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.
Related Information
2024 Mid-Year U.S. Equity Investor Letter
The Quarterly
How to spot red flags in stock research
Meet the Team
Return to
Investment Strategies & Solutions
Other Madison U.S. Equity strategies
Mid Cap
Small Cap
Sustainable Equity
Dividend Income
Covered Call
Video: Philosophy and Approach
Portfolio managers Haruki Toyama and Joe Maginot outline how the team approaches managing the portfolio.
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 Quarterly Commentary + Fact SheetU.S. Large Cap Team
Haruki Toyama
Head of Mid Cap & Large Cap Equity, Portfolio Manager
Joe Maginot
Portfolio Manager, Analyst
Andy Romanowich, CFA®
Portfolio Manager, Analyst
Brian Milligan, CFA®
Sr. Analyst
Matthew Goetzinger, CFA®
Sr. Analyst
Peter Montelbano, CFA®
Analyst
Luke Heinen
Equity Research Associate
Rich serves as Head of Equities with oversight of the firm’s Equity Teams. He is also a mid-cap and large cap portfolio manager and analyst. Rich started in the financial services industry in 1994 and joined Madison in 1997. Rich is a member of the firm’s Executive Committee and Investment Risk Oversight Committees. He earned his J.D. from the University of Louisville and his MBA from Cornell University.
Haruki serves as a mid cap and large cap portfolio manager and analyst and is also the Head of the Mid and Large Cap Team. Haruki started in the financial services industry in 1994, was a member of the Madison U.S. Equity Team from 2002-2004 and he rejoined the firm in 2014. Prior to joining Madison, Haruki was co-founder and President of Marcus Asset Management in Milwaukee where he was portfolio manager of a long/short hedge fund and started his career working in analyst and portfolio manager roles at MFS Investment Management and David L. Babson & Company. Haruki holds a BA from Brown University and an MBA from Cornell University.
Joe serves as a large cap portfolio manager and analyst on Madison’s Mid Cap and Large Cap Team. He started in the financial services industry in 2012 and joined Madison in 2019. Prior to joining Madison, he was an Investment Analyst at Zuckerman Investment Group. Joe earned his B.A. in chemistry and minor in economics from Indiana University.
Andy serves as a mid-cap portfolio manager and analyst on Madison’s Mid Cap and Large Cap Team. He started in the financial services industry in 2004. Prior to joining Madison in 2009, Andy worked for MEMBERS Capital Advisors where he was an equity analyst. He holds a bachelor’s and a master’s degree in Finance from the University of Wisconsin and graduated from the Applied Security Analysis Program.
Brian serves as a senior analyst on Madison’s Mid Cap and Large Cap Team. He started in the financial services industry in 2004 and joined Madison in 2019. Prior to joining Madison, Brian was with Schwartz Investment Counsel from 2014-2019 where he was Portfolio Manager on the Ave Maria Growth Fund. He started his career with Standard and Poor’s in their corporate ratings unit and earned his B.S. in finance from Trine University and MBA from the University of Notre Dame.
Matthew serves as a senior analyst on Madison’s Mid Cap and Large Cap Team. He started in the financial services industry in 2004 and joined Madison in 2022. Prior to joining Madison, Matthew worked for the Hawk Center for Investment Analysis where he was a Lecturer and Advisor and previously spent over 14 years at Fiduciary Management, Inc. where he was a Portfolio Manager, Senior Equity Analyst and Partner. He graduated from the University of Wisconsin-Madison with a BBA in Finance, Investment & Banking, Economics and French and a Masters of Science in Finance, Investment and Banking. Matthew is a graduate of The University of Wisconsin Applied Security Analysis Program.
Peter serves as an analyst on Madison’s Mid Cap and Large Cap Team. He started in the financial services industry in 2010 and joined Madison in 2021. Prior to joining Madison, he was an Equity Analyst at Argent Capital Management. He earned his BBA in finance and MBA from the University of Wisconsin-Madison, specializing in the Applied Security Analysis Program.
Luke is an associate on Madison's Mid Cap and Large Cap Team. He joined Madison in 2024 after graduating from the University of Wisconsin-Madison, where he earned a bachelor's and a master's degree in Finance. Luke is a graduate of UW's Applied Security Analysis Program.
“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.
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.
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.
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.