MERAX Performance — Madison Mid Cap Fund, Class A
Data updated: 2026-09-17
MERAX returned −29.09% year to date and −45.85% over one year to Jul 2026. Over one year the fund trailed its US Mid-Cap Blend category average: $100 grew to $54, against $119 for the category. Volatility over the past 12 months was 11.03% a year. In the 12 months to Jul 2026 the fund lost a net $575.7M, and assets reached $1.72B.
MERAX Growth of $100
What $100 invested in Madison Mid Cap Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the US Mid-Cap Blend category average over the same months.
| Period | MERAX | Category average |
|---|---|---|
| 1 year (Aug 2025 – Jul 2026) | $54 | $119 |
| 3 years (Aug 2023 – Jul 2026) | $15 | $144 |
| 5 years (Aug 2021 – Jul 2026) | $4 | $145 |
| Since data start (Aug 2019 – Jul 2026) | $1 | $204 |
MERAX Trailing Returns
Total returns to Jul 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | −29.09% |
| 1 year | −45.85% |
3- and 5-year figures withheld: returns differ from sibling classes.
MERAX Annual Returns
Calendar-year total returns of Madison Mid Cap Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jul) | −29.09% |
| 2025 | −50.24% |
| 2024 | −46.04% |
| 2023 | −38.13% |
| 2022 | −57.71% |
| 2021 | −38.29% |
| 2020 | −46.48% |
| 2019 (Aug–Dec) | −20.02% |
MERAX 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 | −2.2% | −6.2% | −12.7% | −3.3% | −5.6% | −0.5% | −2.5% | — | — | — | — | — |
| 2025 | −1.7% | −8.8% | −10.6% | −6.3% | −1.8% | −4.3% | −7.6% | −2.6% | −5.2% | −7.5% | −5.4% | −5.4% |
| 2024 | −5.0% | −0.4% | −3.1% | −13.0% | −1.9% | −6.1% | −2.0% | −4.1% | −4.7% | −8.8% | +2.1% | −11.9% |
| 2023 | +1.0% | −6.5% | −6.8% | −5.9% | −7.4% | +2.8% | −2.9% | −6.5% | −9.6% | −6.9% | +3.1% | −0.4% |
| 2022 | −13.5% | −8.1% | −3.5% | −11.2% | −4.7% | −12.0% | +2.6% | −9.2% | −13.3% | +1.5% | +1.3% | −10.8% |
| 2021 | −8.9% | −2.9% | −0.2% | −1.0% | −5.2% | −5.1% | −4.2% | −3.6% | −10.3% | +1.0% | −6.5% | +0.3% |
| 2020 | −4.7% | −12.3% | −23.6% | +2.9% | +0.9% | −6.4% | 0.0% | −3.1% | −7.8% | −6.4% | +5.6% | −2.4% |
| 2019 | — | — | — | — | — | — | — | −6.1% | −2.2% | −4.3% | −4.8% | −4.4% |
MERAX Risk
Risk measures from monthly returns over Aug 2025 – Jul 2026.
- 1-year volatility (annualised): 11.03%
- Best month: −0.46% (Jun 2026)
- Worst month: −12.72% (Mar 2026)
MERAX Fund Flows
Monthly money in and out of Madison Mid Cap Fund, from SEC Form N-PORT.
- 12-month net flow: −$575.7M
- 12-month gross sales (incl. reinvestments): $508.1M
- Sales ÷ redemptions: 0.47×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jul 2026 | $19.5M | $93.1M | −$73.6M |
| Jun 2026 | $57.1M | $65.6M | −$8.5M |
| May 2026 | $28.4M | $164.1M | −$135.7M |
| Apr 2026 | $39.1M | $59.0M | −$19.9M |
| Mar 2026 | $32.2M | $85.7M | −$53.6M |
| Feb 2026 | $38.4M | $69.8M | −$31.4M |
| Jan 2026 | $51.4M | $176.0M | −$124.6M |
| Dec 2025 | $93.6M | $82.1M | $11.5M |
| Nov 2025 | $32.7M | $88.0M | −$55.4M |
| Oct 2025 | $31.2M | $75.9M | −$44.7M |
| Sep 2025 | $39.7M | $59.2M | −$19.5M |
| Aug 2025 | $44.8M | $65.2M | −$20.4M |
MERAX Assets Under Management
Net assets of Madison Mid Cap Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-07-31 | $1.72B |
| 2026-04-30 | $1.79B |
| 2026-01-31 | $2.00B |
| 2025-10-31 | $2.14B |
| 2025-07-31 | $2.18B |
| 2025-04-30 | $2.08B |
| 2025-01-31 | $2.12B |
| 2024-10-31 | $1.88B |
| 2024-07-31 | $1.68B |
| 2024-04-30 | $1.35B |
| 2024-01-31 | $1.17B |
| 2023-10-31 | $816.62M |
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.