Fund Evaluator:
Madison High Quality Bond Y (MIIBX)
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Fund Details
Madison High Quality Bond Y Overview
Madison High Quality Bond Y (MIIBX) is an actively managed Taxable Bond Short-Term Bond fund. Madison Funds launched the fund in 2000.
The investment seeks to obtain the highest total investment return within the policy limitations of (1) investing in bonds and money market instruments rated A or better, and (2) maintaining a dollar weighted average maturity of ten years or less. Under normal market conditions, the fund will invest at least 80% of its net assets (including borrowings for investment purposes) in higher quality bond issues and, therefore, the adviser intends to maintain an overall portfolio quality rating of A by Standard & Poor's and/or A2 by Moody's.
About Madison High Quality Bond Y (MIIBX)
There are 2 members of the management team with an average tenure of 16.85 years: Michael Sanders (2019), Chris Nisbet (2000). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg US Govt/Credit A+Interm TR USD index with a weighting of 100%. Madison High Quality Bond Y has 50 securities in its portfolio. The top 10 holdings constitute 38.8% 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 High Quality Bond Y is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Madison High Quality Bond Y has 0.0% 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 99.3% (99.3% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Madison High Quality Bond Y has 0.8% of the portfolio in cash.
Assets Under Management
The fund has $49 million in total assets, which is below the $904 million average for the Short-Term 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.
MIIBX 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 High Quality Bond Y expense ratio is average compared to funds in the Short-Term Bond category. Madison High Quality Bond Y has an expense ratio of 0.50%, which is 25% 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 High Quality Bond Y has a portfolio turnover rate of 26%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 135% for the Short-Term Bond category.
Recently, in the month of July 2026, Madison High Quality Bond Y returned -0.6%, which earned it a grade of F, as the Short-Term Bond category had an average return of -0.0%. 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 High Quality Bond Y has a trailing yield of 3.57%, which is below the 4.16% category average. The fund normally distributes its income quarterly 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 High Quality Bond Y Grades
Year to date, the fund has returned -0.3%, 1.1 percentage points worse than the category, which translates into a grade of F. The fund has returned 2.2% over the past year (grade of F), 3.9% over the past three years (grade of F) and 0.8% per year over the past five years (grade of F) and 1.3% per year over the past 10 years (grade of F).
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MIIBX 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 |
|
| MIIBX Return (NAV) | -0.6% | -0.4% | 2.2% | 3.9% | 0.8% | 1.3% |
| MIIBX Grade | F | F | F | F | F | F |
| +/- Category | -0.5% | -0.7% | -1.2% | -1.1% | -1.4% | -1.0% |
| Short-Term Bond Avg | -0.0% | 0.3% | 3.4% | 5.0% | 2.2% | 2.3% |
| MIIBX Tax Cost Ratio | na | na | 1.4% | 1.3% | 1.0% | 0.8% |
MIIBX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MIIBX Return (NAV) | -0.3% | 6.2% | 2.7% | 4.5% | -7.1% | -1.8% | 4.5% | 4.5% | 0.9% | 1.1% | 0.8% |
| MIIBX Grade | F | B | F | F | F | F | B | C | C | D | F |
| +/- Category | -1.1% | 0.3% | -2.2% | -1.0% | -2.1% | -1.7% | 0.3% | -0.2% | 0.2% | -0.7% | -1.7% |
| Short-Term Bond Avg | 0.9% | 5.9% | 4.9% | 5.6% | -5.0% | -0.0% | 4.2% | 4.8% | 0.7% | 1.9% | 2.5% |
| Risk Measures | |
| Standard Deviation: | 3.0% |
| Total Risk Index: | 0.25 - Low |
| Category Risk Index: | 1.54 - High |
| Category Risk Grade: | F (94% Rank) |
| Beta: | 0.51 |
| R-Squared: | 93% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 3.6% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $61 Mil |
| Fund Total Assets: | $ 49 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 26% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 26.3 years | |||
| Average Tenure: 16.8 years | |||
| Managers (Year): Nisbet Chris (2000), Sanders Michael (2019) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 50 |
| % in Top 10 Holdings: | 38.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 99.3% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.8% |
Purchase Information
| Fund Family: | Madison Funds |
| Phone Number: | 800-877-6089 |
| Website: | www.madisonfunds.com |
| Status: | Open |
| Inception Date: | May 1, 2000 |
| 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 (%): | 0.50% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.66% |
| Share Class: | Madison High Quality Bond Y |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
