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Madison Small Cap Fund
mutual fund
MSCIX
Payout Change
Suspended
Price as of:
$13.08
-0.1
-0.76%
primary theme
U.S. Small-Cap Blend Equity
share class
MSCIX (Mutual Fund)
Madison Small Cap Fund
Payout Change
Suspended
Price as of:
$13.08
-0.1
-0.76%
primary theme
U.S. Small-Cap Blend Equity
share class
MSCIX (Mutual Fund)
Madison Small Cap Fund
Payout Change
Suspended
Price as of:
$13.08
-0.1
-0.76%
primary theme
U.S. Small-Cap Blend Equity
share class
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
Vitals
YTD Return
28.5%
1 yr return
38.1%
3 Yr Avg Return
4.9%
5 Yr Avg Return
N/A
Net Assets
$188 M
Holdings in Top 10
38.4%
52 WEEK LOW AND HIGH
$13.2
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.00%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$250,000
IRA
$250,000
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
MSCIX - Profile
Distributions
- YTD Total Return 28.5%
- 3 Yr Annualized Total Return 4.9%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio -0.36%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameMadison Small Cap Fund
-
Fund Family NameMADISONMUT
-
Inception DateFeb 28, 2022
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerFaraz Farzam
Fund Description
The Fund invests primarily in a diversified mix of common stocks of small cap U.S. companies that are believed to be undervalued by various measures and offer sound prospects for capital appreciation. For purposes of this Fund, “small cap” is defined as those companies with market capitalization of between $100 million and $15 billion. Under normal market conditions, the Fund will maintain at least 80% of its net assets
(including borrowings for investment purposes) in small cap securities.
The Fund's investment adviser, Madison Asset Management, LLC ("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. In reviewing companies, Madison applies the characteristics identified above on a case-by-case basis as the order of importance varies depending on the type of business or industry and the company being reviewed. As a result of employing the five pillar analysis, the Fund may hold cash opportunistically, particularly during periods of market uncertainty when investments meeting all five pillars may be difficult to identify.
Madison may generally sell a security when it believes: (1) the security has achieved its value potential; (2) such sale is necessary for portfolio diversification, (3) changing fundamentals signal a deteriorating value potential; or (4) other securities have a better value potential.
The Fund’s investment strategy reflects Madison’s general “Participate and Protect®” investment philosophy. Madison’s expectation is that investors in the Fund will participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with investors in portfolios holding more speculative and volatile securities; therefore, this investment philosophy is intended to represent a conservative investment strategy. There is no assurance that Madison’s expectations regarding this investment strategy will be realized.
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.
MSCIX - Performance
Return Ranking - Trailing
| Period | MSCIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 28.5% | -1.0% | 29.9% | 1.71% |
| 1 Yr | 38.1% | 0.0% | 40.0% | 1.71% |
| 3 Yr | 4.9%* | -11.1% | 45.3% | 57.03% |
| 5 Yr | N/A* | -12.4% | 34.8% | 41.10% |
| 10 Yr | N/A* | -2.9% | 18.5% | 56.46% |
* Annualized
Return Ranking - Calendar
| Period | MSCIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 15.9% | -19.9% | 29.0% | 30.21% |
| 2022 | -28.3% | -59.3% | 118.2% | 87.88% |
| 2021 | N/A | -31.6% | 39.3% | 1.72% |
| 2020 | N/A | -51.0% | 39.5% | 2.01% |
| 2019 | N/A | -5.6% | 37.8% | 1.35% |
Total Return Ranking - Trailing
| Period | MSCIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 28.5% | -1.0% | 29.9% | 1.71% |
| 1 Yr | 38.1% | 0.0% | 40.0% | 1.71% |
| 3 Yr | 4.9%* | -11.1% | 45.3% | 57.03% |
| 5 Yr | N/A* | -12.4% | 34.8% | 45.79% |
| 10 Yr | N/A* | -2.9% | 18.5% | 79.49% |
* Annualized
Total Return Ranking - Calendar
| Period | MSCIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 16.3% | -11.7% | 31.8% | 50.67% |
| 2022 | -24.4% | -45.2% | 123.7% | 97.88% |
| 2021 | N/A | 0.0% | 45.6% | 5.50% |
| 2020 | N/A | -50.5% | 46.9% | 4.02% |
| 2019 | N/A | 2.2% | 40.9% | 3.86% |
NAV & Total Return History
MSCIX - Holdings
Concentration Analysis
| MSCIX | Category Low | Category High | MSCIX % Rank | |
|---|---|---|---|---|
| Net Assets | 188 M | 555 K | 145 B | 72.62% |
| Number of Holdings | 46 | 2 | 2445 | 93.54% |
| Net Assets in Top 10 | 72.8 M | 124 K | 10.3 B | 50.76% |
| Weighting of Top 10 | 38.44% | 3.1% | 100.1% | 7.63% |
Top 10 Holdings
- State Street Institutional US Government Money Market Fund 7.38%
- Encompass Health Corp. 4.14%
- OneSpaWorld Holdings Ltd. 4.02%
- Summit Materials, Inc. 3.64%
- Cogent Communications Holdings, Inc. 3.47%
- Scotts Miracle-Gro Co. 3.32%
- Carlisle Cos., Inc. 3.19%
- Ciena Corp. 3.18%
- WillScot Holdings Corp. 3.14%
- Core Main, Inc. 2.97%
Asset Allocation
| Weighting | Return Low | Return High | MSCIX % Rank | |
|---|---|---|---|---|
| Stocks | 92.70% | 4.44% | 107.74% | 95.63% |
| Cash | 7.38% | 0.00% | 27.02% | 9.51% |
| Preferred Stocks | 0.00% | 0.00% | 5.13% | 11.22% |
| Other | 0.00% | -0.07% | 49.08% | 50.38% |
| Convertible Bonds | 0.00% | 0.00% | 3.17% | 10.86% |
| Bonds | 0.00% | 0.00% | 102.81% | 18.06% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | MSCIX % Rank | |
|---|---|---|---|---|
| Technology | 26.79% | 0.00% | 43.95% | 1.54% |
| Industrials | 20.66% | 2.46% | 37.42% | 22.88% |
| Basic Materials | 11.03% | 0.00% | 18.66% | 1.73% |
| Healthcare | 10.87% | 0.00% | 26.53% | 70.38% |
| Financial Services | 10.31% | 0.00% | 35.52% | 94.23% |
| Consumer Defense | 8.96% | 0.00% | 18.87% | 3.08% |
| Communication Services | 7.80% | 0.00% | 14.85% | 1.92% |
| Consumer Cyclical | 3.58% | 0.99% | 47.79% | 98.46% |
| Utilities | 0.00% | 0.00% | 18.58% | 90.00% |
| Real Estate | 0.00% | 0.00% | 29.43% | 96.54% |
| Energy | 0.00% | 0.00% | 37.72% | 94.42% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | MSCIX % Rank | |
|---|---|---|---|---|
| US | 92.70% | 2.58% | 107.74% | 93.35% |
| Non US | 0.00% | 0.00% | 97.07% | 23.38% |
MSCIX - Expenses
Operational Fees
| MSCIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.00% | 0.01% | 38.30% | 55.53% |
| Management Fee | 0.89% | 0.00% | 1.50% | 81.87% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | 0.10% | 0.01% | 0.45% | 43.29% |
Sales Fees
| MSCIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| MSCIX 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.
| MSCIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 1.00% | 314.00% | 44.75% |
MSCIX - Distributions
Dividend Yield Analysis
| MSCIX | Category Low | Category High | MSCIX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 42.47% | 80.99% |
Dividend Distribution Analysis
| MSCIX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | Quarterly | Annual |
Net Income Ratio Analysis
| MSCIX | Category Low | Category High | MSCIX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.36% | -2.40% | 2.49% | 82.31% |
Capital Gain Distribution Analysis
| MSCIX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 26, 2023 | $0.030 | CapitalGainLongTerm |
| Dec 27, 2022 | $0.483 | CapitalGainLongTerm |
| Dec 28, 2021 | $3.484 | OrdinaryDividend |
MSCIX - Fund Manager Analysis
Managers
Faraz Farzam
Start Date
Tenure
Tenure Rank
Jan 29, 2010
12.34
12.3%
Faraz has been working in the financial services industry since 1999. He specializes in small cap portfolio management for Madison. In addition to his portfolio management duties, Faraz also serves as an equity analyst on the U.S. Equity team. His main areas of investment focus are Consumer, Technology and Financial sectors. Prior to joining Madison, Faraz served on Broadview Advisors’ small cap strategy and all cap strategy as a Portfolio Manager. Previously, he worked with Strong Capital Management. Faraz holds a BS from University of Wisconsin.
Aaron Garcia
Start Date
Tenure
Tenure Rank
Jan 29, 2010
12.34
12.3%
Aaron has been working in the financial services industry since 2002. He specializes in small cap portfolio management for Madison. In addition to his portfolio management duties, Aaron also serves as an equity analyst on the U.S. Equity team. His main areas of investment focus are Healthcare, Industrials, Materials, & Energy sectors. Prior to joining Madison, Aaron served on Broadview Advisors’ small cap strategy and all cap strategy as an analyst and later as a Portfolio Manager. Previously, he worked with Stifel Nicolaus as an associate analyst. Aaron holds a BA in Chemistry from Rice University.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 49.61 | 7.17 | 2.58 |
