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Trending ETFs

Madison Tax-Free Virginia Fund

mutual fund
GTVAX
Payout Change
Pending
Price as of:
$10.83 -0.04 -0.37%
primary theme
Municipal Bond
share class
Y (GTVAX)
GTVAX (Mutual Fund)

Madison Tax-Free Virginia Fund

Payout Change
Pending
Price as of:
$10.83 -0.04 -0.37%
primary theme
Municipal Bond
share class
Y (GTVAX)
GTVAX (Mutual Fund)

Madison Tax-Free Virginia Fund

Payout Change
Pending
Price as of:
$10.83 -0.04 -0.37%
primary theme
Municipal Bond
share class
Y (GTVAX)

Name

As of 12/12/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Madison Tax-Free Virginia Fund

GTVAX | Fund

$10.83

$17.1 M

1.92%

$0.21

0.86%

Vitals

YTD Return

1.4%

1 yr return

2.8%

3 Yr Avg Return

-0.8%

5 Yr Avg Return

0.2%

Net Assets

$17.1 M

Holdings in Top 10

31.2%

52 WEEK LOW AND HIGH

$10.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.86%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 10.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

$500

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/12/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Madison Tax-Free Virginia Fund

GTVAX | Fund

$10.83

$17.1 M

1.92%

$0.21

0.86%

GTVAX - Profile

Distributions

  • YTD Total Return 1.4%
  • 3 Yr Annualized Total Return -0.8%
  • 5 Yr Annualized Total Return 0.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.57%
DIVIDENDS
  • Dividend Yield 1.9%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Madison Tax-Free Virginia Fund
  • Fund Family Name
    MADISONMUT
  • Inception Date
    Apr 18, 2013
  • Shares Outstanding
    N/A
  • Share Class
    Y
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael Peters

Fund Description

The Fund seeks to achieve its investment objectives by investing at least 80% of its net assets (including borrowings for investment purposes) in municipal bonds that are exempt from federal and state income tax for residents of Virginia. These securities may be issued by state governments, their political subdivisions (for example, cities and counties) and public authorities (for example, school districts and housing authorities). The Fund may also invest in bonds that, under federal law, are exempt from federal and state income taxation, such as bonds issued by the District of Columbia, Puerto Rico, the Virgin Islands and Guam. The Fund only invests in investment grade bonds, which means bonds rated in the top four rating categories by a nationally recognized statistical rating organization, such as Moody’s, S&P or Fitch; however, if a bond is downgraded below investment grade, the Fund may need to hold the bond for a period of time in an attempt to avoid selling it at a “fire sale” price. The Fund invests in general obligation bonds of states and municipalities (backed by the general credit of the issuing city, state or county) and specific or limited purpose bonds (supported by, for example, a specific power company, hospital or highway project).
The Fund invests in intermediate and long-term bonds having average, aggregate maturities (at the portfolio level) of 7 to 15 years. The Fund’s weighted average life as of December 31, 2023 was 9.5 years. Under normal market conditions, the Fund will have an average duration range of 3 to 10 years, although it is expected to center around 3 to 7 years. Duration is an approximation of the expected change in a debt security’s price given a 1% move in interest rates, using the following formula: [change in debt security value = (change in interest rates) x (duration) x (-1)]. By way of example, assume XYZ company issues a five year bond which has a duration of 4.5 years. If interest rates were to instantly increase by 1%, the bond would be expected to decrease in value by approximately 4.5%. Securities are selected for the Fund that, in the opinion of the portfolio managers, provide the highest combination of yield (i.e., the interest rate the bond pays in relation to its price), credit risk and diversification. To a lesser extent, consideration is also given as to whether a particular bond may increase in value from its price at the time of purchase. The Fund generally holds 50-75 individual securities in its portfolio at any given time. This reflects the belief of the Fund's investment adviser, Madison Asset Management, LLC ("Madison"), that your money should be invested in Madison’s top investment ideas, and that focusing on Madison's best investment ideas is the best way to achieve the Fund’s investment objectives.
In the event Madison determines that extraordinary conditions exist (such as tax law changes or a need to adopt a defensive investment position) making it advisable to invest a larger portion of the Fund’s assets in taxable investments, more than 20% and even as much as 100% of the Fund’s assets could be invested in securities whose income is taxable on the federal or state level. If this situation were to occur, the Fund would not be invested in a manner designed to achieve its investment objective.
Although the Fund expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Fund may invest up to 100% in tax-free money market instruments. To the extent the Fund engages in this temporary defensive position, the Fund’s ability to achieve its investment objectives may be diminished.
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GTVAX - Performance

Return Ranking - Trailing

Period GTVAX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.4% -4.5% 38.3% 91.47%
1 Yr 2.8% -2.5% 44.5% 85.70%
3 Yr -0.8%* -10.2% 5.8% 72.95%
5 Yr 0.2%* -6.5% 1104.9% 84.99%
10 Yr 1.2%* -0.9% 249.0% 71.48%

* Annualized

Return Ranking - Calendar

Period GTVAX Return Category Return Low Category Return High Rank in Category (%)
2023 1.9% -1.4% 41.0% 77.58%
2022 -8.9% -39.7% 0.3% 25.80%
2021 -2.1% -5.6% 6.9% 98.14%
2020 2.2% -2.6% 310.0% 27.03%
2019 3.6% 0.0% 26.0% 56.95%

Total Return Ranking - Trailing

Period GTVAX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.4% -4.5% 38.3% 91.47%
1 Yr 2.8% -2.5% 44.5% 85.70%
3 Yr -0.8%* -10.2% 5.8% 72.95%
5 Yr 0.2%* -6.5% 1104.9% 84.99%
10 Yr 1.2%* -0.9% 249.0% 71.48%

* Annualized

Total Return Ranking - Calendar

Period GTVAX Return Category Return Low Category Return High Rank in Category (%)
2023 3.8% -1.3% 41.0% 88.35%
2022 -7.3% -39.7% 1.1% 29.15%
2021 -0.2% -4.8% 23761504.0% 91.48%
2020 3.5% -1.5% 17057.9% 59.17%
2019 5.8% 0.2% 3514.6% 69.04%

NAV & Total Return History

GTVAX - Holdings

Concentration Analysis

GTVAX Category Low Category High GTVAX % Rank
Net Assets 17.1 M 3.22 M 71.9 B 98.59%
Number of Holdings 62 4 13418 96.31%
Net Assets in Top 10 5.3 M -317 M 3.09 B 97.45%
Weighting of Top 10 31.17% 1.8% 100.3% 11.29%

Top 10 Holdings

  1. Northern Virginia Transportation Authority 4.59%
  2. Arlington County 3.67%
  3. James City County Economic Development Authority 3.17%
  4. Loudoun County Economic Development Authority 3.04%
  5. Metropolitan Washington Airports Authority Aviation Revenue 3.02%
  6. Norfolk 2.89%
  7. Hampton Roads Transportation Accountability Commission 2.88%
  8. Greater Richmond Convention Center Authority 2.72%
  9. Poquoson 2.60%
  10. Hampton Roads Sanitation District 2.57%

Asset Allocation

Weighting Return Low Return High GTVAX % Rank
Bonds 		98.79% 0.00% 150.86% 55.10%
Cash 		1.21% -50.86% 44.62% 45.80%
Stocks 		0.00% 0.00% 99.78% 28.12%
Preferred Stocks 		0.00% 0.00% 0.07% 18.54%
Other 		0.00% -3.69% 53.54% 29.21%
Convertible Bonds 		0.00% 0.00% 0.93% 17.80%

Bond Sector Breakdown

Weighting Return Low Return High GTVAX % Rank
Municipal 		98.58% 44.39% 100.00% 47.00%
Derivative 		0.00% -3.69% 53.54% 26.73%
Cash & Equivalents 		0.00% 0.00% 44.41% 64.88%
Securitized 		0.00% 0.00% 5.93% 18.95%
Corporate 		0.00% 0.00% 9.41% 32.84%
Government 		0.00% 0.00% 52.02% 24.41%

Bond Geographic Breakdown

Weighting Return Low Return High GTVAX % Rank
US 		98.79% 0.00% 142.23% 52.92%
Non US 		0.00% 0.00% 23.89% 22.36%

GTVAX - Expenses

Operational Fees

GTVAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.86% 0.01% 8.02% 37.10%
Management Fee 0.50% 0.00% 1.20% 80.20%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.35% 0.01% 0.44% 99.79%

Sales Fees

GTVAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

GTVAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

GTVAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 10.00% 0.00% 283.00% 20.06%

GTVAX - Distributions

Dividend Yield Analysis

GTVAX Category Low Category High GTVAX % Rank
Dividend Yield 1.92% 0.00% 14.51% 88.26%

Dividend Distribution Analysis

GTVAX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

GTVAX Category Low Category High GTVAX % Rank
Net Income Ratio 1.57% -0.53% 5.33% 68.25%

Capital Gain Distribution Analysis

GTVAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

GTVAX - Fund Manager Analysis

Managers

Michael Peters

Start Date

Tenure

Tenure Rank

Feb 10, 1997

25.32

25.3%

Mike serves as a portfolio manager and analyst for Madison’s Fixed Income Team, specializing in taxable and tax-free strategies. Mike has been working in the financial services industry since 1987 and joined Madison in 1997. He earned his B.S. in business administration from Valparaiso and his MBA from Indiana University.

Jeffrey Matthias

Start Date

Tenure

Tenure Rank

Feb 29, 2016

6.25

6.3%

Jeff serves as a portfolio manager and analyst for Madison’s Fixed Income Team, specializing in tax-exempt municipal bond portfolios. Jeff has been working in the financial services industry since 1987 and joined Madison in 2011. He earned his B.S. in finance from the University of Wisconsin-Platteville and his MBA in finance from the University of Wisconsin-Whitewater.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58

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