MASMX Performance — Madison Small Cap Fund, Class A
Data updated: 2026-09-17
MASMX returned −28.01% year to date and −46.51% over one year to Jul 2026. Over one year the fund trailed its US Small Value category average: $100 grew to $53, against $131 for the category. Volatility over the past 12 months was 12.27% a year. In the 12 months to Jul 2026 the fund lost a net $12.1M, and assets reached $154.86M.
MASMX Growth of $100
What $100 invested in Madison Small Cap Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the US Small Value category average over the same months.
| Period | MASMX | Category average |
|---|---|---|
| 1 year (Aug 2025 – Jul 2026) | $53 | $131 |
| 3 years (Aug 2023 – Jul 2026) | $15 | $147 |
| 5 years (Aug 2021 – Jul 2026) | $3 | $154 |
| Since data start (Aug 2019 – Jul 2026) | $1 | $214 |
MASMX Trailing Returns
Total returns to Jul 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | −28.01% |
| 1 year | −46.51% |
3- and 5-year figures withheld: returns differ from sibling classes.
MASMX Annual Returns
Calendar-year total returns of Madison Small Cap Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jul) | −28.01% |
| 2025 | −54.47% |
| 2024 | −40.27% |
| 2023 | −43.13% |
| 2022 | −62.98% |
| 2021 | −40.90% |
| 2020 | −39.66% |
| 2019 (Aug–Dec) | −23.11% |
MASMX 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 | −1.4% | −3.3% | −12.2% | +0.5% | −5.5% | −0.8% | −8.8% | — | — | — | — | — |
| 2025 | −2.6% | −10.3% | −12.8% | −8.3% | −2.5% | −2.4% | −7.7% | −4.1% | −6.9% | −5.9% | −6.6% | −5.2% |
| 2024 | −6.6% | +2.2% | −2.3% | −10.1% | −1.1% | −7.0% | −0.9% | −6.7% | −3.9% | −5.2% | +2.9% | −10.8% |
| 2023 | +5.2% | −7.1% | −9.4% | −7.8% | −6.9% | +2.2% | −2.3% | −10.1% | −10.6% | −10.4% | −0.1% | +4.2% |
| 2022 | −12.1% | −6.8% | −5.4% | −13.8% | −6.8% | −15.0% | +0.4% | −9.8% | −12.3% | +0.3% | −1.9% | −10.4% |
| 2021 | −2.0% | +0.1% | −3.0% | −2.4% | −3.7% | −5.4% | −7.0% | −4.8% | −9.9% | −1.6% | −9.5% | −1.7% |
| 2020 | −8.5% | −12.2% | −26.0% | +8.2% | +3.1% | −4.8% | +0.2% | −2.0% | −8.8% | −3.8% | +8.8% | +2.1% |
| 2019 | — | — | — | — | — | — | — | −12.1% | −3.1% | −3.0% | −2.1% | −4.9% |
MASMX Risk
Risk measures from monthly returns over Aug 2025 – Jul 2026.
- 1-year volatility (annualised): 12.27%
- Best month: +0.51% (Apr 2026)
- Worst month: −12.16% (Mar 2026)
MASMX Fund Flows
Monthly money in and out of Madison Small Cap Fund, from SEC Form N-PORT.
- 12-month net flow: −$12.1M
- 12-month gross sales (incl. reinvestments): $21.1M
- Sales ÷ redemptions: 0.64×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jul 2026 | $293K | $1.5M | −$1.2M |
| Jun 2026 | $1.2M | $1.7M | −$491K |
| May 2026 | $599K | $2.2M | −$1.6M |
| Apr 2026 | $609K | $2.2M | −$1.6M |
| Mar 2026 | $366K | $1.5M | −$1.1M |
| Feb 2026 | $556K | $2.5M | −$2.0M |
| Jan 2026 | $985K | $3.8M | −$2.9M |
| Dec 2025 | $14.1M | $4.9M | $9.2M |
| Nov 2025 | $338K | $2.0M | −$1.7M |
| Oct 2025 | $578K | $2.9M | −$2.3M |
| Sep 2025 | $616K | $2.2M | −$1.6M |
| Aug 2025 | $855K | $5.7M | −$4.9M |
MASMX Assets Under Management
Net assets of Madison Small Cap Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-07-31 | $154.86M |
| 2026-04-30 | $154.76M |
| 2026-01-31 | $156.35M |
| 2025-10-31 | $159.19M |
| 2025-07-31 | $167.42M |
| 2025-04-30 | $162.13M |
| 2025-01-31 | $195.16M |
| 2024-10-31 | $187.94M |
| 2024-07-31 | $189.40M |
| 2024-04-30 | $179.78M |
| 2024-01-31 | $174.36M |
| 2023-10-31 | $159.10M |
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.