MNVAX Performance — Madison Large Cap Fund, Class A
Data updated: 2026-09-17
MNVAX returned −29.03% year to date and −45.02% over one year to Jul 2026. Over one year the fund trailed its US Large Growth category average: $100 grew to $55, against $111 for the category. Volatility over the past 12 months was 13.16% a year. In the 12 months to Jul 2026 the fund lost a net $90.6M, and assets reached $313.74M.
MNVAX Growth of $100
What $100 invested in Madison Large Cap Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the US Large Growth category average over the same months.
| Period | MNVAX | Category average |
|---|---|---|
| 1 year (Aug 2025 – Jul 2026) | $55 | $111 |
| 3 years (Aug 2023 – Jul 2026) | $16 | $166 |
| 5 years (Aug 2021 – Jul 2026) | $4 | $158 |
| Since data start (Aug 2019 – Jul 2026) | $1 | $261 |
MNVAX Trailing Returns
Total returns to Jul 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | −29.03% |
| 1 year | −45.02% |
3- and 5-year figures withheld: returns differ from sibling classes.
MNVAX Annual Returns
Calendar-year total returns of Madison Large Cap Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jul) | −29.03% |
| 2025 | −49.38% |
| 2024 | −42.96% |
| 2023 | −38.16% |
| 2022 | −57.46% |
| 2021 | −39.85% |
| 2020 | −43.85% |
| 2019 (Aug–Dec) | −19.96% |
MNVAX 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 | −1.9% | −5.2% | −12.4% | +3.7% | −6.9% | −6.1% | −3.8% | — | — | — | — | — |
| 2025 | −0.5% | −7.3% | −10.1% | −8.0% | −3.1% | −3.2% | −8.7% | −3.9% | −6.8% | −6.2% | −2.5% | −5.4% |
| 2024 | −5.3% | −0.7% | −2.5% | −9.2% | −3.1% | −5.9% | −3.1% | −2.6% | −4.5% | −7.7% | +1.0% | −10.7% |
| 2023 | +1.0% | −7.6% | −4.5% | −3.8% | −7.3% | +1.7% | −1.7% | −6.8% | −9.9% | −7.8% | +2.2% | −1.8% |
| 2022 | −10.2% | −8.2% | −4.2% | −12.2% | −3.4% | −12.9% | +2.1% | −10.3% | −13.7% | +1.6% | +0.9% | −10.1% |
| 2021 | −9.1% | −3.8% | +0.1% | −0.4% | −5.3% | −5.3% | −3.1% | −3.4% | −10.6% | −1.2% | −6.7% | −0.4% |
| 2020 | −6.1% | −12.5% | −19.1% | +3.8% | −0.1% | −5.2% | +0.5% | −1.6% | −7.0% | −7.1% | +3.2% | −2.6% |
| 2019 | — | — | — | — | — | — | — | −6.8% | −3.3% | −4.6% | −2.7% | −4.4% |
MNVAX Risk
Risk measures from monthly returns over Aug 2025 – Jul 2026.
- 1-year volatility (annualised): 13.16%
- Best month: +3.74% (Apr 2026)
- Worst month: −12.40% (Mar 2026)
MNVAX Fund Flows
Monthly money in and out of Madison Large Cap Fund, from SEC Form N-PORT.
- 12-month net flow: −$90.6M
- 12-month gross sales (incl. reinvestments): $45.8M
- Sales ÷ redemptions: 0.34×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jul 2026 | $1.1M | $6.1M | −$5.0M |
| Jun 2026 | $1.1M | $6.5M | −$5.4M |
| May 2026 | $902K | $5.2M | −$4.3M |
| Apr 2026 | $1.7M | $10.0M | −$8.4M |
| Mar 2026 | $1.4M | $9.9M | −$8.5M |
| Feb 2026 | $2.9M | $8.3M | −$5.4M |
| Jan 2026 | $3.3M | $13.6M | −$10.3M |
| Dec 2025 | $23.2M | $7.8M | $15.5M |
| Nov 2025 | $1.1M | $25.7M | −$24.6M |
| Oct 2025 | $5.1M | $19.0M | −$13.9M |
| Sep 2025 | $1.5M | $8.7M | −$7.1M |
| Aug 2025 | $2.4M | $15.6M | −$13.2M |
MNVAX Assets Under Management
Net assets of Madison Large Cap Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-07-31 | $313.74M |
| 2026-04-30 | $327.26M |
| 2026-01-31 | $340.84M |
| 2025-10-31 | $356.59M |
| 2025-07-31 | $389.29M |
| 2025-04-30 | $401.90M |
| 2025-01-31 | $443.83M |
| 2024-10-31 | $418.00M |
| 2024-07-31 | $419.67M |
| 2024-04-30 | $405.47M |
| 2024-01-31 | $387.72M |
| 2023-10-31 | $333.10M |
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.