MHNAX — Madison High Income Fund
Data updated: 2020-09-22
MHNAX — Madison High Income Fund. Money Market · $16.80M AUM · 1.01% expense ratio · -42.1% 1-yr return. Holdings, fees, performance and SEC filings.
MHNAX Fund Overview
MHNAX — Madison High Income Fund is a US mutual fund managed by Madison Funds, categorised as Money Market. 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: Money Market
- Assets under management: $16.80M
- 1-year return: -42.1%
- Ticker: MHNAX
- SEC CIK: 0001040612
- SEC series ID: S000020647
- Share class ID: C000057640
MHNAX Investment Objective and Strategy
Madison High Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Madison Funds.
Investment objective
The Madison High Income Fund seeks high current income. The fund also seeks capital appreciation, but only when consistent with its primary goal.
Principal investment strategy
The fund invests primarily in lower-rated, higher-yielding income bearing securities, such as junk bonds. Because the performance of these securities has historically been strongly influenced by economic conditions, the fund may rotate securities selection by business sector according to the economic outlook. Under normal market conditions, the fund invests at least 80% of its net assets (including borrowings for investment purposes) in bonds rated lower than investment grade (BBB/Baa) and their unrated equivalents or other high-yielding securities. Types of bonds and other securities include, but are not limited to, domestic and foreign (including emerging market) corporate bonds, debentures, notes, convertible securities, preferred stocks, municipal obligations, government obligations and mortgage-backed securities.
Up to 25% of the funds assets may be invested in the securities of issuers in any one industry, and up to 50% of the fund's assets may be invested in restricted securities (a restricted security is one that has a contractual restriction on resale or cannot be resold publicly until it is registered under the Securities Act of 1933, as amended). The dollar weighted average life of the fund as of December 31, 2017 was 3.81 years. In selecting the funds investments, the portfolio managers employ a multi-faceted, bottom up investment approach that utilizes proprietary analytical tools which are integral to assessing the potential risk and relative value of each investment and also assist in identifying companies that are likely to have the ability to meet their interest and principal payments on their debt securities.
Investment candidates are analyzed in depth at a variety of risk levels. Investments are not made on the basis of one single factor. Rather, investments are made based on the careful consideration of a variety of factors, including: Analyses of business risks (including leverage risk) and macro risks (including interest rate trends, capital market conditions and default rates); Assessment of the industrys attractiveness and competitiveness; Evaluation of the business, including core strengths and competitive weaknesses; Qualitative evaluation of the management team, including in-person meetings or conference calls with key managers; and Quantitative analyses of the companys financial statements. The fund does not have a stated minimum or maximum number of holdings. The number of issuers in the funds portfolio typically ranges from 85 to 120 depending on the market environment.
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.
MHNAX Performance
Total returns for MHNAX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -42.1% |
MHNAX Risk Information
Risk metrics for MHNAX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 11.8%
MHNAX Costs and Fees
MHNAX costs about $101 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.01%
- Gross expense ratio: 1.01%
- Portfolio turnover: 16%
- Brokerage commissions: 0.11 bps of average net assets (SEC N-CEN)
MHNAX Cashflows
Over the 12 months to 2020-07, Madison High Income Fund had net outflows of $1.42M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2020-07 | −$108.37K |
| 2020-06 | −$343.46K |
| 2020-05 | −$57.01K |
| 2020-04 | $10.11K |
| 2020-03 | −$350.52K |
| 2020-02 | −$74.78K |
MHNAX Debt Constituents
No individual debt constituents are reported in Madison High Income Fund's latest SEC N-PORT filing.
MHNAX Prospectus and SEC Filings
Official Madison High Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2020-06-15
- Prospectus (485BPOS) — filed 2019-03-11
- Prospectus (485BPOS) — filed 2018-03-13
- Portfolio holdings (N-PORT) — filed 2020-09-22
- Portfolio holdings (N-PORT) — filed 2020-06-11
- Portfolio holdings (N-PORT) — filed 2020-03-25
- Annual census (N-CEN) — filed 2020-01-07
- Annual census (N-CEN) — filed 2019-01-14
Related Funds
Other Money Market 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.