Madison Mosaic InvestorsMINVX

Morningstar Rating

Fund Research and Analysis

by John Coumarianos

Madison Mosaic Investors retains its allure.

This large-cap fund, managed by veteran Jay Sekelsky, owns firms with histories of producing high returns on invested capital. Some of the names are cyclical, such as mortgage powerhouse Wells Fargo WFC and construction outfit Jacobs Engineering Group JEC, but many provide necessary or consistently desired products that are often immune to economic cycles, including health-care giant Johnson & Johnson JNJ and spirits maker Diageo DEO. Read more

Kudos

Great long-term returns.

Below-average volatility.

Seasoned management.

The fund has offered better protection from losses in down markets than its typical peer. Read more

Risks

Concentrated portfolio courts some issue-specific risk.

Will lag in markets dominated by smaller caps, cyclicals, or pricier growth stocks. Read more

Strategy

Lead manager Jay Sekelsky and his team look for large-cap and some mid-cap companies with consistent and sustainable earnings growth selling at a discount to their industry peers or to their own historic valuations. Read more

Management

Jay Sekelsky, managing director and the equity team leader at Madison Investment Advisors, runs the day-to-day operations. Sekelsky has been with the fund since 1990 but counts his record from 1996, when it became a pure-equity offering. Sekelsky comanages equally impressive Madison Mosaic Mid-Cap GTSGX. Read more

Inside Scoop

This relatively unknown offering has delivered good long-term returns by sticking to its growth-at-a-reasonable-price mandate. Experienced management runs a compact portfolio of mostly blue-chip stocks. Read more

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