Fund Evaluator:
Madison Moderate Allocation A (MMDAX)
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Best Performing in Moderate Allocation Over the Last Year
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Fund Details
Madison Moderate Allocation A Overview
Madison Moderate Allocation A (MMDAX) is an actively managed Allocation Moderate Allocation fund. Madison Funds launched the fund in 2006.
The investment seeks capital appreciation, income and moderated market risk. The fund invests primarily in shares of other registered investment companies (the "underlying funds"). 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 Moderate Allocation A (MMDAX)
There are 2 members of the management team with an average tenure of 11.01 years: Patrick Ryan (2008), Stuart Dybdahl (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 4 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100%, Bloomberg US Agg Bond TR USD index with a weighting of 40%, Russell 3000 TR USD index with a weighting of 42% and MSCI ACWI Ex USA NR USD index with a weighting of 18%. Madison Moderate Allocation A has 21 securities in its portfolio. The top 10 holdings constitute 76.9% 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 Moderate Allocation A is part of the Allocation global asset class and is within the Allocation fund group. Madison Moderate Allocation A has 20.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 41.9%. There is 16.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 35.7% (32.0% domestic bond, 3.7% foreign bond and 0.0% convertible bond). Madison Moderate Allocation A has 5.8% of the portfolio in cash.
Assets Under Management
The fund has $84 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.
MMDAX 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 Moderate Allocation A expense ratio is high compared to funds in the Moderate Allocation category. Madison Moderate Allocation A has an expense ratio of 1.00%, which is 1% higher 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 Moderate Allocation A has a portfolio turnover rate of 38%, 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 Moderate Allocation A returned -0.3%, which earned it a grade of C, 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 Moderate Allocation A has a trailing yield of 1.97%, which is above the 1.97% 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 Moderate Allocation A Grades
Year to date, the fund has returned 8.4%, 1.9 percentage points better than the category, which translates into a grade of A. The fund has returned 14.9% over the past year (grade of B), 9.7% over the past three years (grade of F) and 4.3% per year over the past five years (grade of F) and 6.1% per year over the past 10 years (grade of F).
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MMDAX 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 |
|
| MMDAX Return (NAV) | -0.3% | 3.2% | 14.9% | 9.7% | 4.3% | 6.1% |
| MMDAX Grade | C | A | B | F | F | F |
| +/- Category | -0.0% | 1.1% | 1.8% | -2.3% | -2.3% | -2.4% |
| Moderate Allocation Avg | -0.3% | 2.1% | 13.1% | 12.0% | 6.6% | 8.5% |
| MMDAX Tax Cost Ratio | na | na | 1.7% | 1.3% | 1.4% | 1.6% |
MMDAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MMDAX Return (NAV) | 8.4% | 11.1% | 7.0% | 10.3% | -14.5% | 6.8% | 9.7% | 16.0% | -4.8% | 14.3% | 6.5% |
| MMDAX Grade | A | F | F | F | C | F | D | F | C | C | D |
| +/- Category | 1.9% | -2.2% | -5.3% | -4.0% | -0.5% | -7.6% | -3.2% | -3.8% | 0.3% | 0.5% | -1.2% |
| 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: | 8.3% |
| Total Risk Index: | 0.68 - Below Average |
| Category Risk Index: | 0.90 - Low |
| Category Risk Grade: | A (12% Rank) |
| Beta: | 0.87 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 2.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $84 Mil |
| Fund Total Assets: | $ 85 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 38% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 18.6 years | |||
| Average Tenure: 11.0 years | |||
| Managers (Year): Ryan Patrick (2008), Dybdahl Stuart (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 21 |
| % in Top 10 Holdings: | 76.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 20.3% |
Portfolio Allocation |
|
| Domestic Stock: | 41.9% |
| Foreign Stock: | 16.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 32.0% |
| Foreign Bond: | 3.7% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 5.8% |
Purchase Information
| Fund Family: | Madison Funds |
| Phone Number: | 800-877-6089 |
| Website: | www.madisonfunds.com |
| Status: | Open |
| Inception Date: | June 30, 2006 |
| 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 (%): | 1.00% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | Madison Moderate Allocation A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
