Equity
Madison Mid Cap Equity
Strategy Overview
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.
Key Facts
| Benchmark | Russell Midcap Index |
|---|---|
| Strategy Inception | March 1996 |
| Positions | 25-40 |
| Investment Vehicles | Separate Account Mutual Fund CIT |
Experienced Management
Haruki Toyama
Head of Mid Cap & Large Cap Equity, Portfolio Manager
Andy Romanowich, CFA®
Portfolio Manager, Analyst
Rich Eisinger
Head of Equities, Portfolio Manager
High Conviction Approach
Investment Process
For over 25 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 80 years of combined investment experience.
Madison Mid Cap Team
Haruki Toyama
Head of Mid Cap & Large Cap Equity, Portfolio Manager
Andy Romanowich, CFA®
Portfolio Manager, Analyst
Rich Eisinger
Head of Equities, Portfolio Manager
Joe Maginot
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.
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.
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 Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index.
Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group.