High
Yield

Madison High Yield strategies focus on relatively higher-quality BB and B rated bond issuers within the High Yield universe, seeking a more conservative income strategy. Further risk and volatility moderation is sought through avoidance of deeply discounted issues, sector diversification and monitoring of company financials and fundamentals, all in pursuit of a desired combination of total return, high current income and risk management.

Strategies are led by Michael Sanders and Chris Schroeder.


High Income

Strategy seeks to produce an attractive income stream and long-term return while providing downside protection of principal.

Strategy Overview | Madison High Income Fund | Fact Sheet

Paul Lefurgey, CFA®
CEO, Co-Head of Fixed Income, Portfolio Manager
Mike Sanders, CFA®
Co-Head of Fixed Income, Portfolio Manager
Steve Cherrier, CFA®
Insurance Portfolio Manager
William Fain
Insurance Portfolio Manager
Jeffrey Matthias, CFA®, CIPM®
Portfolio Manager
Donald Miller, CFA®
Head of Insurance Solutions, Insurance Portfolio Manager
Chris Nisbet, CFA®
Portfolio Manager
Allen Olson, CFA®
Portfolio Manager/Analyst
Michael Peters, CFA®
Portfolio Manager
Chris Schroeder
Portfolio Manager/Analyst
Alan Shepard, CFA®
Portfolio Manager/Analyst
Michael Massel, CFA®
Fixed Income Analyst

Paul Lefurgey, CFA®

CEO, Co-Head of Fixed Income, Portfolio Manager
Contact

Paul, CFA, serves as Head of Fixed Income for Madison and is the Chief Executive Officer. Paul has been working in the financial services industry since 1989 and joined Madison in 2005. He earned his B.A. in accounting from Michigan State University. Paul is a member of the Investment Strategy Committee.

Mike Sanders, CFA®

Co-Head of Fixed Income, Portfolio Manager
Contact

Mike, CFA, serves as a Co-Head of Fixed Income and portfolio manager for Madison’s Fixed Income Team, specializing in credit research. Mike has been working in the financial services industry since 2004 and joined Madison in 2013. He earned his BBA in finance from St. Norbert College, M.S. in economics from Marquette University and a MBA in analytical finance and accounting from the University Of Chicago Booth School Of Business.

Steve Cherrier, CFA®

Insurance Portfolio Manager
Contact

Mr. Cherrier, CFA, has over 35 years investment management experience in managing insurance company, bank and trust fixed income portfolios. For the past 24 years he was the Chief Investment Officer for Blue Cross Blue Shield of North Carolina, where he managed over $4 billion in assets. Mr. Cherrier has considerable experience in insurance company asset allocation, risk analysis, regulatory and total return management. He holds a BS degree in Finance from St. Cloud University and holds the CFA designation. He has served as an officer and board member in the North Carolina Financial Analyst Society and President of the BCBSNC Credit Union.

William Fain

Insurance Portfolio Manager
Contact

Mr. Fain joined Madison Scottsdale in 2002 and brings almost three decades of experience managing taxable and tax-advantaged portfolios for insurance companies. Mr. Fain holds a BS in Finance from the University of Rhode Island and an MBA in Finance from Michigan State University. He previously held the position of Vice President of Portfolio Management at a large, multi-line insurance consortium where he managed various affiliated company and external insurance client portfolios and spent several years prior to that managing the treasury operations for a regional property and casualty insurance company.

Jeffrey Matthias, CFA®, CIPM®

Portfolio Manager
Contact

Jeff, CFA, CIPM, serves as a portfolio manager and analyst for Madison’s Fixed Income Team, specializing in tax-exempt municipal bond portfolios. Jeff has been working in the financial services industry since 1987 and joined Madison in 2011. He earned his B.S. in finance from the University of Wisconsin-Platteville and his MBA in finance from the University of Wisconsin-Whitewater.

Donald Miller, CFA®

Head of Insurance Solutions, Insurance Portfolio Manager
Contact

Mr. Miller, CFA, joined our firm with over 20 years of insurance company and bank investment management experience. Mr. Miller managed both the fixed income and equity portfolios for Illinois Mutual Life Insurance Company for 15 years prior to joining Madison Scottsdale. Don also previously served as an investment officer and portfolio manager for Bank One Investment Advisors in Central Illinois. He currently holds the CFA designation and has an MBA from Bradley University in addition to his undergraduate degree in Finance from Creighton University and a General Banking degree from the University of Illinois.

Chris Nisbet, CFA®

Portfolio Manager
Contact

Chris, CFA, serves as a portfolio manager for Madison’s Fixed Income Team, specializing in government and corporate bond portfolios. Chris has been working in the financial services industry since 1990 and joined Madison in 1992. He earned his B.S. in economics and M.S. in finance and investments from the University of Wisconsin-Madison.

Allen Olson, CFA®

Portfolio Manager/Analyst
Contact

Allen, CFA, serves as a portfolio manager and analyst for Madison’s Fixed Income Team, specializing in corporate-only and credit research. Allen has been working in the financial services industry since 1998 and joined Madison in 2002. He earned his B.S. in economics from the University of Wisconsin-Green Bay and M.S. in management from the University of Wisconsin-Milwaukee.

Michael Peters, CFA®

Portfolio Manager
Contact

Mike, CFA, serves as a portfolio manager and analyst for Madison’s Fixed Income Team, specializing in taxable and tax-free strategies. Mike has been working in the financial services industry since 1987 and joined Madison in 1997. He earned his B.S. in business administration from Valparaiso and his MBA from Indiana University.

Chris Schroeder

Portfolio Manager/Analyst
Contact

Chris serves as a portfolio manager and credit analyst for Madison’s Fixed Income Team, specializing in high yield. Chris has been working in the financial services industry since 1997 and joined Madison in 2015. He earned his B.S. in mathematics from the University of Wisconsin-Madison and his MBA from Edgewood College.

Alan Shepard, CFA®

Portfolio Manager/Analyst
Contact

Alan, CFA, serves as a portfolio manager and credit analyst on Madison’s Fixed Income Team, specializing in corporate only and credit research. Alan has been working in the financial services industry since 1988 and joined Madison in 2011. He earned his B.S. in finance and economics from the University of Delaware and his MBA from the University of Wisconsin-Madison, specializing in the Applied Security Analysis Program.

Michael Massel, CFA®

Fixed Income Analyst
Contact

Michael, CFA, serves as an analyst for Madison’s Fixed Income Team. Michael has been working in the financial services industry since 2012 and joined Madison in 2017. He earned his B.S. from the University of Illinois-Urbana-Champaign.

“Madison” and/or “Madison Investments” is the unifying tradename of Madison Investment Holdings, Inc., Madison Asset Management, LLC (“MAM”), and Madison Investment Advisors, LLC (“MIA”), which also includes the Madison Scottsdale office. MAM and MIA are registered as an investment adviser with the U.S. Securities and Exchange Commission. Madison Funds are distributed by MFD Distributor, LLC. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer, and is a member firm of the Financial Industry Regulatory Authority. The home office for each firm listed above is 550 Science Drive, Madison, WI 53711. Madison's toll-free number is 800-767-0300. | Any performance data shown represents past performance. Past performance is no guarantee of future results. | Non-deposit investment products are not federally insured, involve investment risk, may lose value and are not obligations of, or guaranteed by, any financial institution. Investment returns and principal value will fluctuate. | This website is intended to be for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.
Consider the investment objectives, risks, and charges and expenses of Madison Funds carefully before investing. Each fund's prospectus contains this and other information about the fund. Call 800.877.6089 or visit madisonfunds.com to obtain a prospectus and read it carefully before investing. | Bonds are subject to certain risks including interest-rate risk, credit risk and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. | High yield bonds are considered lower-quality instruments known as “junk bonds.” Such bonds entail greater risks than those found in higher-rated securities and, as a result, investments in these strategies entail more risk than investments in higher quality bond.