The fund is managed by Joe Maginot, Haruki Toyama, and Rich Eisinger, who collectively bring over 70 years of investment experience to the strategy. Joe Maginot serves as a large cap portfolio manager and analyst on Madison's U.S. Equity Team, providing recent insights on opportunities in U.S. housing and life science tools despite near-term headwinds. The management team has employed this research-intensive, bottom-up investment approach for over 30 years, demonstrating consistency in methodology across market cycles. Portfolio managers maintain significant personal investment in their strategies, aligning directly with client interests and outcomes. Madison was founded in 1974 by Frank Edward Burgess, who currently serves as Chairman of Madison Investment Holdings and holds degrees from Iowa State University and University of Wisconsin. The firm has grown from managing $6.5 billion in 2003 to over $27 billion today while maintaining its client-first, owner-operator culture. Madison operates as an employee-owned firm, providing independence and allowing focus entirely on managing client assets without outside influence. The organization employs approximately 20 investment professionals and 94 total staff members, with significant institutional investor representation. Frank Burgess also serves as Chairman and founder of the Outrider Foundation, supporting multimedia storytelling about nuclear issues and climate change. The firm maintains a team approach with over 50 years of institutional investment management experience across the organization.

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The Fund pursues long-term capital appreciation by investing in common stocks of established, high-quality companies selected via bottom-up fundamental analysis. Madison employs a 'Participate and Protect®' investment philosophy, aiming to achieve consistent investment returns while limiting portfolio risk. The portfolio managers follow a rigorous three-step process evaluating: (1) business model durability through competitive advantages, (2) management team's ability to create shareholder value, and (3) valuation attractiveness. The strategy employs fundamental bottom-up analysis featuring assessment of business durability, management evaluation, and intrinsic value determination. The fund maintains a concentrated portfolio of 25-40 positions with 20-40% turnover, seeking companies with better-than-average growth and lower-than-average risk at reasonable valuations. At least 80% of net assets are invested in large-cap company securities. The approach moderates volatility by avoiding high-growth, high-multiple equities unless valuations become compelling. High active share reflects significant differentiation from benchmark indices. Portfolio managers maintain meaningful personal capital invested alongside clients, ensuring alignment of interests. The expectation is that investors will participate near fully in market appreciation during bull markets and experience less than full participation during bear markets compared with more speculative portfolios.

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