
Fixed Income

Actively Navigating Fixed Income Markets
Madison Fixed Income and Milwaukee-based Reinhart Fixed Income bring together decades of experience to deliver a broad spectrum of actively managed bond strategies. Partnering closely with advisors and investors, our teams offer institutional-caliber investment strategies designed to align with varying risk profiles and portfolio objectives. With portfolio managers averaging more than 25 years of industry experience, our teams have navigated multiple market cycles and will continue to leverage a disciplined, research-intensive investment approach.
Philosophy
We believe fixed income should play three vital roles in a portfolio: reliable income, capital preservation, and diversification from other asset classes. We also believe the fixed income markets are inefficient and not all risks are accurately valued. That’s why, across our strategies, we emphasize active risk management, independent research, and collaborative portfolio construction – all with the goal of providing strong long-term returns while minimizing the risk of capital loss.

Strategies
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Madison’s Core Bond strategies provide diversified exposure to fixed income markets with a focus on downside risk management and transparency. Our disciplined approach is defined by active risk management, extensive proprietary credit research, and opportunistically diverging from benchmark allocations.
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Madison’s Corporate Bond strategies offer a range of approaches designed to generate higher portfolio yield while carefully managing credit risk. Guided by our disciplined investment philosophy, we combine active portfolio management with deep proprietary research to uncover value in investment-grade corporate bonds.
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Madison’s Government/Corporate Bond strategies provide a transparent, risk-focused approach to fixed income, blending U.S. Government and investment-grade corporate securities. Guided by our disciplined process, we seek to deliver stability and preserve capital while generating competitive income and returns.
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Madison’s Government Bond strategies provide targeted exposure to high-quality U.S. Treasury and U.S. Agency debt securities. Through active management of duration, yield curve positioning, and sector allocation, we seek to balance stability and income generation while preserving capital.
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Madison offers a range of federally tax-exempt and tax-efficient strategies designed to provide investors with a transparent, risk-managed bond allocation. These strategies, which include actively managed and laddered approaches, invest in high-quality municipal bonds to support client objectives such as generating federally tax-free income or pursuing strong risk-adjusted returns.
Fixed Income Team
Mike Sanders, CFA®, FRM®
Head of Fixed Income, Portfolio Manager
William Ford, CFA®
Co-Head of Reinhart Fixed Income, Portfolio Manager
Michael Wachter, CFA®
Co-Head of Reinhart Fixed Income, Portfolio Manager
Peter Altobelli, CFA®
Portfolio Manager, Credit Analyst
Katherine Doyle
Portfolio Manager, Credit Analyst
William Fain
Insurance Portfolio Manager
Douglas Fry, CFA®
Portfolio Manager
Alyssa Johnson
Insurance Analyst
Ajla Kavazovic
Credit Analyst
Adam Lynch
Portfolio Manager, Credit Analyst
Michael Massel, CFA®
Credit Analyst
Jeffrey Matthias, CFA®, CAIA®, CIPM®, CFP®
Portfolio Manager
Donald J. Miller, CFA®
Head of Insurance Solutions, Insurance Portfolio Manager
Sarah Molitor, CFA®
Portfolio Manager, Credit Analyst
Chris Nisbet, CFA®
Portfolio Manager, Analyst
Allen Olson, CFA®
Portfolio Manager, Analyst
Michael Peters, CFA®
Portfolio Manager, Analyst
Andrew Scargill
Fixed Income Associate
Alan Shepard, CFA®
Portfolio Manager, Analyst
Matt Stoner
Credit Analyst
Arissa Wallander
Fixed Income Analyst
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.
In addition to the ongoing market risk applicable to portfolio securities, bonds are subject to interest rate risk, credit risk and inflation risk. When interest rates rise, bond prices fall; generally, the longer a bond’s maturity, the more sensitive it is to this risk. Credit risk is the possibility that the issuer of a security will be unable to make interest payments and repay the principal on its debt. Bonds may also be subject to call risk, which allows the issuer to retain the right to redeem the debt, fully or partially, before the scheduled maturity date. Proceeds from sales prior to maturity may be more or less than originally invested due to changes in market conditions or changes in the credit quality of the issuer.
Diversification does not assure a profit or protect against loss in a declining market.
Income from tax-exempt bonds may be subject to the federal Alternative Minimum Tax and state and municipal taxes.