Mid Cap
Madison’s Mid Cap Equity strategy aims to deliver superior long-term returns while assuming below-average risk. To pursue this, extensive research using time-tested, proprietary tools, is conducted to find companies with sustainable competitive advantages, high returns on capital, durable growth prospects, shareholder-oriented management and strong balance sheets.
The team works patiently with a long time horizon to purchase the stocks of such companies at what it believes are attractive prices. The portfolios that result are high-conviction and concentrated, allowing top holdings to produce a significant contribution to performance.
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
Large Cap
Small Cap
Sustainable Equity
Dividend Income
Covered Call
Video: Philosophy and Approach
Portfolio managers Haruki Toyama and Andy Romanowich describe the team's approach to investing.
Mid Cap Equity
Madison’s mid-cap team aims to deliver superior long-term returns while assuming below-average risk. We conduct extensive research to identify companies with sustainable competitive advantages, high returns on capital, durable growth, shareholder-oriented management, and strong balance sheets. We then attempt to purchase the stocks of such companies when they are undervalued by the market.
Strategy Overview | Madison Mid Cap Fund Quarterly Commentary + Fact SheetU.S. Mid Cap Team
Haruki Toyama
Head of Mid Cap & Large Cap Equity, Portfolio Manager
Andy Romanowich, CFA®
Portfolio Manager, Analyst
Joe Maginot
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.
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.
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.
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. | Investing in small, mid-size or emerging growth companies involves greater risks not associated with investing in more established companies, such as business risk, significant stock price fluctuations and illiquidity. 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. | Investing in small, mid-size or emerging growth companies involves greater risks not associated with investing in more established companies, such as business risk, significant stock price fluctuations and illiquidity. Contact Madison for more detailed information regarding these risks.