Sustainable Equity
Madison’s Sustainable Equity Strategy pursues long-term capital appreciation by investing in high quality, large cap companies with durable growth and strong corporate governance. In addition, each name in our portfolio effectively manages their social and environmental risks and actively incorporates sustainability into their overall strategy. We believe the integration of quality and sustainability in our investment process creates long-term value for investors.
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Other Madison U.S. Equity strategies
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Video: Philosophy and Approach
Portfolio Managers Maya Bittar and Dave Geisler give an overview of their approach to sustainable investing.
Sustainable Equity
We utilize a bottom-up fundamental research process to build a concentrated portfolio of 35-50 high quality companies. Our analysis includes assessing how a company incorporates sustainability into its business strategy and operations.
Strategy Overview | Sustainable Equity Fund Quarterly Commentary + Fact SheetU.S. Equity Department
Dave Geisler
Portfolio Manager, Analyst
Rich Eisinger
Head of Equities, Portfolio Manager
Haruki Toyama
Head of Mid Cap & Large Cap Equity, Portfolio Manager
John Brown, CFA®
Portfolio Manager, Analyst
Ray Di Bernardo, CFA®
Portfolio Manager, Analyst
Faraz Farzam, CFA®
Portfolio Manager, Analyst
Aaron Garcia, CFA®
Portfolio Manager, Analyst
Matthew Goetzinger, CFA®
Sr. Analyst
Connor Jones
Analyst
Drew Justman, CFA®
Portfolio Manager, Analyst
Joe Maginot
Portfolio Manager, Analyst
Brian Milligan, CFA®
Sr. Analyst
Peter Montelbano, CFA®
Analyst
Andy Romanowich, CFA®
Portfolio Manager, Analyst
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
“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.
Prior to 2022, this strategy was known as Madison Disciplined Equity. The strategy has evolved over time to the current approach.
The strategy follows a sustainable investment approach by investing in companies that embed sustainability in their overall strategy and demonstrate adherence to sustainable business practices. In pursuing such a strategy, the strategy may forgo opportunities to gain exposure to certain companies, industries or sectors, and may be overweight or underweight in certain industries or sectors relative to its benchmark index, which may cause the strategy's performance to be more or less sensitive to developments affecting those sectors. In addition, since sustainable investing takes into consideration factors beyond traditional financial analysis, the investment opportunities for the strategy may be limited at times. Sustainability related information provided by issuers and third parties, upon which the portfolio managers may rely, continues to develop, and may be incomplete, inaccurate, use different methodologies, or be applied differently across companies and industries. Madison’s framework of sustainable investing will vary from other managers. Further, the regulatory landscape for sustainable investing in the United States is still developing and future rules and regulations may require the strategy to modify or alter its investment process. Similarly, government policies incentivizing companies to engage in sustainable practices may fall out of favor, which could potentially limit the strategy’s investment universe. There is also a risk that the companies identified through the investment process may fail to adhere to sustainable business practices, which may result in the strategy selling a security when it might otherwise be disadvantageous to do so.
All investing involves risks including the possible loss of principal. There can be no assurance the portfolios will achieve their investment objectives. The portfolios may invest in equities which are subject to market volatility. Equity risk is the risk that securities held by the portfolio will fluctuate in value due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the portfolio participate, and the particular circumstances and performance of particular companies whose securities the portfolio holds. In addition, while broad market measures of common stocks have historically generated higher average returns than fixed income securities, common stocks have also experienced significantly more volatility in those returns.
Madison's criteria for selecting sustainable investments will vary by industry and company. Madison uses a proprietary scoring system to assign an “above average,” “average,” or “below average” rating to each company, and monitors these ratings across the portfolio. Madison will only invest in securities it determines are “average” or “above average.”
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.
Prior to 2022, this strategy was known as Madison Disciplined Equity. The strategy has evolved over time to the current approach.
The strategy follows a sustainable investment approach by investing in companies that embed sustainability in their overall strategy and demonstrate adherence to sustainable business practices. In pursuing such a strategy, the strategy may forgo opportunities to gain exposure to certain companies, industries or sectors, and may be overweight or underweight in certain industries or sectors relative to its benchmark index, which may cause the strategy's performance to be more or less sensitive to developments affecting those sectors. In addition, since sustainable investing takes into consideration factors beyond traditional financial analysis, the investment opportunities for the strategy may be limited at times. Sustainability related information provided by issuers and third parties, upon which the portfolio managers may rely, continues to develop, and may be incomplete, inaccurate, use different methodologies, or be applied differently across companies and industries. Madison’s framework of sustainable investing will vary from other managers. Further, the regulatory landscape for sustainable investing in the United States is still developing and future rules and regulations may require the strategy to modify or alter its investment process. Similarly, government policies incentivizing companies to engage in sustainable practices may fall out of favor, which could potentially limit the strategy’s investment universe. There is also a risk that the companies identified through the investment process may fail to adhere to sustainable business practices, which may result in the strategy selling a security when it might otherwise be disadvantageous to do so.
All investing involves risks including the possible loss of principal. There can be no assurance the portfolios will achieve their investment objectives. The portfolios may invest in equities which are subject to market volatility. Equity risk is the risk that securities held by the portfolio will fluctuate in value due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the portfolio participate, and the particular circumstances and performance of particular companies whose securities the portfolio holds. In addition, while broad market measures of common stocks have historically generated higher average returns than fixed income securities, common stocks have also experienced significantly more volatility in those returns.
Madison's criteria for selecting sustainable investments will vary by industry and company. Madison uses a proprietary scoring system to assign an “above average,” “average,” or “below average” rating to each company, and monitors these ratings across the portfolio. Madison will only invest in securities it determines are “average” or “above average.”