Fund Evaluator:
Madison Dividend Income I (MDMIX)
Follow This Fund
Best Performing in Large Value Over the Last Year
| 38.6% | American Beacon Man Lg Cp Value Inv (BWLIX) |
| 37.5% | LSV Conservative Value Equity Investor (LVAVX) |
| 36.8% | PGIM Quant Solutions Large-Cap Val Z (SUVZX) |
| 36.0% | Fidelity Advisor Blue Chip Value Z (FFVPX) |
| 35.9% | Fidelity Blue Chip Value (FBCVX) |
Fund Details
Madison Dividend Income I Overview
Madison Dividend Income I (MDMIX) is an actively managed U.S. Equity Large Value fund. Madison Funds launched the fund in 2020.
The investment seeks to produce current income while providing an opportunity for capital appreciation. The fund seeks to achieve its investment objective by investing in equity securities of companies with a market capitalization of over $1 billion and a history of paying dividends, with the ability to increase dividends over time. Under normal market conditions, at least 80% of the fund's net assets (including borrowings for investment purposes) will be invested in dividend paying equity securities.
About Madison Dividend Income I (MDMIX)
There are 2 members of the management team with an average tenure of 13.86 years: Drew Justman (2013), John Brown (2012). 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 Russell 1000 Value TR USD index with a weighting of 100%. Madison Dividend Income I has 38 securities in its portfolio. The top 10 holdings constitute 38.9% 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 Dividend Income I is part of the Equity global asset class and is within the U.S. Equity fund group. Madison Dividend Income I has 2.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.3%. There is 2.0% 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 Dividend Income I has 1.7% of the portfolio in cash.
Assets Under Management
The fund has $6 million in total assets, which is below the $1 billion average for the Large Value 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.
MDMIX 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 Dividend Income I expense ratio is high compared to funds in the Large Value category. Madison Dividend Income I has an expense ratio of 0.81%, which is 12% 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 Dividend Income I has a portfolio turnover rate of 19%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 62% for the Large Value category.
Recently, in the month of July 2026, Madison Dividend Income I returned 4.1%, which earned it a grade of B, as the Large Value category had an average return of 2.9%. 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 Dividend Income I has a trailing yield of 1.68%, which is above the 1.20% category average. The fund normally distributes its income quarterly.
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 Dividend Income I Grades
Year to date, the fund has returned 12.1%, 2.2 percentage points worse than the category, which translates into a grade of D. The fund has returned 15.9% over the past year (grade of F), 9.0% over the past three years (grade of F) and 6.1% per year over the past five years (grade of F) and 9.8% per year over the past 10 years (grade of F).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Madison Dividend Income I, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
MDMIX 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 |
|
| MDMIX Return (NAV) | 4.1% | 3.0% | 15.9% | 9.0% | 6.1% | 9.8% |
| MDMIX Grade | B | F | F | F | F | F |
| +/- Category | 1.2% | -3.2% | -8.0% | -6.7% | -4.7% | -1.5% |
| Large Value Avg | 2.9% | 6.2% | 23.8% | 15.7% | 10.9% | 11.3% |
| MDMIX Tax Cost Ratio | na | na | 3.0% | 2.7% | 2.7% | na |
MDMIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MDMIX Return (NAV) | 12.1% | 8.3% | 7.7% | 1.8% | -5.3% | 22.9% | 6.4% | 25.2% | -0.7% | 19.9% | 12.8% |
| MDMIX Grade | D | F | F | F | C | D | B | C | A | A | D |
| +/- Category | -2.2% | -6.9% | -6.4% | -10.0% | 0.7% | -2.9% | 2.5% | -0.5% | 7.8% | 3.5% | -1.8% |
| Large Value Avg | 14.3% | 15.2% | 14.1% | 11.8% | -6.0% | 25.8% | 3.8% | 25.6% | -8.5% | 16.4% | 14.6% |
| Risk Measures | |
| Standard Deviation: | 12.0% |
| Total Risk Index: | 0.97 - Average |
| Category Risk Index: | 0.99 - Average |
| Category Risk Grade: | C (49% Rank) |
| Beta: | 0.56 |
| R-Squared: | 37% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.7% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | |
| Total Assets: | $90 Mil |
| Fund Total Assets: | $ 7 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 19% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 14.4 years | |||
| Average Tenure: 13.9 years | |||
| Managers (Year): Brown John (2012), Justman Drew (2013) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 38 |
| % in Top 10 Holdings: | 38.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.0% |
Portfolio Allocation |
|
| Domestic Stock: | 96.3% |
| Foreign Stock: | 2.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.7% |
Purchase Information
| Fund Family: | Madison Funds |
| Phone Number: | 800-877-6089 |
| Website: | www.madisonfunds.com |
| Status: | Open |
| Inception Date: | August 31, 2020 |
| Min. Initial Purchase: | $250,000 |
| Min. Initial IRA Purchase: | $250,000 |
| 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 (%): | 0.81% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.93% |
| Share Class: | Madison Dividend Income Y |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
