Fund Evaluator:
Madison Diversified Income A (MBLAX)
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Best Performing in Moderate Allocation Over the Last Year
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Fund Details
Madison Diversified Income A Overview
Madison Diversified Income A (MBLAX) is an actively managed Allocation Moderate Allocation fund. Madison Funds launched the fund in 1997.
The investment seeks a high total return through the combination of income and capital appreciation. The fund invests primarily in shares of other registered investment companies. The fund will be diversified among several asset classes and its allocation among underlying funds will be based on an asset allocation model developed by the fund’s investment adviser. Under normal circumstances, the fund’s total net assets will be allocated among various asset classes and underlying funds, including those whose shares trade on a stock exchange, with target allocations over time of approximately 60% equity investments and 40% fixed income investments.
About Madison Diversified Income A (MBLAX)
There are 2 members of the management team with an average tenure of 3.00 years: Patrick Ryan (2023), Stuart Dybdahl (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and ICE BofA US Corp Govt&Mor TR USD index with a weighting of 100%. Madison Diversified Income A has 15 securities in its portfolio. The top 10 holdings constitute 99.1% 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 Diversified Income A is part of the Allocation global asset class and is within the Allocation fund group. Madison Diversified Income A has 8.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 44.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 53.5% (44.8% domestic bond, 8.6% foreign bond and 0.0% convertible bond). Madison Diversified Income A has 2.2% of the portfolio in cash.
Assets Under Management
The fund has $100 million in total assets, which is below the $2 billion average for the Moderate Allocation 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.
MBLAX 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 Diversified Income A expense ratio is high compared to funds in the Moderate Allocation category. Madison Diversified Income A has an expense ratio of 1.13%, which is 14% higher than its category average, making the fund expense ratio grade a D. 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 Diversified Income A has a portfolio turnover rate of 24%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 52% for the Moderate Allocation category.
Recently, in the month of July 2026, Madison Diversified Income A returned 1.8%, which earned it a grade of A, as the Moderate Allocation category had an average return of -0.3%. 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 Diversified Income A has a trailing yield of 4.37%, which is above the 1.97% category average. The fund normally distributes its income monthly 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 Diversified Income A Grades
Year to date, the fund has returned 4.6%, 1.8 percentage points worse than the category, which translates into a grade of F. The fund has returned 7.6% over the past year (grade of F), 5.7% over the past three years (grade of F) and 3.0% per year over the past five years (grade of F) and 6.3% per year over the past 10 years (grade of F).
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MBLAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MBLAX Return (NAV) | 1.8% | 0.6% | 7.6% | 5.7% | 3.0% | 6.3% |
| MBLAX Grade | A | F | F | F | F | F |
| +/- Category | 2.1% | -1.6% | -5.4% | -6.3% | -3.6% | -2.2% |
| Moderate Allocation Avg | -0.3% | 2.1% | 13.1% | 12.0% | 6.6% | 8.5% |
| MBLAX Tax Cost Ratio | na | na | 1.8% | 2.9% | 2.8% | 2.2% |
MBLAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MBLAX Return (NAV) | 4.6% | 6.7% | 4.8% | 3.3% | -7.9% | 14.4% | 7.6% | 19.3% | -1.2% | 12.8% | 8.8% |
| MBLAX Grade | F | F | F | F | A | C | F | D | A | D | B |
| +/- Category | -1.8% | -6.7% | -7.4% | -11.0% | 6.0% | 0.0% | -5.3% | -0.5% | 3.9% | -1.0% | 1.0% |
| Moderate Allocation Avg | 6.4% | 13.4% | 12.2% | 14.3% | -14.0% | 14.4% | 12.9% | 19.8% | -5.1% | 13.8% | 7.7% |
| Risk Measures | |
| Standard Deviation: | 6.4% |
| Total Risk Index: | 0.52 - Below Average |
| Category Risk Index: | 0.69 - Low |
| Category Risk Grade: | A (0% Rank) |
| Beta: | 0.59 |
| R-Squared: | 76% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 4.4% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $100 Mil |
| Fund Total Assets: | $ 100 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 24% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 3.0 years | |||
| Average Tenure: 3.0 years | |||
| Managers (Year): Ryan Patrick (2023), Dybdahl Stuart (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 15 |
| % in Top 10 Holdings: | 99.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 8.7% |
Portfolio Allocation |
|
| Domestic Stock: | 44.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 44.8% |
| Foreign Bond: | 8.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.4% |
| Cash: | 2.2% |
Purchase Information
| Fund Family: | Madison Funds |
| Phone Number: | 800-877-6089 |
| Website: | www.madisonfunds.com |
| Status: | Open |
| Inception Date: | December 29, 1997 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 500 |
| True No-Load: | No |
| Front Load Maximum: | 5.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.13% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | Madison Diversified Income A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
