Madison Tax-Efficient
Madison’s Tax-Exempt and Tax-Efficient Strategies are designed to provide investors with a transparent, risk-focused bond allocation with an emphasis on tax efficiency. Whether you are seeking a federally tax-free income stream or total return vehicle, our actively managed and laddered strategies invest in high-quality municipal bonds to help you pursue your investment goals.
We begin with a top-down approach by inputting macroeconomic factors into our proprietary relative valuation framework. Output from this process is evaluated and refined by our municipal bond experts and is paired with bottom-up security analysis. The resulting client portfolio seeks to strike an appropriate balance between creditworthiness, diversification, structure, valuation, and liquidity.
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Investment Strategies & Solutions
Other Fixed Income strategies
Madison Core Bond
Madison Corporate
Madison Government Corporate
Madison Government
Reinhart Fixed Income
Madison Municipal Bond Ladders
Municipal bond ladders in three maturity structures (1-5 years, 1-10 years, and 1-15 years) with diversified maturities throughout the portfolio.
Madison Tax-Advantaged Income
Portfolio of investment grade securities consisting of at least 50% federally tax-exempt municipal bonds with maturities ranging between 0 to 12 years and up to 50% investment grade U.S. Treasury, agency, or corporate bonds with maturities ranging between 0 to 5 years.
Madison Municipal Bond
Municipal bond strategy that invests in investment grade federally tax-exempt securities of state, local, and revenue bonds generally having a maturity range between 0 to 22 years and a duration range between 0 to 10 years.
Madison Tax Free National Fund Fact SheetTax-Efficient Fixed Income Team
Michael Peters, CFA®
Portfolio Manager
Jeffrey Matthias, CFA®, CAIA®, CIPM®, CFP®
Portfolio Manager
Katherine Doyle
Portfolio Manager, Credit Analyst
Michael Wachter, CFA®
Co-Head of Reinhart Fixed Income, Portfolio Manager
Mike serves as a Portfolio Manager and is the Head of Fixed Income. Mike started in the financial services industry in 2004 and joined Madison in 2013. Prior to joining Madison, Mike was a Portfolio Manager at Ziegler Lotsoff Capital Management with an extensive background in credit research. He earned his BBA in finance from St. Norbert College, M.S. in economics from Marquette University and an MBA in analytical finance and accounting from the University of Chicago Booth School of Business. He is a CFA charterholder.
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.
Jeff, CFA, CAIA, CIPM, CFP, serves as a portfolio manager 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.
Katherine serves as a Portfolio Manager & Credit Analyst for Madison’s Reinhart Fixed Income Team. Ms. Doyle joined Reinhart in 1998 and has been working in the financial services industry since 1997. She was previously a Fixed Income Associate and was promoted to Portfolio Manager in 2007. Ms. Doyle holds a BA from Colorado College and an MBA from Marquette University.
Michael, CFA, serves as Co-Head of Reinhart Fixed Income and Portfolio Manager for Madison’s Reinhart Fixed Income Team. Mr. Wachter joined Reinhart in 1997 and has been working in the financial services industry since 1988. Mr. Wachter holds a BBA in Finance and Economics from the University of Wisconsin-Madison and an MBA from Marquette University.
“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”). MAM and MIA are registered as investment advisers 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 for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security and is not investment advice.
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.
Madison does not provide tax or legal advice. Please consult with a qualified professional in this area.
In addition to the ongoing market risk applicable to portfolio securities, bonds are subject to interest rate risk, credit risk and inflation risk. When interest rates rise, bond prices fall; generally, the longer a bond’s maturity, the more sensitive it is to this risk. Credit risk is the possibility that the issuer of a security will be unable to make interest payments and repay the principal on its debt. Bonds may also be subject to call risk, which allows the issuer to retain the right to redeem the debt, fully or partially, before the scheduled maturity date. Proceeds from sales prior to maturity may be more or less than originally invested due to changes in market conditions or changes in the credit quality of the issuer.
An investment in the fund is subject to risk and there can be no assurance that the fund will achieve its investment objective. The risks associated with an investment in the fund can increase during times of significant market volatility. The principal risks of investing in the fund include: interest rate risk, call risk, risk of default, liquidity risk, legislative risk, capital gains tax-related risk, alternative minimum tax risk, and risks of general obligation versus limited purpose bonds.
Investment income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax. Capital gains are not exempt from federal income tax.
Diversification does not assure a profit or protect against loss in a declining market.
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 for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security and is not investment advice.
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.
Madison does not provide tax or legal advice. Please consult with a qualified professional in this area.
In addition to the ongoing market risk applicable to portfolio securities, bonds are subject to interest rate risk, credit risk and inflation risk. When interest rates rise, bond prices fall; generally, the longer a bond’s maturity, the more sensitive it is to this risk. Credit risk is the possibility that the issuer of a security will be unable to make interest payments and repay the principal on its debt. Bonds may also be subject to call risk, which allows the issuer to retain the right to redeem the debt, fully or partially, before the scheduled maturity date. Proceeds from sales prior to maturity may be more or less than originally invested due to changes in market conditions or changes in the credit quality of the issuer.
An investment in the fund is subject to risk and there can be no assurance that the fund will achieve its investment objective. The risks associated with an investment in the fund can increase during times of significant market volatility. The principal risks of investing in the fund include: interest rate risk, call risk, risk of default, liquidity risk, legislative risk, capital gains tax-related risk, alternative minimum tax risk, and risks of general obligation versus limited purpose bonds.
Investment income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax. Capital gains are not exempt from federal income tax.
Diversification does not assure a profit or protect against loss in a declining market.