Madison Small Cap Fund Class Y
BVAOX
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- Madison Small Cap Fund Class Y (BVAOX) is an open-end mutual fund that seeks long-term capital appreciation by investing primarily in a diversified mix of common stocks of small-cap U.S. companies with market capitalizations generally between $100 million and $15 billion; the fund employs a bottom-up fundamental research approach to identify core growth companies trading at discounts to their intrinsic value and offering sound prospects for capital appreciation. It maintains at least 80% of its net assets in small-cap securities under normal market conditions, with a concentrated portfolio typically comprising around 46 holdings across sectors such as information technology (25.73%), industrials (22.61%), health care (14.07%), and financials (13.60%). The Class Y shares feature a net expense ratio of 1.10%, a minimum initial investment of $1,000, and no front-end or deferred loads. The fund operates within the small blend category, targeting undervalued small-cap equities for individual and institutional investors seeking exposure to U.S. small-cap growth opportunities; it benchmarks performance against the Russell 2000 Total Return Index and Russell 2500 Total Return Index. Managed by Aaron Garcia and Faraz Farzam since January 2010, with roots tracing back further through predecessor funds, the strategy emphasizes high-quality, industry-leading companies with strong growth prospects. Madison Funds, the fund family sponsor, is part of Madison Investments, an independent, employee-owned investment management firm founded in 1974 and headquartered in Madison, Wisconsin, with additional offices in Milwaukee, Wisconsin; Scottsdale, Arizona; and Toronto, Canada. The firm manages approximately $25-28 billion in assets and offers a range of domestic equity, fixed income, multi-asset, and international strategies through mutual funds, active ETFs, and separately managed accounts. In a significant reorganization completed on August 30, 2019, the fund resulted from the merger of the former Broadview Opportunity Fund—managed by the acquired Broadview Advisors small-cap team—into Madison's existing Small Cap Fund Y shares, with the ticker changing to BVAOX to preserve the predecessor's 22-year performance history; former Broadview managers Rick Lane, Aaron Garcia, and Faraz Farzam joined Madison to continue overseeing the strategy. More recently, in April 2024, Madison Investments expanded operations by opening a new office in downtown Milwaukee, Wisconsin, relocating the Reinhart Fixed Income team to enhance client service and regional presence.