Fund Evaluator:
Madison Core Bond R6 (MBORX)
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Fund Details
Madison Core Bond R6 Overview
Madison Core Bond R6 (MBORX) is an actively managed Taxable Bond Intermediate Core Bond fund. Madison Funds launched the fund in 2022.
The investment seeks to generate a high level of current income, consistent with the prudent limitation of investment risk. The fund invests at least 80% of its net assets (including borrowings for investment purposes) in bonds. To keep current income relatively stable and to limit share price volatility, the fund emphasizes investment grade securities and maintains an intermediate (typically 3-7 year) average portfolio duration, with the goal of being between 85-115% of the market benchmark duration (for this purpose, the benchmark used is Bloomberg U.S. Aggregate Bond Index).
About Madison Core Bond R6 (MBORX)
There are 2 members of the management team with an average tenure of 7.73 years: Michael Sanders (2016), Allen Olson (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. Madison Core Bond R6 has 385 securities in its portfolio. The top 10 holdings constitute 20.6% 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 Core Bond R6 is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Madison Core Bond R6 has 2.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. 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 98.5% (96.3% domestic bond, 2.2% foreign bond and 0.0% convertible bond). Madison Core Bond R6 has 1.5% of the portfolio in cash.
Assets Under Management
The fund has $107 million in total assets, which is below the $3 billion average for the Intermediate Core Bond 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.
MBORX 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 Core Bond R6 expense ratio is below average compared to funds in the Intermediate Core Bond category. Madison Core Bond R6 has an expense ratio of 0.28%, which is 50% lower than its category average, making the fund expense ratio grade a A. 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 Core Bond R6 has a portfolio turnover rate of 10%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 151% for the Intermediate Core Bond category.
Recently, in the month of August 2026, Madison Core Bond R6 returned 0.5%, which earned it a grade of A, as the Intermediate Core Bond 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 Core Bond R6 has a trailing yield of 4.13%, which is above the 4.04% category average. The fund normally distributes its income monthly.
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 Core Bond R6 Grades
Year to date, the fund has returned -0.4%, 0.0 percentage points worse than the category, which translates into a grade of C. The fund has returned 1.8% over the past year (grade of B), 4.3% over the past three years (grade of B) and -0.1% per year over the past five years (grade of A) and 1.5% per year over the past 10 years (grade of B).
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MBORX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MBORX Return (NAV) | 0.5% | -0.7% | 1.8% | 4.3% | -0.1% | 1.5% |
| MBORX Grade | A | C | B | B | A | B |
| +/- Category | 0.1% | 0.0% | 0.2% | 0.3% | 0.3% | 0.1% |
| Intermediate Core Bond Avg | 0.3% | -0.8% | 1.6% | 4.0% | -0.4% | 1.4% |
| MBORX Tax Cost Ratio | na | na | 1.6% | 1.6% | na | na |
MBORX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MBORX Return (NAV) | -0.4% | 7.5% | 1.6% | 6.0% | -12.5% | -1.8% | 9.2% | 8.3% | -1.0% | 3.0% | 3.2% |
| MBORX Grade | C | A | B | B | A | D | B | D | F | D | A |
| +/- Category | -0.0% | 0.5% | 0.0% | 0.4% | 0.6% | -0.4% | 1.1% | -0.2% | -0.5% | -0.6% | 0.5% |
| Intermediate Core Bond Avg | -0.4% | 7.0% | 1.6% | 5.6% | -13.2% | -1.5% | 8.1% | 8.5% | -0.4% | 3.6% | 2.8% |
| Risk Measures | |
| Standard Deviation: | 5.6% |
| Total Risk Index: | 0.46 - Low |
| Category Risk Index: | 1.01 - Above Average |
| Category Risk Grade: | D (62% Rank) |
| Beta: | 1.00 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 4.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $224 Mil |
| Fund Total Assets: | $ 107 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 10% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 9.9 years | |||
| Average Tenure: 7.7 years | |||
| Managers (Year): Sanders Michael (2016), Olson Allen (2021) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 385 |
| % in Top 10 Holdings: | 20.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.3% |
| Foreign Bond: | 2.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.5% |
Purchase Information
| Fund Family: | Madison Funds |
| Phone Number: | 800-877-6089 |
| Website: | www.madisonfunds.com |
| Status: | Open |
| Inception Date: | February 28, 2022 |
| Min. Initial Purchase: | $500,000 |
| Min. Initial IRA Purchase: | $ 0 |
| 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 (%): | 0.28% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.56% |
| Share Class: | Madison Core Bond A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
