commentary
Monthly Market Update - March 2025
A well-worn phrase states that the stock market hates uncertainty. February was a case in point, as the S&P 500 Index dipped -1.3%. This brought the year-to-date index return to 1.4%, though the gain feels increasingly fragile. While there appear to be no deep cracks in what remains a fundamentally strong domestic economy, there were reasons for concern. As tariffs moved from negotiating strategy towards implementation, economists and corporate leaders scrambled to ascertain the complex impacts.
Read MoreMonthly Market Update - February 2025
The tailwinds of a strong 2024 combined with optimism for 2025 gave the stock market a broad boost in January, with the S&P 500 Index up 2.8%. Real GDP growth for 2024 is now projected at about 2.8%, well above the long-term trend of 2%, and for another year of 2%+ growth in 2025. Fourth quarter S&P 500 corporate profits showed a robust 13% year-over-year growth rate. The job market remained solid, consumer spending held strong, and manufacturing, long in contraction, began to slowly work its way back to growth.
Read More2025 Outlook & Positioning
What does 2025 hold for investors? US economic resilience, a strong dollar, and higher-for-longer rates remain dominant themes - but shifting economic policies could bring new market dynamics. Head of Multi-Asset Solutions, Patrick Ryan, and Portfolio Manager Stuart Dybdahl, share key insights on how to navigate the year ahead.
Read More2024 Year-End U.S. Equity Letter from Haruki Toyama
Haruki Toyama, Portfolio Manager and Head of Large and Mid Cap Equity, shares his perspective on market performance, the 'Elite Eight', and new investments.
Read MoreQ4 2024 Market & Economic Review
Download our quarterly communication with market and economics charts, and commentary on events of the previous quarter.
Read MoreMonthly Market Update - January 2025
Despite a dreary December (S&P 500 Index down -2.4%), stock investors had a banner year, up 25.0% for 2024. In a now familiar refrain, rewards were not equally distributed, with the large-cap tech companies known as "The Magnificent Seven" earning 53% of the Index's return for the year. Sector returns fluctuated across the year but ended up with some breadth as seven of the eleven produced double-digit gains.
Read MoreQ&A: Steve Carl on Madison Investments at 50 Years and Counting
As we celebrate our 50th anniversary this year, Steve Carl, the chairman of the executive committee at Madison Investments, recently sat down with us for a Q&A. Learn more about his journey here.
Read MoreFixed Income Market Update – Third Quarter 2024
The first quarter of 2024 ended with a reversal of mood from the final quarter of 2023. As December wound to a close, Treasury yields moved sharply lower in anticipation of a faster and more aggressive shift toward monetary policy easing.
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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 and is not investment advice.
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 and is not investment advice.