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.
The strategy is led by Faraz Farzam and Aaron Garcia.
Related Information
Quarterly Commentary
Meet the Team
Return to
Investment Strategies & Solutions
Other U.S. Equity strategies
Large Cap
Mid Cap
Disciplined Equity
Dividend Income
Covered Call
Small Cap Equity
This strategy invests primarily in companies within small the 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
Small Cap Portfolio Managers & U.S. Equity Research
Aaron J. Garcia, CFA®
Small Cap Portfolio Manager/Analyst
Richard E. Lane, CFA®
Small Cap Portfolio Strategist & Advisor/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
Dave Geisler
Disciplined Equity Portfolio Manager/Analyst
Matt Hayner, CFA®
Large 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
Connor Jones
U.S. Equity Analyst
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 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.
Rick has been working in the financial services industry since 1982. He specializes in small cap portfolio advisory for Madison. 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.
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 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, 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.
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.
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.
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 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, 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.
Connor is an Equity Analyst on Madison’s U. S. Equity Team. His primary focus is on the small cap equity research effort. Connor joined Madison 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.
“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. Hansberger Growth Investors, L.P. or “HGI” is an affiliate of “Madison Investments.” MAM, MIA and HGI 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.