
Fixed Income
Corporate Bond

Credit Strategies for All Markets
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. Our experienced team balances credit quality, diversification, structure, and valuation to build portfolios that seek competitive returns across market environments.
Strategies
-
Madison’s Corporate Bond Ladders are actively monitored bond portfolios designed to provide a stable income stream while preserving capital. The strategy invests in investment-grade U.S. corporate bonds that we actively research and continuously monitor.
-
Madison’s Intermediate Corporate Bond strategy is an actively managed portfolio that invests in investment-grade U.S. corporate bonds with maturities of 10 years or less. The strategy follows the firm’s long-term philosophy of Participate and Protect® with the goal of seeking superior returns while minimizing the risk of permanent capital loss.
-
Reinhart Corporate Bond Ladders are actively monitored, well-diversified corporate bond portfolios designed to provide a stable income stream while protecting capital in volatile markets. The passive ladder structure helps reduce interest rate risk by systematically reinvesting proceeds at the longest end of the maturity distribution. The strategy primarily invests in “A” or better U.S. corporate bonds, laddered over 1-5 or 1-10 years.
-
Reinhart Intermediate Duration Corporate is a high-quality, 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.
-
Madison Opportunistic Credit is an actively managed, total return strategy that aims to generate superior long-term risk-adjusted returns and a high level of income. The strategy actively manages fixed income risks (duration, yield curve, sector, credit) through a disciplined investment process that relies heavily on credit research.
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
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.
Madison’s expectation is that investors 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.
Diversification does not assure a profit or protect against loss in a declining market.