MERBX Performance — Madison Mid Cap Fund, Class B
Data updated: 2026-09-17
MERBX returned −41.66% over one year to Jan 2023. The annualised 3-year return is −37.47%. The fund trailed its US Mid-Cap Blend category average: $100 invested three years ago grew to $24, against $131 for the category, and to $58 over one year, against $99. Volatility over the past three years was 21.76% a year. In the 12 months to Jul 2026 the fund lost a net $575.7M, and assets reached $1.72B.
MERBX 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 | MERBX | Category average |
|---|---|---|
| 1 year (Feb 2022 – Jan 2023) | $58 | $99 |
| 3 years (Feb 2020 – Jan 2023) | $24 | $131 |
| Since data start (Aug 2019 – Jan 2023) | $20 | $136 |
MERBX Trailing Returns
Total returns to Jan 2023, from SEC N-PORT.
| Period | Total return |
|---|---|
| 1 year | −41.66% |
| 3 years (annualised) | −37.47% |
MERBX 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 |
|---|---|
| 2023 (Jan–Jan) | +2.53% |
| 2022 | −50.19% |
| 2021 | −27.11% |
| 2020 | −36.58% |
| 2019 (Aug–Dec) | −14.45% |
MERBX 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | +2.5% | — | — | — | — | — | — | — | — | — | — | — |
| 2022 | −12.4% | −7.0% | −2.1% | −10.2% | −3.3% | −10.9% | +4.3% | −8.0% | −12.2% | +3.1% | +2.9% | −9.6% |
| 2021 | −7.8% | −1.5% | +1.3% | +0.5% | −3.9% | −3.9% | −2.9% | −2.2% | −9.2% | +2.6% | −5.3% | +1.9% |
| 2020 | −3.5% | −11.2% | −22.7% | +4.7% | +2.6% | −5.2% | +1.6% | −1.8% | −6.7% | −5.2% | +7.6% | −1.0% |
| 2019 | — | — | — | — | — | — | — | −5.0% | −0.8% | −3.0% | −3.5% | −3.1% |
MERBX Risk
Risk measures from monthly returns over Feb 2020 – Jan 2023.
- 3-year volatility (annualised): 21.76%
- 3-year Sharpe ratio: -1.93 (vs 4.5% risk-free rate)
- Best month: +7.58% (Nov 2020)
- Worst month: −22.68% (Mar 2020)
MERBX 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 |
MERBX 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.