MERBX — Madison Mid Cap Fund
Data updated: 2026-09-17
MERBX — Madison Mid Cap Fund. United States Mid Cap Blend / Core Equity · $1.72B AUM · 2.15% expense ratio. Holdings, fees, performance and SEC filings.
MERBX Fund Overview
MERBX — Madison Mid Cap Fund is a US mutual fund managed by Madison Funds, categorised as United States Mid Cap Blend / Core 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 Mid Cap Blend / Core Equity
- Assets under management: $1.72B
- 1-year return: -41.7%
- Ticker: MERBX
- SEC CIK: 0001040612
- SEC series ID: S000020651
- Share class ID: C000057653
MERBX Investment Objective and Strategy
Madison Mid Cap Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Madison Funds.
Investment objective
The Madison Mid Cap Fund seeks long-term capital appreciation.
Principal investment strategy
"The fund invests generally in common stocks, securities convertible into common stocks and related equity securities of midsize companies (for this purpose, midsize is defined as those companies with market capitalizations of between $500 million and $50 billion). Under normal market conditions, the fund will maintain at least 80% of its net assets (including borrowings for investment purposes) in such mid cap securities. The fund may also invest in exchange traded funds (ETFs) that are registered investment companies, warrants, preferred stocks and debt securities, including non-investment grade convertible debt securities, and up to 25% of its assets in foreign securities (including American Depositary Receipts (""ADRs"") and emerging market securities). The fund generally holds 25-40 individual securities in its portfolio at any given time.
This reflects the belief of the fund's investment adviser, Madison Asset Management, LLC (""Madison""), that your money should be invested in the advisers top investment ideas, and that focusing on Madison's best investment ideas is the best way to achieve the funds investment objective. The fund seeks attractive long-term returns through bottom-up security selection based on fundamental analysis in a diversified portfolio of high-quality companies with attractive valuations. These will typically be industry leading companies in niches with strong growth prospects. The funds portfolio manager believes in selecting stocks for the fund that show steady, sustainable growth and reasonable valuation. 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 the stock has been achieved or exceeded, (ii) the fundamental business prospects for the company have materially changed, or (iii) Madison finds a more attractive alternative. 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."
MERBX Holdings
Top 10 holdings of Madison Mid Cap Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Arch Capital Group Ltd | 7.56% |
| Ross Stores Inc | 5.92% |
| Amphenol Corp | 4.99% |
| Brown & Brown Inc | 4.08% |
| Carlisle Cos Inc | 3.98% |
| Labcorp Holdings Inc | 3.78% |
| PACCAR Inc | 3.74% |
| Medpace Holdings Inc | 3.73% |
| MSA Safety Inc | 3.40% |
| Teledyne Technologies Inc | 3.24% |
MERBX Portfolio Allocation
Asset-class allocation of Madison Mid Cap Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 97.1% |
| Cash & Equivalents | 4.3% |
MERBX Performance
Total returns for MERBX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -41.7% |
| 3 years (annualised) | -37.5% |
MERBX Risk Information
Risk metrics for MERBX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 21.5%
MERBX Costs and Fees
MERBX costs about $215 per $10,000 invested per year in fund expenses.
- Net expense ratio: 2.15%
- Gross expense ratio: 2.15%
- Portfolio turnover: 17%
- Brokerage commissions: 1.81 bps of average net assets (SEC N-CEN)
MERBX Cashflows
Over the 12 months to 2026-04, Madison Mid Cap Fund had net outflows of $329.30M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-04 | −$19.92M |
| 2026-03 | −$53.55M |
| 2026-02 | −$31.42M |
| 2026-01 | −$124.62M |
| 2025-12 | $11.48M |
| 2025-11 | −$55.36M |
MERBX Debt Constituents
No individual debt constituents are reported in Madison Mid Cap Fund's latest SEC N-PORT filing.
MERBX Prospectus and SEC Filings
Official Madison Mid Cap 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 Mid Cap Blend / Core 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.