Small Cap
Madison's Small Cap Equity strategy invests in enduring businesses that are strategically positioned in attractive industries and run by strong management teams.
Our bottom-up analysis identifies prospective holdings which are selling at what we believe to be substantially discounted prices in light of their current results and future earnings potential.
Related Information
Quarterly Commentary
Meet the Team
Return to
Investment Strategies & Solutions
Other Madison U.S. Equity strategies
Large Cap
Mid Cap
Sustainable Equity
Dividend Income
Covered Call
Small Cap Equity
This strategy invests primarily in companies within the small cap market. Madison Small Cap is a high conviction portfolio of typically 50-90 securities with large core positions.
Strategy Overview
| Madison Small Cap Fund
Quarterly Commentary + Fact Sheet
U.S. Equity Team
Aaron Garcia, CFA®
Portfolio Manager/Analyst
Rich Eisinger
Co-Head of Investments – Equity, Executive Committee
Haruki Toyama
Portfolio Manager, Head of Mid Cap & Large Cap Equity
Connor Jones
Analyst
Maya Bittar, CFA®
Portfolio Manager/Analyst
John Brown, CFA®
Portfolio Manager/Analyst
Ray Di Bernardo, CFA®
Portfolio Manager/Analyst
Dave Geisler
Portfolio Manager/Analyst
Matthew Goetzinger, CFA®
Sr. Analyst
Drew Justman, CFA®
Portfolio Manager/Analyst
Brian Milligan, CFA®
Sr. Analyst
Joe Maginot
Portfolio Manager/Analyst
Peter Montelbano, CFA®
Analyst
Andy Romanowich, CFA®
Portfolio Manager/Analyst
Faraz serves as small cap portfolio manager and analyst on Madison’s U.S. Equity Team. He started working in the financial services industry since 1999. Prior to joining Madison, Faraz served on Broadview Advisors’ small cap strategy and all cap strategy as an analyst and Portfolio Manager. Previously, he worked with Strong Capital Management as an analyst. Faraz holds a BS from University of Wisconsin.
Aaron serves as small cap portfolio manager and analyst on Madison’s U.S. Equity Team. He started working in the financial services industry in 2002. Prior to joining Madison, Aaron served on Broadview Advisors’ small cap strategy and all cap strategy as an analyst and Portfolio Manager. Previously, he worked with Stifel Nicolaus as an associate analyst. Aaron holds a BA in Chemistry from Rice University.
Rich serves as a mid-cap and large cap portfolio manager and analyst on Madison’s U.S. Equity Team. He is one of the Principals at Madison Investments and is Co-Head of Investments with a focus on the firm’s Equity Teams. He started in the financial services industry in 1994 and joined Madison in 1997. Rich is also a member of the firm’s Executive and Investment Risk Management Committees as well as the Board of Directors. 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.
Connor Jones is an analyst on Madison’s U. S. Equity Team. His primary focus is on the small cap equity research effort. Connor joined Madison in 2020 from Marquette University where he received a B.S. in Business Administration with a major in Finance and was a student in the selective Applied Investment Management Program.
Maya serves as a portfolio manager and analyst on Madison’s U.S. Equity Team, where she co-manages the Sustainable Equity strategy. Maya also serves on the firm’s Sustainable Committee and is President of the Madison Investments Foundation. Maya has over 35 years in the financial services industry and 28 years as a portfolio manager on large cap, high quality portfolios. Maya joined Madison in 2018. Prior to joining Madison, Maya worked as a global sector analyst at Artisan Partners, LLC. Maya also worked as a portfolio manager at Wellington Management for over 16 years, where she managed several strategies, including Large Cap Core, Strategic Growth, and Focused Equity. Before joining Wellington, Maya worked at Firstar Investment Management and Research Co. as a Senior Vice President and Portfolio Manager from 1993 to 1998, where she co-managed the Firstar Growth and Income Fund. In addition to her role at Madison, Maya is a member of the investment committee at Agrace and a member of the Affordable Housing Committee at United Way of Dane county. Maya holds a BBA (Accounting), an MBA (International Business), and an MS (Finance) from the University of Wisconsin-Madison, where she is also a graduate of the Applied Security and Analysis Program.
John serves as a portfolio manager on Madison's Dividend Income strategy and as an analyst on the Madison U.S. Equity Team. John started working in the financial services industry in 1983 and he joined Madison in 2009. Prior to joining Madison, he worked as a Registered Representative for Charles Schwab in 1983, as an equity analyst for The Bank of California starting in 1986 where he managed equity portfolios through the crash of 1987, and started managing Relative Yield portfolios in 1988. In 1994 he joined Montgomery Asset Management as a partner and portfolio manager of Relative Yield portfolios. John Joined CUNA Mutual Group in 1998 as an equity analyst and portfolio manager of Relative Yield portfolios. In 2009 he joined Madison Investments, where he continues to work as an equity analyst and portfolio manager of Relative Yield portfolios. John earned his B.S. in Finance and Computer Science, graduating Summa Cum Laude from Northern Illinois University. John earned a Fellowship and MBA from the University of Wisconsin-Madison, including graduating from the University’s Applied Security Analysis Program.
Ray serves as a portfolio manager on Madison's covered call strategy and as an Analyst for Madison U.S. Equity Team. He started working in the financial services industry in 1986 and joined Madison in 2003. Ray began his portfolio management career in Canada as an Investment Officer with a large Canadian trust company before moving to an international equity asset manager where he was an equity analyst and co-managed a number of international mutual fund and institutional mandates including Japanese and emerging market equities. In 2000, Ray moved to the United States and joined Chicago-based Concord Asset Management as a U.S. and international equity analyst. In 2003, he joined the Madison equity team and has co-managed the firm’s closed end fund covered call strategy beginning in 2004. Ray has managed the Madison Covered Call & Equity Income Fund since its inception in 2009 and manages all other options-related mandates. Ray earned his B.A. from the University of Western Ontario and completed his CFA certification in 1993.
Dave serves as a large cap sustainable equity portfolio manager and analyst on Madison’s U.S. Equity Team. He also serves on the firm’s Sustainable Committee and is a board member of the Madison Charitable Foundation. Dave started in the financial services industry in 2004 and joined Madison in 2019. Prior to joining Madison, he worked in various analyst and portfolio manager roles 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 the University of California, Berkeley with certificates in Management of Technology, and Entrepreneurship. Additionally, he earned the Certificate in ESG Investing from the CFA Institute.
Matthew serves a Senior Equity Analyst on Madison’s U.S. Equity team with an emphasis on Large Cap and Mid Cap stocks. 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.
Drew serves as a portfolio manager on Madison's Dividend Income and Covered Call strategies and as an analyst on the Madison U.S. Equity Team. Drew started working in the financial services industry in 2000 and joined Madison in 2005. Prior to joining Madison Investments, he worked at Merrill Lynch from 2001-2004 and Scottrade from 2000-2001. He earned his BBA in finance and economics and M.S. in finance from the University of Wisconsin-Madison, specializing in the Applied Security Analysis Program.
Brian serves as a senior analyst on Madison’s U.S. Equity 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.
Joe serves as a large cap portfolio manager and analyst on Madison’s U.S. Equity 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.
Peter serves as an analyst on Madison’s U.S. Equity 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.
Andy serves as a mid-cap portfolio manager and analyst on Madison’s U.S. Equity Team. He started in the financial services industry since 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.
“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. | An investment in small cap securities is subject to risk and there can be no assurance that the account will achieve its investment objective. The risks associated with an investment can increase during times of significant market volatility. The principal risks of investing include: equity risk, small cap price volatility risk, small cap illiquidity risk, value investing risk, ETF risk, capital gain realization risks to taxpaying shareholders, and foreign security and emerging market risk. 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. | An investment in small cap securities is subject to risk and there can be no assurance that the account will achieve its investment objective. The risks associated with an investment can increase during times of significant market volatility. The principal risks of investing include: equity risk, small cap price volatility risk, small cap illiquidity risk, value investing risk, ETF risk, capital gain realization risks to taxpaying shareholders, and foreign security and emerging market risk. 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.