By james art Disclosures
“Madison” and/or “Madison Investments” is the corporate name of Madison Investment Holdings, Inc., Madison Asset Management, LLC (“MAM”) and Madison Investment Advisors, LLC (“MIA”). MAM and MIA are registered as investment advisers with the US Securities and Exchange Commission. Madison funds are distributed by MFD Distributor, LLC. MFD Distributor, LLC is registered with the US Securities and Exchange Commission as a broker-dealer and is a member firm of the Financial Industry Regulatory Authority. The home office of each firm listed above is 550 Science Drive, Madison, WI 53711. The Madison toll-free number is 800-767-0300.
Upon request, Madison can provide the client or institution with a list of all security referrals made in the past year. All performance data shown represents past performance. Past results are no guarantee of future results.
Non-deposit investment products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by any financial institution. Investment returns and principal value will vary.
This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of securities.
Indexes are not managed. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of a particular investment. Index returns do not include any expenses, fees or sales charges that would reduce performance.
The S&P 500® is an unmanaged index of large companies and is widely regarded as the benchmark for measuring US large- and mid-cap stock market performance. Results assume reinvestment of all capital gains and distribution of dividends. An investment cannot be made directly in an index.
Russell Investment Group is the originator and owner of the trademarks, service marks and copyrights associated with the Russell Indices. Russell® is a trademark of Russell Investment Group.
The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represent approximately 11% of the total market capitalization of the Russell 3000® Index.
The Russell 1000® Growth Index is designed to track those securities within the broader Russell 1000 Index that FTSE Russell has determined exhibit growth characteristics.
The Russell 1000® Value Index is designed to track those securities within the broader Russell 1000 Index that FTSE Russell has determined exhibit value characteristics.
The MSCI ACWI ex USA index covers the representation of large and mid-cap markets in 22 of 23 developed market countries (excluding the US) and 23 emerging market countries. With 1,843 constituents, the index covers approximately 85% of global non-US equity opportunities.
The Bloomberg US Aggregate Bond Index is an unmanaged index of US fixed income securities. The U.S. Aggregate Index covers the U.S. dollar-denominated market of SEC-registered, investment-grade, fixed-rate and taxable securities. The index includes Treasury bonds related to the government, corporate, MBS (fixed rate agency and hybrid crossover ARM), ABS and CMBS sectors.
Magnificent Seven stocks are a group of highly performing and influential companies on the US stock market: Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA and Tesla.
A yield curve is a line that plots the yields (interest rates) of bonds of equal credit quality but with different maturities. The slope of the yield curve provides insight into future changes in interest rates and economic activity. There are three basic types of yield curve shapes: normal (upward-sloping curve), inverted (downward-sloping curve), and flat.
A basis point is one hundredth of a percent.
Duration is a measure of interest rate sensitivity. For example, a portfolio with a three-year duration is expected to grow by 3% if interest rates fall by 1%. It is measured in years because it can also be used to measure the time required to recover the initial investment, taking into account all cash flows.
Please consult your financial advisor to determine your risk tolerance and investment goals. While Madison builds portfolios for different risk tolerances, its asset allocation team does not determine an individual client’s risk tolerance or investment objectives.
All investing involves risks, including possible loss of principal. There can be no assurance that the Asset Allocation Portfolios will achieve their investment objectives. The Portfolios may invest in stocks that are subject to market volatility. In addition to general investment risk, the Portfolio is subject to additional risks, including investing in bonds and debt securities, which include credit risk, prepayment risk and interest rate risk. When interest rates rise, bond prices typically fall. Securities rated below investment grade are more sensitive
economic, political and adverse development changes. International stocks involve risks of economic and political instability, market liquidity, currency volatility and differences in accounting standards.
Holdings may vary depending on account opening date, purpose, cash flows, market volatility and other variables. Any securities identified and described herein do not represent all securities purchased or sold, and such securities may not be purchased for a new account. There is no guarantee that the securities transactions identified and described herein have been or will be profitable.
Although the information in this report has been obtained from sources believed by the company to be reliable, we do not guarantee its accuracy and any such information may be incomplete or abbreviated. All opinions included in the report represent the judgment of the authors as of the date of this report and are subject to change without notice.