MSCIX Performance — Madison Small Cap Fund, Class I
Data updated: 2026-09-17
MSCIX returned +9.27% year to date and +9.33% over one year to Jul 2026. Annualised returns are +7.74% over 3 years and +2.00% over 5 years. The fund trailed its US Small Value category average: $100 invested three years ago grew to $125, against $147 for the category, and to $109 over one year, against $131. Volatility over the past three years was 16.22% a year. In the 12 months to Jul 2026 the fund lost a net $12.1M, and assets reached $154.86M.
MSCIX Growth of $100
What $100 invested in Madison Small Cap Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the US Small Value category average over the same months.
| Period | MSCIX | Category average |
|---|---|---|
| 1 year (Aug 2025 – Jul 2026) | $109 | $131 |
| 3 years (Aug 2023 – Jul 2026) | $125 | $147 |
| 5 years (Aug 2021 – Jul 2026) | $110 | $154 |
| Since data start (Feb 2021 – Jul 2026) | $119 | $181 |
MSCIX Trailing Returns
Total returns to Jul 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +9.27% |
| 1 year | +9.33% |
| 3 years (annualised) | +7.74% |
| 5 years (annualised) | +2.00% |
MSCIX Annual Returns
Calendar-year total returns of Madison Small Cap Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jul) | +9.27% |
| 2025 | −6.91% |
| 2024 | +22.01% |
| 2023 | +16.27% |
| 2022 | −24.36% |
| 2021 (Feb–Dec) | +9.17% |
MSCIX 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 | +4.7% | +2.6% | −6.8% | +6.8% | +0.2% | +5.3% | −3.1% | — | — | — | — | — |
| 2025 | +3.4% | −4.8% | −7.5% | −2.7% | +3.5% | +3.6% | −2.0% | +1.7% | −1.2% | −0.1% | −0.9% | +0.5% |
| 2024 | −0.8% | +8.5% | +3.6% | −4.5% | +5.0% | −1.3% | +5.2% | −0.9% | +2.1% | +0.7% | +9.2% | −5.4% |
| 2023 | +11.7% | −1.4% | −3.8% | −2.1% | −1.2% | +8.6% | +3.8% | −4.6% | −5.1% | −4.9% | +6.1% | +10.4% |
| 2022 | −6.7% | −1.1% | +0.4% | −8.6% | −1.1% | −9.8% | +6.6% | −4.3% | −7.0% | +6.5% | +4.2% | −4.9% |
| 2021 | — | 0.0% | +2.9% | +3.6% | +2.2% | +0.3% | −1.3% | +1.0% | −4.3% | +4.5% | −4.0% | +4.3% |
MSCIX Risk
Risk measures from monthly returns over Aug 2023 – Jul 2026.
- 3-year volatility (annualised): 16.22%
- 3-year Sharpe ratio: 0.20 (vs 4.5% risk-free rate)
- Best month: +10.37% (Dec 2023)
- Worst month: −7.53% (Mar 2025)
MSCIX Fund Flows
Monthly money in and out of Madison Small Cap Fund, from SEC Form N-PORT.
- 12-month net flow: −$12.1M
- 12-month gross sales (incl. reinvestments): $21.1M
- Sales ÷ redemptions: 0.64×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jul 2026 | $293K | $1.5M | −$1.2M |
| Jun 2026 | $1.2M | $1.7M | −$491K |
| May 2026 | $599K | $2.2M | −$1.6M |
| Apr 2026 | $609K | $2.2M | −$1.6M |
| Mar 2026 | $366K | $1.5M | −$1.1M |
| Feb 2026 | $556K | $2.5M | −$2.0M |
| Jan 2026 | $985K | $3.8M | −$2.9M |
| Dec 2025 | $14.1M | $4.9M | $9.2M |
| Nov 2025 | $338K | $2.0M | −$1.7M |
| Oct 2025 | $578K | $2.9M | −$2.3M |
| Sep 2025 | $616K | $2.2M | −$1.6M |
| Aug 2025 | $855K | $5.7M | −$4.9M |
MSCIX Assets Under Management
Net assets of Madison Small Cap Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-07-31 | $154.86M |
| 2026-04-30 | $154.76M |
| 2026-01-31 | $156.35M |
| 2025-10-31 | $159.19M |
| 2025-07-31 | $167.42M |
| 2025-04-30 | $162.13M |
| 2025-01-31 | $195.16M |
| 2024-10-31 | $187.94M |
| 2024-07-31 | $189.40M |
| 2024-04-30 | $179.78M |
| 2024-01-31 | $174.36M |
| 2023-10-31 | $159.10M |
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.