• International Stock Fund

Fund Objective

The International Stock Fund seeks long-term growth of capital.

Investment Strategies

The International Stock Fund invests at least 80% of its assets in the stock of foreign companies, whose principal operations are located outside the U.S., or that is organized outside the U.S., whose securities are principally traded outside of the U.S., and/or whose securities are quoted or denominated in a foreign currency. The Fund usually holds securities of issuers located in at least three countries other than the U.S. and generally holds 40-70 individual securities in its portfolio at any given time. Typically, a majority of the Fund’s assets are invested in relatively large capitalization stocks of issuers located or operating in developed countries. The Fund may also invest up to 30% of its assets in securities of companies whose principal business activities are located in emerging market countries. Madison typically maintains this segment of the Fund’s portfolio in such stocks that it believes have a low market price relative to their perceived fair value based on fundamental analysis of the issuing company and its prospects. It may also invest in foreign debt and other income bearing securities at times when it believes that income bearing securities have greater capital appreciation potential than equity securities.

Key Highlights

(as of Thursday June 30, 2022)
  Class A Class B Class Y
Daily Price 7.67 7.31 7.60
Ticker Symbol MINAX MINBX MINYX
Inception Date 12/29/97 12/29/97

06/30/06

Expense Ratio 1.61 2.36

1.36

Links to other Madison Funds information:
Daily Price Summary
Performance Summary (PDF)
Prospectus and Financial Reports
Account Applications and Forms
Tax Information

Portfolio Management


Thomas Tibbles, CFA

Patrick Tan

Alyssa Rudakas, CFA

Portfolio Highlights

Top Ten Fund Holdings
(as of May 31, 2022)
SHELL PLC3.5%
ASTRAZENECA PLC3.4%
LARSEN + TOUBRO GDR REG S2.6%
HDFC BANK LTD ADR2.4%
TENCENT HOLDINGS LTD2.3%
SONY GROUP CORP2.2%
GRUPO MEXICO SAB DE CV SER B2.2%
NXP SEMICONDUCTORS NV2.1%
TREASURY WINE ESTATES LTD2.1%
ISHARES MSCI ACWI EX US ETF2.1%
% of Fund in Top Ten Securities24.8%
 
Net Assets (as of 3/31/22) $15.5 Million
Turnover (as of 10/31/21) 120%


Complete Holdings List

International securities have additional risks. Please see prospectus for further details. An investment in the fund is subject to risk and there can be no assurance that the fund will achieve its investment objective. The risks associated with an investment in the fund can increase during times of significant market volatility. The principal risks of investing in the fund include: equity risk, value investing risk, capital gain realization risks to taxpaying shareholders, and foreign security and emerging market risk. International securities have additional risks, including exchange rate changes, political and economic unrest, relatively low market liquidity and the potential difference in financial and accounting controls and standards. More detailed information regarding these risks can be found in the fund's prospectus.