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Fixed Income

Core Bond

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Your Actively Managed Portfolio Cornerstone

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. Drawing on decades of experience across market cycles, our team leverages deep market knowledge to exploit pricing inefficiencies and manage risk in dynamic environments. The strategies may invest in a variety of sectors, including, but not limited to: U.S. Treasuries and government agency securities, U.S. corporate bonds, and mortgage and agency-backed securities.

Meet the team

Strategies

  • Madison Core Bond

    Madison Core Bond is an active, total return strategy that aims to generate superior long-term risk-adjusted returns with diversified exposure to fixed income sectors. The strategy actively manages fixed income risks (duration, yield curve, sector, credit) through a disciplined investment process that emphasizes downside protection and capital preservation.

    Learn more: Madison Core Bond
Reinhart Active Core

Reinhart Active Core is an actively managed bond strategy with the goal of delivering superior yields and returns while minimizing volatility and default risk. To pursue our goals, we emphasize high-quality securities through a duration-constrained approach. The strategy invests in U.S. Treasuries, primarily “A” or better corporate bonds, and mortgage and asset-backed securities with maturities of zero to 30 years. Portfolios are managed using a duration-constrained style.

Fact Sheet
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Fixed Income Team

Related Insights

Commentary

Reinhart Week in Review by Madison Investments

The Reinhart Week in Review by Madison Investments contains a weekly recap of key market and economic events.

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White Papers

The Case for Intermediate Bonds as Rates Fall

With rates now higher than they’ve been in years, investors are reassessing fixed income. It’s tempting to assume longer bonds offer higher yields and better return potential, but 2022 proved otherwise. Today’s valuations and history suggest taking a more balanced…

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Videos In the News

Mike Sanders Discusses the Fed’s Rate Cutting Outlook on Schwab Network

Head of Fixed Income Mike Sanders joined the Schwab Network to discuss the Fed’s rate-cut outlook amid delayed jobs data and the balance between inflation and employment. As he noted, the Fed is likely to “favor the labor market vs.…

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White Papers

Fixed Income 3Q 2025: Markets at an Inflection Point

The third quarter of 2025 marked an important turning point for the Federal Reserve and the broader fixed income landscape. Inflation has steadied, but the labor market is clearly softening, and the Fed has pivoted to easing policy.

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White Papers

Bond Ladders vs. Actively Managed Bond Portfolios

Learn the difference between bond ladders and actively managed bond portfolios. Compare income potential, flexibility, risks, and discover which fixed income strategy may suit your goals.

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White Papers

Understanding Treasury Inflation-Protected Securities (TIPS)

For years after the 2008 Financial Crisis, inflation was not a primary concern for investors, but the recent resurgence has renewed interest in protection strategies. Treasury Inflation-Protected Securities (TIPS) may offer a solution.

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Videos In the News

Mike Sanders Joins the Schwab Network to Discuss Powell’s Jackson Hole Speech

In his interview with the Schwab Network, Mike Sanders discussed the bond market's response to Fed Chair Powell's Jackson Hole Speech and where he sees opportunities.

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White Papers

Rising Term Premiums

We’ve written extensively about our concern that the credit markets are underpricing risk. Today, most of these spreads are at or near historically tight levels, providing little excess reward for taking on credit risk.

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Videos In the News

Mike Sanders Joins the Adjusted for Risk Podcast to Discuss Opportunities in Fixed Income

Head of Fixed Income Mike Sanders joined Zephyr's Adjusted for Risk podcast to discuss opportunities in fixed income, the current economic environment, why the labor market holds the key to the Fed’s next moves, and the benefits of active management.

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Contact us
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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.

Yield Curve is a line that plots yields (interest rates) of bonds having equal credit quality but differing maturity dates. The slope of the yield curve gives an idea of future interest rate changes and economic activity. There are three main types of yield curve shapes: normal (upward sloping curve), inverted (downward sloping curve) and flat. Yield curve strategies involve positioning a portfolio to capitalize on expected changes.

Duration is a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates. Duration measures how long it takes, in years, for an investor to be repaid the bond’s price by the bond’s total cash flows.

It is Madison’s opinion that the bond market is inefficient. There is no guarantee that these inefficiencies exist or that Madison can identify or use them.