Equity
Intentionality Delivers Consistency
Madison Investments offers a range of high-conviction equity strategies across market caps and styles. Staying true to our active management roots, our experienced U.S. and International Equity teams take a disciplined, bottom-up approach to portfolio construction. This approach is grounded in rigorous stock selection criteria and deep qualitative research to pursue one clear goal: participate in rising markets while protecting capital when markets decline.
Philosophy
We invest with conviction, not conformity. By focusing on our highest-confidence ideas instead of alignment to a benchmark, we seek better-than-market outcomes over full cycles. Each team has the freedom to design a portfolio aligned with its specific mandate while staying true to the firm’s Participate and Protect® approach. The result is portfolios of high active share, lower than market volatility, and strong long-term track records.
Strategies
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Madison Large Cap is an actively managed, high-conviction strategy that aims to provide superior long-term returns while assuming lower-than-average risk. To pursue this goal, we conduct intensive fundamental research to build a concentrated, all-weather portfolio of large cap companies that exhibit high-quality, durable growth characteristics at reasonable valuations.
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Madison Mid Cap is an actively managed, high-conviction strategy that aims to provide superior long-term returns while assuming lower-than-average risk. To pursue this goal, we conduct intensive fundamental research to build a concentrated portfolio of high-quality mid cap companies with strong growth prospects at attractive valuations.
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Madison Small Cap is an actively managed, high-conviction strategy that aims to provide superior long-term returns while assuming lower-than-average risk. To pursue this goal, we conduct intensive fundamental research to build a concentrated, all-weather portfolio of small cap companies that exhibit high-quality, durable growth characteristics purchased at a significant discount to what we believe their true value to be.
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Madison Disciplined Equity is an actively managed, high-conviction strategy that aims to provide superior long-term returns while assuming lower-than-average risk. To pursue this goal, we conduct intensive fundamental research to build a concentrated portfolio of high-quality companies.
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Madison Dividend Income is an actively managed, high-conviction strategy that aims to provide superior long-term returns while assuming lower-than-average risk. To pursue this goal, we employ a relative yield approach to build a high-quality portfolio of companies with attractive relative yields and a long history of dividend payments.
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Madison Covered Call is an actively managed, high-quality, and high-conviction strategy that seeks consistent total return and a high level of income and gains from option premiums. To pursue this goal, we employ a fundamental, bottom-up process to invest in common stocks of large and mid cap companies, then write (sell) covered call options on a substantial portion of the portfolio securities.
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Madison International Equity is an actively managed, high-conviction strategy that seeks to deliver superior returns while minimizing the risk of permanent capital loss. To pursue this goal, we emphasize high-quality growth companies domiciled outside the United States that exhibit sustainable competitive advantages and consistent cash flow. We conduct extensive research to build a high-conviction portfolio of stocks that meet our criteria, purchased at reasonable valuations.
Madison Equity Team
Rich Eisinger
Head of Equities, Portfolio Manager
Haruki Toyama
Head of Mid Cap & Large Cap Equity, Portfolio Manager
Maya Bittar, CFA®
Portfolio Manager, Analyst
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
Dave Geisler
Portfolio Manager, Analyst
Matthew Goetzinger, CFA®
Senior Analyst
Luke Heinen
Equity Research Associate
Connor Jones
Analyst
Drew Justman, CFA®
Portfolio Manager, Analyst
Joe Maginot
Portfolio Manager, Analyst
Brian Milligan, CFA®
Senior Analyst
Peter Montelbano, CFA®
Analyst
Andy Romanowich, CFA®
Portfolio Manager, Analyst
Alyssa Rudakas, CFA®
Portfolio Manager, Analyst
Eric Schuettpelz
Senior Equity Trader
Rob Tallinger
Senior Equity Trader
Betty Tam
Director of Research & Technology
Patrick Tan
Portfolio Manager, Analyst
Thomas Tibbles, CFA®
Head of International Equity Team, Portfolio Manager
Related Insights
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 the fund is subject to risk and there can be no assurance that the fund will achieve its investment objective. The risks associated with an investment in the fund can increase during times of significant market volatility. The principal risks of investing in the fund include: equity risk, mid-cap company risk, option risk, tax risk, concentration risk and foreign security and emerging market risk.
Madison’s expectation is that investors in the strategy will participate near fully in market appreciation during bull markets and experience something less than full participation during bear markets compared with investors in portfolios holding more speculative and volatile securities. Therefore, the investment philosophy is intended to represent a conservative investment strategy. There is no assurance that Madison’s expectations regarding this investment strategy will be realized.
As a writer of a covered call option, the fund forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but has retained the risk of loss should the price of the underlying security decline.
Large Cap investing is based on the expectation of positive price performance due to continued earnings growth or anticipated changes in the market or within the company itself. However, if a company fails to meet that expectation or anticipated changes do not occur, its stock price may decline. Moreover, as with all equity investing, there is the risk that an unexpected change in the market or within the company itself may have an adverse effect on its stock. Investing in growth-oriented stocks involves potentially higher volatility and risk than investing in income-generating stocks. The biggest risk of equity investing is that returns can fluctuate and investors can lose money.
Investments in midsize companies may entail greater risks than investments in larger, more established companies. Midsize companies tend to have narrower product lines, fewer financial resources, and a more limited trading market for their securities, as compared to larger companies. They may also experience greater price volatility than securities of larger capitalization companies because growth prospects for these companies may be less certain and the market for such securities may be smaller. Some midsize companies may not have established financial histories; may have limited product lines, markets, or financial resources; may depend on a few key personnel for management; and may be susceptible to losses and risks of bankruptcy.
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.
Investing in foreign markets involves additional risks, including exchange rate changes, political and economic unrest, relatively low market liquidity and the potential difference in financial and accounting controls and standards. The portfolio may invest in small, mid-sized, or emerging companies, which are susceptible to greater risk than is customarily associated with investing in more established companies. The portfolio may invest in high yield or lower-rated securities, which may provide greater returns but are subject to greater-than average risk.