Large Cap

Madison’s Large Cap strategy seeks to provide superior long-term returns while assuming lower-than-average risk. To pursue this goal, we employ a disciplined valuation process and intensive fundamental research. Our high-conviction portfolios consist of investments in well-managed, high-quality companies that we believe exhibit sustainable competitive advantages, prudent financial leverage and durable growth characteristics.

We approach investing with the mindset that stocks are fractional ownership in a business, not pieces of paper for short-term speculation. We employ bottom-up, fundamental research to analyze stocks for potential inclusion in our portfolio.

The strategy is led by Matt Hayner and Rich Eisinger.


Large Cap

Concentrated, low-turnover portfolios of 25-40 high-quality holdings in primarily large-cap companies. Each seeks to deliver long-term outperformance with less volatility than the benchmark.

Strategy Overview | Madison Investors Fund | Fact Sheet

Matt Hayner, CFA®
Large Cap Portfolio Manager/Analyst
Rich Eisinger
Head of Equities, Large & Mid Cap Portfolio Manager/Analyst
Haruki Toyama
Director of Research, Mid Cap Portfolio Manager/Analyst
Maya Bittar, CFA®
Disciplined Equity Portfolio Manager/Analyst
Faraz Farzam, CFA®
Small Cap Portfolio Manager/Analyst
Aaron J. Garcia, CFA®
Small Cap Portfolio Manager/Analyst
Dave Geisler
Disciplined Equity Portfolio Manager/Analyst
Richard E. Lane, CFA®
Small Cap Portfolio Manager/Analyst
Andy Romanowich, CFA®
Mid Cap Portfolio Manager/Analyst
Joe Maginot
U.S. Equity Analyst
Brian Milligan, CFA®
U.S. Equity Analyst

Matt Hayner, CFA®

Large Cap Portfolio Manager/Analyst
Contact

Matt, CFA, serves as a portfolio manager for Madison’s large-cap strategies and is an equity analyst for Madison’s U.S. Equity Team. Matt has been working in the financial services industry since 2002 and joined Madison in 2002. He earned his B.S. in chemistry from Eastern Illinois University and his MBA from the University of St. Thomas.

Rich Eisinger

Head of Equities, Large & Mid Cap Portfolio Manager/Analyst
Contact

Rich serves as Head of Equities, portfolio manager for Madison’s mid-cap strategies and is an equity analyst for Madison’s U.S. Equity Team. Rich has been working in the financial services industry
since 1994 and joined Madison in 1998. He earned his J.D. from the University of Louisville and his MBA from Cornell University.

Haruki Toyama

Director of Research, Mid Cap Portfolio Manager/Analyst
Contact

Haruki serves as a portfolio manager for Madison’s mid-cap strategies and is an equity analyst for Madison’s U.S. Equity Team. Haruki has been working in the financial industry since 1994 and joined
Madison in 2014. He earned his B.A. in music and economics from Brown University and MBA from Cornell University.

Maya Bittar, CFA®

Disciplined Equity Portfolio Manager/Analyst
Contact

Maya, CFA, specializes in customized portfolio management for Madison’s high net-worth relationships. Maya also serves on our Customized Solutions team working with Insurance Asset Management. Maya began her career at First Wisconsin Bank (U.S. Bank) in 1986. After her early years in credit analysis, Maya moved to the investment business. From 1993 to 1998, Maya co-managed the Firstar Growth & Income Fund. Subsequent to her time at Firstar, Maya worked at Wellington Management Company for sixteen years as a portfolio manager on several strategies including Core Equity, Strategic Growth and Focused Equity. In addition to portfolio management, her role included fundamental research and client service. Prior to joining Madison in 2018, Maya served as a multi-sector analyst on the global equity team at Artisan Partners, LLC., focusing on companies in the United States, Europe and Japan. Maya holds a BBA (Accounting), an MBA (International Business) and an MS (Finance) from the University of Wisconsin-Madison including participating in the Applied Security Analysis Program.

Faraz Farzam, CFA®

Small Cap Portfolio Manager/Analyst
Contact

Faraz has been working in the financial services industry since 1999. He specializes in small cap portfolio management for Madison. 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 J. Garcia, CFA®

Small Cap Portfolio Manager/Analyst
Contact

Aaron has been working in the financial services industry since 2002. He specializes in small cap portfolio management for Madison. 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.

Dave Geisler

Disciplined Equity Portfolio Manager/Analyst
Contact

Dave specializes in customized portfolio management for Madison’s private client relationships. Dave also serves on our Customized Solutions team working with Insurance Asset Management. Dave has been working in the financial services industry since 2004 and prior to joining Madison, he worked at Lateef Investment Management, Artisan Partners and Cowen and Company. Dave graduated from University of California, San Diego with a BA in Economics, Highest Distinction, and an MBA from University of California, Berkeley with certificates in Management of Technology, and Entrepreneurship.

Richard E. Lane, CFA®

Small Cap Portfolio Manager/Analyst
Contact

Rick has been working in the financial services industry since 1982. He specializes in small cap portfolio management for Madison. His main areas of investment focus are Financial and Industrial sectors. Prior to joining Madison, Rick served on Broadview Advisors’ small cap strategy and all cap strategy as a Portfolio Manager. Prior to that he worked with Fiduciary Management, Cleary Gull Reiland & McDevitt and Stein Roe & Farnham. Rick holds a MS and BA from University of Wisconsin and graduated from the Applied Security Analysis Program.

Andy Romanowich, CFA®

Mid Cap Portfolio Manager/Analyst
Contact

Andy, CFA, serves as an portfolio manager for Madison’s U.S. Equity Team. Andy has been working in the financial services industry since 2004 and joined Madison in 2009. He earned his B.S. and M.S.
in finance from the University of Wisconsin-Madison, specializing in the Applied Security Analysis Program.

Joe Maginot

U.S. Equity Analyst
Contact

Joe is an equity analyst for Madison’s U.S. Equity Team. He has worked in the financial services industry since 2012 and joined Madison in 2019. Joe earned his B.A. in chemistry and minor in economics from Indiana University. Prior to joining Madison, he was an Investment Analyst at Zuckerman Investment Group.

Brian Milligan, CFA®

U.S. Equity Analyst
Contact

Brian, CFA, serves an equity analyst for Madison’s U.S. Equity Team. Brian has been working in the financial services industry since 2004 and joined Madison in 2019. He earned his B.S. in finance from Trine University and MBA from the University of Notre Dame. Prior to joining Madison in 2019, Brian was with Schwartz Investment Counsel where he helmed the Ave Maria Growth Fund. Prior to joining Schwartz in 2014, he was with Standard and Poor’s in their corporate ratings unit.

“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. | Large Cap investing is based on the expectation of positive price performance due to continued earnings growth or anticipated changes in the market or within the company itself. However, if a company fails to meet that expectation or anticipated changes do not occur, its stock price may decline. Moreover, as with all equity investing, there is the risk that an unexpected change in the market or within the company itself may have an adverse effect on its stock. Investing in growth-oriented stocks involves potentially higher volatility and risk than investing in income-generating stocks. The biggest risk of equity investing is that returns can fluctuate and investors can lose money.  Contact Madison for more detailed information regarding these risks.