The Issue at Hand by Madison Investments

Madison Investments
  • 5.0 (2)
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Each month, we tackle one critical investment question shaping markets today. In a focused, unscripted conversation, we break down what’s driving the issue at hand and what the bond market is signaling. We then translate those insights into a clear, practical framework you can use to navigate client conversations and portfolio decisions with confidence. Learn more: https://madisoninvestments.com/the-issue-at-hand/

Episodes

  1. 3d ago

    Benchmark Illusion: When Managers Deviate from the Index

    A bond fund’s benchmark can provide insight into what a portfolio may invest in and the risk and return characteristics it may exhibit. Selecting the right benchmark is often the starting point when allocating a portion of a client’s portfolio to fixed income, but understanding how the portfolio actually compares to that benchmark almost always requires further digging. In this episode, Chris Aleman and Head of Fixed Income Mike Sanders take a closer look at fixed income benchmarks, including the Bloomberg Aggregate Bond Index, how portfolios may deviate from their benchmarks in pursuit of outperformance, and how advisors can assess whether a portfolio’s risks and return characteristics actually align with a client’s needs. Learn more: https://madisoninvestments.com/the-issue-at-hand/ For full disclosures and definitions visit: https://madisoninvestments.com/benchmark-illusion-when-managers-deviate-from-the-index/ “Madison” and/or “Madison Investments” is the unifying tradename 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 U.S. Securities and Exchange Commission. Madison Funds are distributed by MFD Distributor, LLC. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer, and is a member firm of the Financial Industry Regulatory Authority. The home office for each firm listed above is 550 Science Drive, Madison, WI 53711. Madison’s toll-free number is 800-767-0300. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security and is not investment advice. 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 fluctuate.

  2. Sep 17

    Market Brief: Warsh’s Fed Delivers Rate Hike

    The Federal Open Market Committee (FOMC) delivered a 25 basis point rate hike at its September meeting, following through on Chairman Warsh’s tough stance on fighting inflation. But if inflation is being driven by forces beyond demand, can higher interest rates actually address those pressures? In this Market Brief, Chris Aleman and Mike Sanders give their immediate reaction to the policy decision, examine its potential impact on the yield curve, and discuss what the changing rate environment could mean for bond portfolios in the months ahead. Learn more: https://madisoninvestments.com/the-issue-at-hand/ For full disclosures and definitions visit: https://madisoninvestments.com/market-brief-warshs-fed-delivers-rate-hike/ “Madison” and/or “Madison Investments” is the unifying tradename 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 U.S. Securities and Exchange Commission. Madison Funds are distributed by MFD Distributor, LLC. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer, and is a member firm of the Financial Industry Regulatory Authority. The home office for each firm listed above is 550 Science Drive, Madison, WI 53711. Madison’s toll-free number is 800-767-0300. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security and is not investment advice. 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 fluctuate.

  3. Sep 8

    Don’t Judge A Bond By Its Coupon

    At any given time, the bonds in a portfolio may have coupon rates above or below current market rates. When interest rates move, clients may question why their bonds have coupons that are lower, sometimes significantly lower, than the market rate. But coupon is only one part of the return equation. The price you pay for a bond, the income it generates, and how its price moves all matter when evaluating its total return.   In this episode, Chris Aleman and Mike Sanders break down the different ways to evaluate a bond’s return, including current yield, yield to maturity (YTM), yield to call (YTC), and yield to worst (YTW). They explain why YTM can provide a more useful apples-to-apples comparison between bonds with different coupons and prices, and why a higher coupon does not always mean a better investment.   They also discuss how fixed income managers think about low- and high- coupon bonds and the role they play in portfolio construction. Learn more: https://madisoninvestments.com/the-issue-at-hand/ For full disclosures and definitions visit: https://madisoninvestments.com/dont-judge-a-bond-by-its-coupon/ “Madison” and/or “Madison Investments” is the unifying tradename 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 U.S. Securities and Exchange Commission. Madison Funds are distributed by MFD Distributor, LLC. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer, and is a member firm of the Financial Industry Regulatory Authority. The home office for each firm listed above is 550 Science Drive, Madison, WI 53711. Madison’s toll-free number is 800-767-0300. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security and is not investment advice. 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 fluctuate.

  4. Aug 31

    Market Brief: Bond Market Takeaways from Jackson Hole

    At the Federal Reserve’s annual Jackson Hole Symposium, Chair Kevin Warsh delivered a hawkish speech that reinforced the Fed’s commitment to a hard 2% inflation target and offered further insight into its “reaction function”, or the inputs that could trigger a change in interest rates. With inflation stubbornly above target, and external pricing pressures lingering, markets are increasingly pricing in the possibility that the Fed will raise interest rates. In this Market Brief, Chris Aleman and Mike Sanders examine what Warsh’s comments and the subsequent market reaction mean for the bond market. They also discuss what the changing outlook and flattening yield curve mean for duration positioning and where investors may find opportunities along the curve. Learn more: https://madisoninvestments.com/the-issue-at-hand/   For full disclosures and definitions visit: https://madisoninvestments.com/market-brief-bond-market-takeaways-from-jackson-hole/     “Madison” and/or “Madison Investments” is the unifying tradename 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 U.S. Securities and Exchange Commission. Madison Funds are distributed by MFD Distributor, LLC. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer, and is a member firm of the Financial Industry Regulatory Authority. The home office for each firm listed above is 550 Science Drive, Madison, WI 53711. Madison’s toll-free number is 800-767-0300.   This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security and is not investment advice.   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 fluctuate.

  5. Aug 11

    Private Credit: How Early Success Created Today’s Risks

    Private credit was originally developed to finance loans that were too complex, illiquid, or long-term for traditional banks and public bond markets. It filled an important gap by matching those investments with institutional investors, such as pension funds and life insurers, that could commit capital for extended periods. Over the past decade, however, the asset class has grown dramatically. Increased demand for annuities, broader retail participation, and the search for higher yields have fueled demand well beyond its traditional investor base, raising new questions about liquidity, valuation, underwriting standards, and portfolio risk. In this episode, Chris Aleman and Bill Ford examine how private credit has evolved, what has changed as the market has grown, and how investors and their advisors can evaluate both the opportunities and the risks. Whether you’re evaluating private credit directly or through insurance products like annuities, you’ll come away with a practical framework for understanding what you own, why it may offer higher yields, and the questions every investor should be asking. Learn more: https://madisoninvestments.com/the-issue-at-hand/ For full disclosures and definitions visit: https://madisoninvestments.com/private-credit-how-early-success-created-todays-risks/ “Madison” and/or “Madison Investments” is the unifying tradename 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 U.S. Securities and Exchange Commission. Madison Funds are distributed by MFD Distributor, LLC. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer, and is a member firm of the Financial Industry Regulatory Authority. The home office for each firm listed above is 550 Science Drive, Madison, WI 53711. Madison’s toll-free number is 800-767-0300. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security and is not investment advice. 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 fluctuate.

  6. Aug 4

    Market Brief: What’s Really Driving the 10-Year Treasury?

    The recent jump in the 10-Year Treasury has reshaped the fixed income landscape, driving a steeper yield curve and creating new opportunities for bond investors. While many investors point to higher oil prices, the story is far more nuanced. Inflation expectations, Federal Reserve policy, fiscal concerns, and shifting market sentiment are all influencing long-term interest rates, and understanding these dynamics can better prepare you and your clients for what comes next. In this Market Brief, Chris Aleman and Mike Sanders break down what’s really driving Treasury yields, why it matters for bond allocations, and how to think about yield curve positioning in today’s environment. Learn more: https://madisoninvestments.com/the-issue-at-hand/ For full disclosures and definitions visit: https://madisoninvestments.com/market-brief-whats-really-driving-the-10-year-treasury/ “Madison” and/or “Madison Investments” is the unifying tradename 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 U.S. Securities and Exchange Commission. Madison Funds are distributed by MFD Distributor, LLC. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer, and is a member firm of the Financial Industry Regulatory Authority. The home office for each firm listed above is 550 Science Drive, Madison, WI 53711. Madison’s toll-free number is 800-767-0300. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security and is not investment advice. 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 fluctuate.

  7. Jul 7

    Skill or Luck? Measuring the Value of Active Management

    In fixed income, as in all investing, returns are generated by assuming some level of risk. Selecting a fund manager that outperforms similar managers or a benchmark index can feel satisfying, but how do you know if the level of risk that manager took on to achieve those returns was appropriate for your clients’ objectives? In this episode, Chris and Mike discuss how advisors can evaluate fixed income managers beyond headline returns. They break down concepts like alpha, beta, tracking error, and information ratio that you can use today to make more informed client portfolio decisions, while offering a practical framework for understanding where a manager’s performance comes from, how much risk was taken to achieve it, and whether that approach fits the role fixed income is intended to play within your clients’ portfolios. Learn more: https://madisoninvestments.com/the-issue-at-hand/ For full disclosures and definitions visit: https://madisoninvestments.com/skill-or-luck-measuring-the-value-of-active-management/ “Madison” and/or “Madison Investments” is the unifying tradename 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 U.S. Securities and Exchange Commission. Madison Funds are distributed by MFD Distributor, LLC. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer, and is a member firm of the Financial Industry Regulatory Authority. The home office for each firm listed above is 550 Science Drive, Madison, WI 53711. Madison’s toll-free number is 800-767-0300. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security and is not investment advice. 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 fluctuate.

  8. Jun 18

    The Warsh Fed: A New Playbook for Bond Investors?

    The Federal Open Market Committee (FOMC) held interest rates steady at their June meeting as inflation remains above the Fed’s target and the labor market continues to show resilience. While the policy decision itself was widely expected, investors were more focused on the outlook and messaging from the first policy meeting of new Chair Kevin Warsh. In this Market Brief, Chris Aleman and Mike Sanders discuss the key takeaways from the meeting, what advisors should pay closest attention to in the Fed’s updated dot plot, and how to interpret the policy decision and outlook for client portfolios. Learn more: https://madisoninvestments.com/the-issue-at-hand/ For full disclosures and definitions visit: https://madisoninvestments.com/the-warsh-fed-a-new-playbook-for-bond-investors/ “Madison” and/or “Madison Investments” is the unifying tradename 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 U.S. Securities and Exchange Commission. Madison Funds are distributed by MFD Distributor, LLC. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer, and is a member firm of the Financial Industry Regulatory Authority. The home office for each firm listed above is 550 Science Drive, Madison, WI 53711. Madison’s toll-free number is 800-767-0300. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security and is not investment advice. 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 fluctuate.

  9. Jun 15

    Market Brief: Previewing a Pivotal FOMC Meeting

    When the Federal Open Market Committee (FOMC) convenes for its June 16-17 meeting, all eyes will be on how new Fed Chair Kevin Warsh communicates policy amid a backdrop of economic and political uncertainty. The ongoing conflict with Iran has pushed energy prices higher, contributing to inflation concerns and largely extinguishing expectations for rate cuts. Meanwhile, a resilient labor market, improving productivity, and continued AI-driven capital expenditures point to a strong economy, at least on paper. And then there’s the media attention on how Warsh will handle political pressures, given how vocal President Trump was about his desire for lower rates during the nomination process. In this episode, Chris Aleman and Mike Sanders take you beyond the headlines to focus on what actually matters: the Fed’s dual mandate, the economic data driving policy decisions, and the implications for investors. Whether you’re preparing for client conversations or evaluating portfolio positioning, this episode provides a framework for interpreting one of the year’s most closely watched Fed meetings. Learn more: https://madisoninvestments.com/the-issue-at-hand/ For full disclosures and definitions visit: https://madisoninvestments.com/market-brief-previewing-a-pivotal-fomc-meeting/ “Madison” and/or “Madison Investments” is the unifying tradename 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 U.S. Securities and Exchange Commission. Madison Funds are distributed by MFD Distributor, LLC. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer, and is a member firm of the Financial Industry Regulatory Authority. The home office for each firm listed above is 550 Science Drive, Madison, WI 53711. Madison’s toll-free number is 800-767-0300. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security and is not investment advice. 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 fluctuate.

  10. Jun 2

    Active or Passive: How to Align Bond Allocations to Investor Goals

    When does it make sense to use active management over bond ladders or index funds? And how should investors think about the tradeoff between fees, flexibility, and risk management? In this episode, Chris Aleman and Mike Sanders explore the debate around active versus passive fixed income investing. The discussion breaks down the tradeoffs between each approach, including duration exposure, reinvestment risk, credit quality, liquidity, flexibility, fees, and the hidden risks embedded in bond indexes. We also explain why fixed income indexing differs fundamentally from equity indexing. Whether your preference is active management, bond ladders, or passive exposure, understanding the risks behind each approach can lead to more informed portfolio construction decisions and better long-term outcomes. Learn more: https://madisoninvestments.com/the-issue-at-hand/ For full disclosures and definitions visit: https://madisoninvestments.com/active-or-passive-how-to-align-bond-allocations-to-investor-goals/ “Madison” and/or “Madison Investments” is the unifying tradename 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 U.S. Securities and Exchange Commission. Madison Funds are distributed by MFD Distributor, LLC. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer, and is a member firm of the Financial Industry Regulatory Authority. The home office for each firm listed above is 550 Science Drive, Madison, WI 53711. Madison’s toll-free number is 800-767-0300. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security and is not investment advice. 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 fluctuate.

  11. May 12

    Fixed Income, in a Language Clients Understand

    Most clients have a solid understanding of stock investing - you invest in equity ownership shares of a company for the potential of price appreciation or dividends. When the conversation turns to fixed income, investors and advisors have a harder time grasping the nuances. In our first episode, we break down the four key risks that shape fixed income outcomes: when you get your money back, if you get it back, how you get it back, and how easily you can convert it to cash. We also discuss why today's environment requires a more thoughtful approach to credit risk. Using this framework, you can navigate client conversations with confidence. Learn more: https://madisoninvestments.com/the-issue-at-hand/ For full disclosures and definitions visit: https://madisoninvestments.com/fixed-income-in-a-language-clients-understand/ “Madison” and/or “Madison Investments” is the unifying tradename 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 U.S. Securities and Exchange Commission. Madison Funds are distributed by MFD Distributor, LLC. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer, and is a member firm of the Financial Industry Regulatory Authority. The home office for each firm listed above is 550 Science Drive, Madison, WI 53711. Madison’s toll-free number is 800-767-0300.   This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security and is not investment advice.   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 fluctuate.

  12. May 8

    Introducing the Issue at Hand by Madison Investments

    Introducing The Issue at Hand – a new fixed income series focused on the questions shaping markets today. Meet your hosts, Regional Investment Director Chris Aleman, and Head of Fixed Income Mike Sanders, as they tackle one critical investment question each episode, breaking down what matters and how to talk about it. Episodes launch on the first Tuesday of each month! Subscribe: https://madisoninvestments.com/the-issue-at-hand/ Disclosures: “Madison” and/or “Madison Investments” is the unifying tradename 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 U.S. Securities and Exchange Commission. Madison Funds are distributed by MFD Distributor, LLC. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer and is a member firm of the Financial Industry Regulatory Authority. The home office for each firm listed above is 550 Science Drive, Madison, WI 53711. Madison’s toll-free number is 800-767-0300. Any performance data shown represents past performance. Past performance is 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 fluctuate. This website is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security and is not investment advice. Upon request, Madison may furnish to the client or institution a list of all security recommendations made within the past year. In addition to the ongoing market risk applicable to portfolio securities, bonds are subject to interest rate risk, credit risk and inflation risk. When interest rates rise, bond prices fall; generally, the longer a bond’s maturity, the more sensitive it is to this risk. Credit risk is the possibility that the issuer of a security will be unable to make interest payments and repay the principal on its debt. Bonds may also be subject to call risk, which allows the issuer to retain the right to redeem the debt, fully or partially, before the scheduled maturity date. Proceeds from sales prior to maturity may be more or less than originally invested due to changes in market conditions or changes in the credit quality of the issuer.

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Each month, we tackle one critical investment question shaping markets today. In a focused, unscripted conversation, we break down what’s driving the issue at hand and what the bond market is signaling. We then translate those insights into a clear, practical framework you can use to navigate client conversations and portfolio decisions with confidence. Learn more: https://madisoninvestments.com/the-issue-at-hand/

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