Fund Evaluator:
Madison Mid Cap Y (GTSGX)
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Best Performing in Mid-Cap Blend Over the Last Year
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Fund Details
Madison Mid Cap Y Overview
Madison Mid Cap Y (GTSGX) is an actively managed U.S. Equity Mid-Cap Blend fund. Madison Funds launched the fund in 1983.
The investment seeks long-term capital appreciation. 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, it will maintain at least 80% of its net assets (including borrowings for investment purposes) in such mid cap securities.
About Madison Mid Cap Y (GTSGX)
There are 3 members of the management team with an average tenure of 15.73 years: Haruki Toyama (2015), Andy Romanowich (2019), Rich Eisinger (1998). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Russell Mid Cap TR USD index with a weighting of 100%. Madison Mid Cap Y has 37 securities in its portfolio. The top 10 holdings constitute 45.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Madison Mid Cap Y is part of the Equity global asset class and is within the U.S. Equity fund group. Madison Mid Cap Y has 2.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.2%. There is 2.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Madison Mid Cap Y has 1.4% of the portfolio in cash.
Assets Under Management
The fund has $357 million in total assets, which is below the $1 billion average for the Mid-Cap Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
GTSGX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Madison Mid Cap Y expense ratio is high compared to funds in the Mid-Cap Blend category. Madison Mid Cap Y has an expense ratio of 0.90%, which is 8% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Madison Mid Cap Y has a portfolio turnover rate of 17%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 51% for the Mid-Cap Blend category.
Recently, in the month of June 2026, Madison Mid Cap Y returned 5.6%, which earned it a grade of A, as the Mid-Cap Blend category had an average return of 4.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Madison Mid Cap Y has a trailing yield of 0.34%, which is below the 0.47% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Madison Mid Cap Y Grades
Year to date, the fund has returned 3.9%, 11.5 percentage points worse than the category, which translates into a grade of F. The fund has returned 4.6% over the past year (grade of F), 9.3% over the past three years (grade of F) and 7.4% per year over the past five years (grade of D) and 11.1% per year over the past 10 years (grade of C).
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GTSGX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| GTSGX Return (NAV) | 5.6% | 8.6% | 4.6% | 9.3% | 7.4% | 11.1% |
| GTSGX Grade | A | F | F | F | D | C |
| +/- Category | 1.5% | -5.9% | -17.4% | -5.4% | -0.8% | 0.1% |
| Mid-Cap Blend Avg | 4.1% | 14.4% | 22.0% | 14.7% | 8.2% | 11.0% |
| GTSGX Tax Cost Ratio | na | na | 0.9% | 0.9% | 0.8% | 0.9% |
GTSGX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GTSGX Return (NAV) | 3.9% | 1.6% | 10.3% | 26.5% | -13.6% | 26.3% | 9.4% | 33.5% | -1.9% | 15.6% | 12.1% |
| GTSGX Grade | F | F | D | A | B | B | D | A | A | C | D |
| +/- Category | -11.5% | -6.3% | -3.2% | 10.1% | 1.5% | 2.0% | -3.9% | 5.0% | 8.4% | -0.5% | -2.5% |
| Mid-Cap Blend Avg | 15.3% | 8.0% | 13.5% | 16.4% | -15.1% | 24.3% | 13.3% | 28.5% | -10.3% | 16.1% | 14.6% |
| Risk Measures | |
| Standard Deviation: | 14.2% |
| Total Risk Index: | 1.17 - Above Average |
| Category Risk Index: | 0.91 - Low |
| Category Risk Grade: | A (20% Rank) |
| Beta: | 0.83 |
| R-Squared: | 58% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.3% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1734 Mil |
| Fund Total Assets: | $ 357 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 17% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 28.5 years | |||
| Average Tenure: 15.7 years | |||
| Managers (Year): Eisinger Rich (1998), Toyama Haruki (2015), Romanowich Andy (2019) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 37 |
| % in Top 10 Holdings: | 45.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.4% |
Portfolio Allocation |
|
| Domestic Stock: | 96.2% |
| Foreign Stock: | 2.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.4% |
Purchase Information
| Fund Family: | Madison Funds |
| Phone Number: | 800-877-6089 |
| Website: | www.madisonfunds.com |
| Status: | Open |
| Inception Date: | July 21, 1983 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 500 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.90% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | Madison Mid Cap Y |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
