GTFHX Performance — Madison Tax-Free National Fund, Class Y
Data updated: 2026-09-17
GTFHX returned +0.19% year to date and +3.94% over one year to Jul 2026. Annualised returns are +2.37% over 3 years and +0.26% over 5 years. The fund trailed its Intermediate Municipal Bond category average: $100 invested three years ago grew to $107, against $109 for the category, and to $104 over one year, against $105. Volatility over the past three years was 4.20% a year. In the 12 months to Jul 2026 the fund lost a net $1.1M, and assets reached $18.04M.
GTFHX Growth of $100
What $100 invested in Madison Tax-Free National Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Intermediate Municipal Bond category average over the same months.
| Period | GTFHX | Category average |
|---|---|---|
| 1 year (Aug 2025 – Jul 2026) | $104 | $105 |
| 3 years (Aug 2023 – Jul 2026) | $107 | $109 |
| 5 years (Aug 2021 – Jul 2026) | $101 | $102 |
| Since data start (Aug 2019 – Jul 2026) | $107 | $109 |
GTFHX Trailing Returns
Total returns to Jul 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +0.19% |
| 1 year | +3.94% |
| 3 years (annualised) | +2.37% |
| 5 years (annualised) | +0.26% |
GTFHX Annual Returns
Calendar-year total returns of Madison Tax-Free National Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jul) | +0.19% |
| 2025 | +3.90% |
| 2024 | +0.43% |
| 2023 | +3.99% |
| 2022 | −6.20% |
| 2021 | +0.01% |
| 2020 | +4.19% |
| 2019 (Aug–Dec) | +1.13% |
GTFHX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.7% | +0.8% | −1.7% | +0.8% | +0.3% | +0.4% | −1.1% | — | — | — | — | — |
| 2025 | +0.4% | +0.9% | −1.4% | −0.4% | +0.1% | +0.7% | −0.2% | +0.8% | +1.6% | +0.8% | +0.3% | +0.2% |
| 2024 | −0.2% | −0.1% | −0.1% | −0.9% | −0.4% | +1.1% | +0.8% | +0.6% | +0.7% | −1.3% | +1.3% | −0.9% |
| 2023 | +2.1% | −2.0% | +1.8% | −0.3% | −0.9% | +0.7% | +0.1% | −0.8% | −2.2% | −0.8% | +4.7% | +1.8% |
| 2022 | −2.4% | −0.3% | −2.4% | −1.9% | +1.4% | −0.9% | +2.0% | −2.0% | −3.0% | −0.2% | +3.4% | +0.2% |
| 2021 | +0.2% | −1.3% | +0.2% | +0.6% | +0.1% | +0.1% | +0.7% | −0.3% | −0.7% | −0.1% | +0.4% | +0.1% |
| 2020 | +1.6% | +1.1% | −2.2% | −0.8% | +2.9% | −0.1% | +1.1% | −0.4% | +0.1% | −0.3% | +0.9% | +0.4% |
| 2019 | — | — | — | — | — | — | — | +1.4% | −0.7% | +0.1% | +0.2% | +0.3% |
GTFHX Risk
Risk measures from monthly returns over Aug 2023 – Jul 2026.
- 3-year volatility (annualised): 4.20%
- 3-year Sharpe ratio: -0.51 (vs 4.5% risk-free rate)
- Best month: +4.68% (Nov 2023)
- Worst month: −2.16% (Sep 2023)
GTFHX Fund Flows
Monthly money in and out of Madison Tax-Free National Fund, from SEC Form N-PORT.
- 12-month net flow: −$1.1M
- 12-month gross sales (incl. reinvestments): $545K
- Sales ÷ redemptions: 0.33×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jul 2026 | $96K | $153K | −$57K |
| Jun 2026 | $44K | $134K | −$91K |
| May 2026 | $38K | $3K | $35K |
| Apr 2026 | $60K | $23K | $37K |
| Mar 2026 | $40K | $590K | −$550K |
| Feb 2026 | $42K | $5K | $37K |
| Jan 2026 | $700 | $12K | −$11K |
| Dec 2025 | $69K | $10K | $60K |
| Nov 2025 | $36K | $45K | −$10K |
| Oct 2025 | $43K | $170K | −$127K |
| Sep 2025 | $35K | $150K | −$115K |
| Aug 2025 | $41K | $366K | −$325K |
GTFHX Assets Under Management
Net assets of Madison Tax-Free National Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-07-31 | $18.04M |
| 2026-04-30 | $18.36M |
| 2026-01-31 | $18.98M |
| 2025-10-31 | $18.85M |
| 2025-07-31 | $18.95M |
| 2025-04-30 | $19.04M |
| 2025-01-31 | $18.39M |
| 2024-10-31 | $17.45M |
| 2024-07-31 | $17.72M |
| 2024-04-30 | $17.62M |
| 2024-01-31 | $17.90M |
| 2023-10-31 | $17.09M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.