Madison Investments

What Madison Investments does

Madison Investments is an independent, employee-owned investment management firm founded in 1974 and headquartered in Madison, Wisconsin. The firm manages approximately $29.3 billion in total assets under management as of December 31, 2025, distributed across actively managed mutual funds, ETFs, separately managed accounts (SMAs), and collective investment trusts (CITs). Madison operates through three legal entities — Madison Investment Holdings, Inc. (parent), Madison Asset Management, LLC, and Madison Investment Advisors, LLC — with fund distribution handled by wholly-owned MFD Distributor, LLC, a registered broker-dealer. The product suite spans fixed income (Core Bond, Corporate Bond Ladders, Municipal Bond, Opportunistic Credit, Short-Term Strategic Income), equity (Large Cap, Mid Cap, Small Cap, Dividend Income, Covered Call, International, Disciplined Equity), and multi-asset solutions (Mosaic Model Portfolios, Custom Allocation Portfolios). Fixed income capabilities are augmented through Reinhart Fixed Income, an affiliated Milwaukee-based team. Distribution runs through dedicated regional investment directors serving financial advisors at broker-dealers and wirehouses, The Advantage Platform (streamlined sub-advisory) for RIAs, institutional consultant relationships, and vertical-specific teams for bank trusts, credit unions, and insurance companies. Geographies served include all 50 US states and Canada.

The firm employs a research-driven investment platform built on proprietary quantitative and qualitative tools: the TripleHit Filter screens companies that have consistently led their industry, sector, and universe to produce a STARList of 500+ candidates for International Equity; the STARGazr Ranking System prioritizes which stocks warrant focused active research; and the Proprietary Risk Portal supports downside risk management in Small Cap Equity. Fixed income research is conducted in-house with extensive credit research frameworks. Revenue is generated through management fees calculated as a percentage of AUM, with a recent fee reduction on two fixed income ETFs (MAGG and Short Term Strategic Income) from 0.40% to 0.36% effective March 2, 2026, indicating active participation in the competitive active ETF category. The firm's "Participate and Protect®" philosophy emphasizes downside protection alongside market participation, and portfolio managers invest personal capital alongside clients, aligning employee and client interests under the employee-ownership structure.

Name

Madison Investments

Legal name

Madison Investment Holdings, Inc.

Website

https://madisoninvestments.com

Company type

Private

Founded year

1974

Operating status

Operating

Headcount range

101–250 employees

Short description

Madison Investments is an employee-owned, independent investment management firm founded in 1974 managing approximately $29.3 billion in actively managed mutual funds, ETFs, and separately managed accounts across fixed income, equity, and multi-asset strategies, serving financial advisors, RIAs, and institutional clients across the US and Canada.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (52591)

SIC

Investment Advice (6282)

akta.pro primary industry

Portfolio Management–Led RIAs (Discretionary/Model-Based) (FSAAACAC)

akta.pro secondary industries

Investment Management Advisory (RIA) (FSAEAAAB), Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)

Keywords

• Investment management services
• Fixed income strategies
• Equity portfolio management
• Multi-asset solutions
• Actively managed funds

Headquarters

HQ city

Madison

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Asset Management Fees: Madison Investments generates revenue through management fees charged on assets under management across mutual funds, ETFs, and separately managed accounts. Fees are typically calculated as a percentage of AUM, with recent fee reductions from 0.40% to 0.36% for certain fixed income ETFs.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Madison Investments is an independent, employee-owned investment management firm that provides actively managed fixed income, equity, and multi-asset investment strategies delivered through separate accounts, mutual funds, active ETFs, and collective investment trusts. The firm serves financial advisors, RIAs, bank trust departments, credit unions, institutional consultants, and insurance companies, applying its Participate and Protect philosophy to seek participation in rising markets while protecting capital during declines. Madison also includes the Reinhart Fixed Income sub-brand as part of its product architecture.

Product overview

Madison Investments is an employee-owned investment management firm offering a comprehensive suite of actively managed investment strategies across fixed income, equity, and multi-asset solutions. The product architecture consists of proprietary Madison-branded strategies (Core Bond, Corporate Bond Ladders, Intermediate Government Corporate, Large Cap Equity, Mid Cap Equity, Small Cap Equity, Dividend Income, Covered Call, International Equity, and Mosaic Model Portfolios) complemented by Reinhart Fixed Income sub-branded strategies (Reinhart Active Core, Reinhart Corporate Bond Ladders, Reinhart Intermediate Duration Corporate, Reinhart Active Intermediate, Reinhart Limited Duration, and Reinhart Active Intermediate Catholic Values). All strategies are available through multiple investment vehicles including Separate Accounts, Mutual Funds, Active ETFs, and Collective Investment Trusts. The firm serves financial advisors, RIAs, bank trusts, credit unions, institutional consultants, and insurance companies with its disciplined, risk-conscious investment approach guided by its Participate and Protect philosophy.

Differentiator

Problem solved

Functional benefit

Products and services

• Madison Core Bond An actively managed, total return fixed income strategy providing diversified exposure to US Treasuries, agencies, investment-grade corporates, and mortgage-backed securities, with a focus on downside risk management. Designed for institutional and intermediary clients seeking a core bond allocation.
• Madison Intermediate Corporate Bond An actively managed fixed income strategy investing in investment-grade US corporate bonds with maturities of 10 years or less, pursuing superior returns while minimizing risk of permanent capital loss.
• Madison Corporate Bond Ladders Actively monitored bond portfolios providing stable income while preserving capital through investment-grade US corporate bonds structured as laddered maturities of 1-3, 1-5, or 1-10 years.
• Madison Opportunistic Credit An actively managed, total return fixed income strategy seeking superior risk-adjusted returns and high income through flexible credit investing, with the ability to pursue below-BBB rated securities.
• Madison Intermediate Government Corporate Actively managed, transparent, risk-focused bond portfolios investing in US Government and investment-grade US corporate debt securities with short-to-intermediate durations.
• Madison Short-Term Strategic Income An active, total return fixed income strategy generating high current income with diversified fixed income exposure, typically maintaining a 3-5 year duration range.
• Madison Intermediate Government Bond Actively managed portfolio investing in investment-grade US Treasuries and US Agencies with maturities of 12 years or less.
• Madison U.S. Treasury Bond Ladders Designed to pursue stable income streams with capital preservation through US Treasury bonds with laddered maturity structures of 1-3, 1-5, or 1-10 years.
• Madison Municipal Bond Ladders Actively monitored portfolios pursuing stable tax-exempt income through investment-grade municipal bonds with laddered maturity structures of 1-5, 1-10, or 1-15 years.
• Madison Intermediate Municipal Bond Actively managed bond portfolio investing in high-quality municipal bonds with maturities between 1-10 years, combining top-down macro review with bottom-up credit analysis.
• Madison Municipal Bond Actively managed bond portfolio investing in high-quality municipal bonds with maturities between 1-22 years for superior returns while minimizing capital loss risk.
• Madison Tax-Advantaged Income Actively managed bond portfolio combining taxable and tax-exempt bonds, investing at least 50% in federally tax-exempt municipal bonds with up to 50% in investment-grade Treasury, agency, or corporate bonds.
• Madison Large Cap Equity Actively managed, high-conviction strategy providing superior long-term returns while assuming lower-than-average risk through intensive fundamental research on large cap companies.
• Madison Mid Cap Equity Actively managed, high-conviction strategy focused on long-term growth at reasonable prices through research-intensive bottom-up approach on high-quality mid cap companies.
• Madison Small Cap Equity Actively managed, high-conviction strategy identifying high-quality, durable, growing small companies strategically positioned in attractive industries with a flexible mandate, supported by Madison's Proprietary Risk Portal.
• Madison Disciplined Equity Research-driven, bottom-up strategy focused on identifying high-quality, durable growth companies with enduring competitive advantages. Originally launched as Strategic Equity in April 2023 and renamed Madison Disciplined Equity in November 2024.
• Madison Dividend Income Actively managed, high-conviction strategy employing a relative yield approach to build a high-quality portfolio of companies with attractive dividend yields and long dividend-paying history.
• Madison Covered Call Actively managed, high-quality strategy seeking consistent total return and high income through covered call options on large and mid cap common stocks.
• Madison International Equity Actively managed, high-conviction strategy emphasizing high-quality growth companies domiciled outside the United States with sustainable competitive advantages, available in ADR and local share versions and supported by the TripleHit Filter and STARGazr Ranking System.
• Mosaic Model Portfolios Actively managed, risk-aware, globally diversified asset allocation portfolios spanning the risk/reward spectrum, including ETF/Mutual Fund, ETF-only, and Tax-Sensitive variants for advisor and RIA client portfolios.
• Custom Allocation Portfolios Actively managed, risk-aware multi-asset solutions tailored to specific goals and circumstances, combining top-down macro insights with bottom-up research from Madison's investment professionals.
• Reinhart Active Core Reinhart Fixed Income actively managed bond strategy delivering superior yields while minimizing volatility through a duration-constrained approach investing in Treasuries and A-rated or better corporates.
• Reinhart Corporate Bond Ladders Reinhart actively monitored, well-diversified corporate bond portfolios providing stable income with capital protection through laddered structures over 1-5 or 1-10 years.
• Reinhart Intermediate Duration Corporate Reinhart high-quality, actively managed bond strategy emphasizing high-quality securities through a duration-constrained approach investing in A-rated or better US corporates with 10-year maturities or less.
• Reinhart Active Intermediate Reinhart high-quality, actively managed bond strategy emphasizing high-quality securities through a duration-constrained approach investing in US Treasuries, A-rated or better corporates, and mortgage-backed securities.
• Reinhart Limited Duration Reinhart high-quality, actively managed bond strategy emphasizing high-quality securities through a duration-constrained approach investing in US Treasuries, agencies, A-rated or better corporates, and AAA-rated asset-backed securities with maturities of five years or less.
• Reinhart Active Intermediate Catholic Values Reinhart high-quality, actively managed bond strategy adhering to US Conference of Catholic Bishops investment guidelines, screening for human life protection, human dignity, and environmental considerations.

Quantifiable outcome

• Madison Dividend Income Fund (class I) returned +5.8% in Q1 2026, outperforming S&P 500 Index (-4.3%), Russell 1000 Value Index (+2.1%), and Lipper Equity Income peer group (+0.2%)
• +2 more outcomes

Named customers7 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• Reinhart Fixed IncomecoreStrategic or Co-development PartnerMilwaukee-based Reinhart Fixed Income brings decades of experience to Madison's fixed income strategies. The Reinhart team offers institutional-caliber investment strategies with portfolio managers averaging more than 25 years of industry experience. They manage multiple fixed income strategies including Reinhart Active Core, Reinhart Corporate Bond Ladders, and Reinhart Active Intermediate.
• MFD Distributor, LLCcoreChannel Partner/ Reseller/ DistributorMFD Distributor, LLC is a registered broker-dealer and member of FINRA that distributes Madison Funds. This partnership is essential for making Madison's mutual funds and ETFs available to individual investors through the financial advisor channel.

Scale indicators5 records

Recent moves5 records

Expansion highlights6 records

Direct peers

• Virtus Investment Partners: Multi-affiliate active asset manager distributing through financial intermediaries with similar mutual fund and ETF product set, comparable SMA/sub-advisory structure, and overlapping equity and fixed income strategies.
• Calamos Asset Management: Mid-size US active manager offering equity, fixed income, and multi-asset strategies with a covered call / equity income franchise directly comparable to Madison's Covered Call and Dividend Income strategies, distributing through advisors and institutions.
• Manning & Napier: Mid-size US active manager with comparable equity, fixed income, and multi-asset (model portfolio) strategies distributed through advisors and institutions with similar "high-conviction active" positioning.
• American Century Investments: Mid-to-large active asset manager with diversified equity, fixed income, and multi-asset strategies, comparable product breadth (mutual funds, ETFs, SMAs), and similar advisor/institutional distribution model with an employee-aligned culture.
• Touchstone Investments: Mid-size active asset manager distributing through financial advisors, RIAs, and intermediaries with comparable mutual fund and SMA product architecture and similar sub-advisory partnerships strategy.
• Victory Capital: Multi-affiliate active asset manager distributing through intermediary channels with comparable equity and fixed income strategies, multi-brand product architecture (similar to Madison/Reinhart), and focus on advisor-sold investment solutions.
• Federated Hermes: Pittsburgh-based active asset manager with comparable multi-channel distribution (advisors, RIAs, institutions), strong fixed income franchise, mutual fund and ETF product set, and similar "active with downside protection" value proposition targeting intermediary clients.
• Loomis Sayles: Boston-based active fixed income and equity manager of comparable mid-size scale, distributing through advisor and institutional channels with similar high-conviction, research-driven active strategies and proprietary credit research frameworks.

Broad incumbents

• Voya Investment Management: Larger established asset manager with overlapping active fixed income, equity, and multi-asset capabilities, plus insurance and institutional specialty practices that directly overlap with Madison's Insurance Solutions and Credit Union teams.
• Nuveen: Large diversified asset manager with deep fixed income, equity, and insurance-sector specialty offerings, comparable institutional consultant and insurance distribution relationships, and broader product scale than Madison.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/madison-investment-advisors
• Xx.com/madisonadv

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Madison Investments