.84% |
| 2020 | 3.5% | -90.1% | 992.1% | 88.80% |
| 2019 | 12.8% | -1.9% | 38.8% | 93.62% |
Total Return Ranking - Trailing
| Period | MINAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 3.8% | -3.6% | 30.8% | 94.00% |
| 1 Yr | 9.5% | -1.8% | 40.3% | 91.31% |
| 3 Yr | -0.4%* | -13.5% | 48.0% | 93.32% |
| 5 Yr | 1.3%* | -34.2% | 75.0% | 98.81% |
| 10 Yr | 2.2%* | 1.2% | 32.5% | 99.21% |
* Annualized
Total Return Ranking - Calendar
| Period | MINAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 15.5% | 3.2% | 23.8% | 63.27% |
| 2022 | -18.3% | -43.6% | 144.8% | 79.52% |
| 2021 | -1.7% | -22.6% | 56.0% | 98.86% |
| 2020 | 7.9% | -89.7% | 1010.8% | 70.57% |
| 2019 | 20.3% | 4.3% | 38.8% | 78.72% |
NAV & Total Return History
MINAX - Holdings
Concentration Analysis
| MINAX | Category Low | Category High | MINAX % Rank | |
|---|---|---|---|---|
| Net Assets | 13.9 M | 3.3 M | 425 B | 96.26% |
| Number of Holdings | 58 | 1 | 10481 | 76.91% |
| Net Assets in Top 10 | 3.12 M | 1.01 M | 47.5 B | 97.97% |
| Weighting of Top 10 | 26.66% | 4.6% | 147.7% | 38.46% |
Top 10 Holdings
- SAP SE 4.10%
- SAP SE 4.10%
- SAP SE 4.10%
- SAP SE 4.10%
- SAP SE 4.10%
- SAP SE 4.10%
- SAP SE 4.10%
- SAP SE 4.10%
- SAP SE 4.10%
- SAP SE 4.10%
Asset Allocation
| Weighting | Return Low | Return High | MINAX % Rank | |
|---|---|---|---|---|
| Stocks | 98.83% | 0.00% | 102.63% | 22.31% |
| Cash | 1.17% | 0.00% | 44.84% | 66.93% |
| Preferred Stocks | 0.00% | -0.05% | 6.89% | 81.28% |
| Other | 0.00% | -2.12% | 47.54% | 74.10% |
| Convertible Bonds | 0.00% | 0.00% | 4.18% | 59.47% |
| Bonds | 0.00% | 0.00% | 95.29% | 62.09% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | MINAX % Rank | |
|---|---|---|---|---|
| Financial Services | 19.45% | 0.00% | 47.75% | 33.12% |
| Technology | 18.58% | 0.00% | 36.32% | 3.68% |
| Consumer Defense | 12.35% | 0.00% | 32.29% | 16.00% |
| Industrials | 11.37% | 5.17% | 99.49% | 85.60% |
| Consumer Cyclical | 10.24% | 0.00% | 36.36% | 52.96% |
| Healthcare | 9.58% | 0.00% | 20.35% | 75.36% |
| Basic Materials | 7.53% | 0.00% | 23.86% | 65.12% |
| Energy | 5.69% | 0.00% | 16.89% | 30.72% |
| Communication Services | 5.10% | 0.00% | 21.69% | 73.60% |
| Utilities | 0.07% | 0.00% | 13.68% | 83.04% |
| Real Estate | 0.05% | 0.00% | 14.59% | 74.56% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | MINAX % Rank | |
|---|---|---|---|---|
| Non US | 97.50% | 0.00% | 99.44% | 13.10% |
| US | 1.33% | 0.00% | 102.01% | 76.13% |
MINAX - Expenses
Operational Fees
| MINAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.61% | 0.01% | 19.62% | 18.59% |
| Management Fee | 1.05% | 0.00% | 1.65% | 99.53% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 45.77% |
| Administrative Fee | 0.30% | 0.01% | 1.00% | 91.30% |
Sales Fees
| MINAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | 5.75% | 3.50% | 5.75% | 25.61% |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| MINAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| MINAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 120.00% | 2.00% | 247.00% | 93.15% |
MINAX - Distributions
Dividend Yield Analysis
| MINAX | Category Low | Category High | MINAX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.28% | 0.00% | 17.49% | 94.38% |
Dividend Distribution Analysis
| MINAX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annually | Annual | Quarterly | Annual |
Net Income Ratio Analysis
| MINAX | Category Low | Category High | MINAX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.53% | -0.93% | 6.38% | 88.96% |
Capital Gain Distribution Analysis
| MINAX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Semi-Monthly | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 26, 2023 | $0.027 | OrdinaryDividend |
| Dec 27, 2022 | $0.022 | OrdinaryDividend |
| Dec 28, 2021 | $3.626 | OrdinaryDividend |
| Dec 28, 2020 | $0.580 | OrdinaryDividend |
| Dec 27, 2019 | $0.194 | OrdinaryDividend |
| Dec 27, 2019 | $0.683 | CapitalGainLongTerm |
| Dec 26, 2018 | $0.375 | CapitalGainLongTerm |
| Dec 26, 2018 | $0.192 | OrdinaryDividend |
| Dec 28, 2017 | $0.120 | OrdinaryDividend |
| Dec 28, 2016 | $0.143 | OrdinaryDividend |
| Dec 29, 2015 | $0.109 | OrdinaryDividend |
| Dec 30, 2014 | $0.310 | OrdinaryDividend |
| Dec 27, 2013 | $0.105 | OrdinaryDividend |
MINAX - Fund Manager Analysis
Managers
Alyssa Rudakas
Start Date
Tenure
Tenure Rank
Feb 28, 2021
1.25
1.3%
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.
Patrick Tan
Start Date
Tenure
Tenure Rank
Feb 28, 2021
1.25
1.3%
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.
Thomas Tibbles
Start Date
Tenure
Tenure Rank
Feb 28, 2021
1.25
1.3%
Mr. Tibbles, Head of International Equity Team and Portfolio Manager/Analyst of Madison, led the Global Equity Team at Hansberger Global Investors in Toronto, Ontario. Mr. Tibbles joined HGI in 1999 and serves as Chief Investment Officer for HGI's International Growth strategy. In his role he is responsible for asset allocation and risk management decisions. Prior to joining HGI in 1999, Mr. Tibbles was the Head of the Global Equity Team at Indago Capital Management in Toronto, which was an affiliate of Canada Life. Mr. Tibbles began his career in the investment industry in 1986. He 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. Lind
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 30.35 | 6.32 | 3.25 |
