Equity
Madison Large Cap Equity
Strategy Overview
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.
Key Facts
| Benchmark | S&P 500 Index |
|---|---|
| Strategy Inception | January 1991 |
| Positions | 25-40 |
| Investment Vehicles | Separate Account Mutual Fund CIT |
Experienced Management
Joe Maginot
Portfolio Manager, Analyst
Haruki Toyama
Head of Mid Cap & Large Cap Equity, Portfolio Manager
Rich Eisinger
Head of Equities, Portfolio Manager
Investment Approach
Investment Process
For over 30 years, the strategy has employed a research-intensive, bottom-up investment approach focused on long-term growth at a reasonable price. Our process starts by identifying high-quality, attractively valued companies, then incorporates thorough fundamental research emphasizing:
- Strong business models with a special focus on sustainable competitive advantages, durable earnings growth, and strong balance sheets
- Astute management teams that create shareholder value
- Valuation assessment focused on future earnings potential
Defining Characteristics
Active and differentiated
High active share reflects differentiation from the benchmark.
Strong track record
Consistent and disciplined process has led to a strong long-term track record.
Risk conscious
Focused on risk management and downside protection.
Long-tenured management
Portfolio Managers have over 70 years of combined investment experience.
Large Cap Equity Team
Joe Maginot
Portfolio Manager, Analyst
Haruki Toyama
Head of Mid Cap & Large Cap Equity, Portfolio Manager
Rich Eisinger
Head of Equities, Portfolio Manager
Andy Romanowich, CFA®
Portfolio Manager, Analyst
Matthew Goetzinger, CFA®
Senior Analyst
Brian Milligan, CFA®
Senior Analyst
Peter Montelbano, CFA®
Analyst
Luke Heinen
Equity Research Associate
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.
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.
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. Contact Madison for more detailed information regarding these risks.
Active Share can range from 0% for an index fund that perfectly mirrors its benchmark to 100% for a portfolio with no overlap with an index.
Indices are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only, and do not represent the performance of any specific investment. Index returns do not include any expenses, fees or sales charges, which would lower performance.
The S&P 500® is an unmanaged index of large companies and is widely regarded as a standard for measuring large-cap and mid-cap U.S. stock-market performance. Results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be made directly into an index.