Madison Mid Cap Fund Class A
MERAX
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- Madison Mid Cap Fund Class A (MERAX) is an open-end mutual fund that seeks long-term capital appreciation by investing primarily in common stocks, securities convertible into common stocks, and related equity securities of midsize companies with market capitalizations typically ranging from $500 million to $70 billion. The fund employs a bottom-up, fundamental analysis approach to construct a high-quality, concentrated portfolio emphasizing companies with strong growth prospects, attractive valuations, and below-average risk profiles; top sectors include technology, financial services, industrials, consumer cyclical, and healthcare, with leading holdings such as Arch Capital Group Ltd, Ross Stores Inc, Amphenol Corp, Paccar Inc, and Medpace Holdings Inc. It offers multiple share classes including Class A (MERAX), Class Y (GTSGX), Class I (MDCIX), and Class R6 (MMCRX), with a net expense ratio of 1.36% for Class A, a front-end load of 5.75%, and minimum initial investment of $1,000. Madison Mid Cap Fund is managed by Madison Asset Management, LLC and Madison Investment Advisors, LLC, subsidiaries of Madison Investments, an employee-owned independent investment management firm founded in 1974 and headquartered at 550 Science Drive, Madison, Wisconsin. The fund's lead portfolio managers are Rich Eisinger (since 1998), Haruki Toyama (since 2015), and Andy Romanowich (since 2019), who oversee a strategy focused on risk-adjusted returns through active security selection in the U.S. mid-cap blend segment; as of late 2025, the fund manages approximately $2.19 billion in total net assets, with Class A assets at $83.21 million. Recent developments at the fund sponsor include Madison Investments' expansion with a new downtown Milwaukee office in April 2024 to enhance client service across all fifty U.S. states and Canada, alongside the launch of MSTI, an actively managed ETF, in February 2025 as part of its growing ETF suite. In a related change within the broader Madison organization, the Madison Investors Fund was renamed to Madison Large Cap Fund effective February 28, 2025, while maintaining its unchanged investment strategy and objective. The firm, with approximately $28.3 billion in assets under management as of mid-2025, continues to emphasize U.S. equities, fixed income, multi-asset solutions, and covered call strategies without reported acquisitions, funding rounds, or major portfolio manager shifts specific to MERAX in the last 1-2 years.