MADAX — Madison Dividend Income Fund
Data updated: 2026-09-17
MADAX — Madison Dividend Income Fund. United States Large Cap Value Equity · $90.74M AUM · 1.16% expense ratio. Holdings, fees, performance and SEC filings.
MADAX Fund Overview
MADAX — Madison Dividend Income Fund is a US mutual fund managed by Madison Funds, categorised as United States Large Cap Value Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Madison Funds
- Category: United States Large Cap Value Equity
- Assets under management: $90.74M
- Ticker: MADAX
- SEC CIK: 0001040612
- SEC series ID: S000040132
- Share class ID: C000221172
MADAX Investment Objective and Strategy
Madison Dividend Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Madison Funds.
Investment objective
The Madison Dividend Income Fund seeks to produce current income while providing an opportunity for capital appreciation.
Principal investment strategy
"The fund seeks to achieve its investment objective by investing in equity securities of companies with a market capitalization of over $1 billion and a history of paying dividends, with the ability to increase dividends over time. Under normal market conditions, at least 80% of the funds net assets (including borrowings for investment purposes) will be invested in dividend paying equity securities. The adviser will identify investment opportunities by screening for companies that generally have the following characteristics: (i) a dividend yield of at least 100% of the market dividend yield (for this purpose, the market is the S&P 500); (ii) a strong balance sheet; (iii) a dividend that has been maintained and which is likely to increase; (iv) trade on the high side of the companys historical relative dividend yield, due to issues which the adviser views as temporary; and (v) other compelling valuation characteristics.
Under normal market conditions, the fund expects to be fully invested in equity securities, but will maintain the flexibility to hold up to 20% of the funds assets in investment grade fixed income securities when warranted in the discretion of the adviser. Additionally, the adviser may write (sell) covered call options against equity holdings, not to exceed 25% of the funds equity holdings. The fund may also invest up to 25% of its common stock allocation in foreign securities (including American Depositary Receipts (""ADRs"") and emerging market securities). To the extent invested in common stocks, the fund generally invests in 30-60 companies at any given time. This reflects the advisers belief that your money should be invested in the advisers top investment ideas, and that focusing on the advisers best investment ideas is the best way to achieve the funds investment objective.
Madison follows a rigorous three-step process when evaluating companies pursuant to which Madison considers (1) the business model, (2) the management team, and (3) the valuation of each potential investment. When evaluating the business model, Madison looks for sustainable competitive advantages, metrics that demonstrate relatively high levels of profitability, stable and growing earnings, and a solid balance sheet. When assessing management, Madison evaluates its operational and capital allocation track records and the nature of its accounting practices. The final step in the process is assessing the proper valuation for the company. Madison strives to purchase securities trading at a discount to their intrinsic value as determined by discounted cash flows modeling and additional valuation methodologies.
Often, Madison finds companies that clear the business model and management team hurdles, but not the valuation hurdle. Those companies are monitored for inclusion at a later date when the price may be more appropriate. Madison seeks to avoid the downside risks associated with overpriced securities. Madison may sell stocks for a number of reasons, including: (i) the price target Madison has set for stock has been achieved, (ii) the fundamental business prospects for the company have materially changed, or (iii) Madison finds a more attractive alternative. In addition, with regard to dividend paying stocks in particular, Madison may sell a stock that has reduced its dividend to a level that brings the yield on the stock to below the market (S&P 500) dividend yield, but only if the reduction in dividend appears to Madison to be a symptom of fundamental difficulties with the company that are other than temporary in nature.
The funds investment strategy reflects Madisons general Participate and Protect investment philosophy. Madisons expectation is that investors in the fund will participate 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, this investment philosophy is intended to represent a conservative investment strategy. There is no assurance that Madisons expectations regarding this investment strategy will be realized. Although the fund expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the fund may invest up to 100% in money market instruments. To the extent the fund engages in this temporary defensive position, the funds ability to achieve its investment objective may be diminished."
MADAX Holdings
Top 10 holdings of Madison Dividend Income Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Johnson & Johnson | 5.28% |
| ExxonMobil Holdings Corp | 4.80% |
| Chevron Corp | 4.72% |
| NextEra Energy Inc | 3.80% |
| CME Group Inc | 3.55% |
| Procter & Gamble Co/The | 3.53% |
| Union Pacific Corp | 3.51% |
| AbbVie Inc | 3.49% |
| Automatic Data Processing Inc | 3.37% |
| EOG Resources Inc | 3.14% |
MADAX Portfolio Allocation
Asset-class allocation of Madison Dividend Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 98.0% |
| Cash & Equivalents | 1.9% |
MADAX Performance
Total returns for MADAX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 12.0% |
| 1 year | 15.8% |
| 3 years (annualised) | 8.9% |
| 5 years (annualised) | 6.0% |
MADAX Risk Information
Risk metrics for MADAX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 10.8%
MADAX Costs and Fees
MADAX costs about $116 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.16%
- Gross expense ratio: 1.16%
- Portfolio turnover: 28%
- Brokerage commissions: 2.14 bps of average net assets (SEC N-CEN)
MADAX Cashflows
Over the 12 months to 2026-04, Madison Dividend Income Fund had net outflows of $33.62M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-04 | −$2.05M |
| 2026-03 | −$1.78M |
| 2026-02 | −$17.54M |
| 2026-01 | −$2.66M |
| 2025-12 | $6.23M |
| 2025-11 | −$2.21M |
MADAX Debt Constituents
No individual debt constituents are reported in Madison Dividend Income Fund's latest SEC N-PORT filing.
MADAX Prospectus and SEC Filings
Official Madison Dividend Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-02-27
- Prospectus (485BPOS) — filed 2025-02-28
- Prospectus (485BPOS) — filed 2024-03-04
- Portfolio holdings (N-PORT) — filed 2026-09-17
- Portfolio holdings (N-PORT) — filed 2026-06-23
- Portfolio holdings (N-PORT) — filed 2026-03-23
- Annual census (N-CEN) — filed 2026-01-09
- Annual census (N-CEN) — filed 2025-01-08
Related Funds
Other United States Large Cap Value Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.