Madison's Strategic Rebalance
Madison Asset Management Expands JIRE Investment by 8% While Strategically Trimming Other ETF Holdings
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Key Points
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Aptus Capital Advisors LLC boosted its JPMorgan International Research Enhanced Equity ETF (JIRE) stake by 434.0% in the third quarter, now holding 566 shares worth about $42,000 after purchasing 460 additional shares.
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JIRE traded with notable price/valuation context: it opened at $81.30, with a one-year low of $68.47 and high of $83.69, a market cap near $10.92 billion, a P/E around 16.04, and a beta of 0.78; its 50-day and 200-day moving averages were about $81.38 and $79.46 respectively.
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Madison Short Term Strategic Income ETF (MSTI) was reduced by 11.0% in Q1 to 2,510,249 shares, representing 99.22% of MSTI and a reported value of about $51.13 million in the SEC filing.
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In iShares MSCI Emerging Markets Asia ETF (EEMA), Madison cut its stake by 6.3% in Q1 to 367,824 shares, about 3.09% of the ETF, worth roughly $35.21 million.
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Madison DIVL holdings show additional context: the stock opened at $24.82, with a 12-month high/low of $25.60/$22.12, a market cap around $62.79 million, P/E about 21.24, beta near 0.54, and 50-day/200-day moving averages at approximately $24.68 and $24.58.
Madison Asset Management LLC added 24,765 shares of the JPMorgan International Research Enhanced Equity ETF (JIRE) in the first quarter, growing its stake by 8% to 335,261 shares worth about $25.39 million, according to Watchlist News. The move signals a deliberate tilt toward international developed-market equities inside Madison's broader ETF portfolio.
At the same time, Madison trimmed positions in three other funds — cutting its short-term bond ETF holding by 11%, its emerging-markets Asia ETF by 6.3%, and its dividend value ETF by 7.8%. The pattern points to a clear shift: more international equity exposure, less fixed-income and Asia risk.
JIRE Gains Fans as Other Institutions Buy In
Madison was not alone in warming up to JIRE. Aptus Capital Advisors LLC increased its JIRE stake by 434% in the third quarter, picking up 460 shares for a total of 566 shares worth roughly $42,000, per Ticker Report. That kind of outsized percentage jump — even from a small base — shows fresh institutional interest in the fund.
JIRE itself looks relatively stable on paper. The ETF carries a price-to-earnings ratio of about 16.04 and a beta of 0.78, meaning it moves less sharply than the broader market. Its 52-week range runs from $68.47 to $83.69, and its market cap sits near $10.92 billion. The 200-day moving average is $79.46, with the fund trading just above that level.
Madison Slashes Its Short-Term Bond ETF Position
Madison cut its stake in the Madison Short Term Strategic Income ETF (MSTI) by 11% in Q1, dropping to 2,510,249 shares, according to Ticker Report. That position represents 99.22% of MSTI's total shares — a striking concentration — with a reported value of about $51.13 million in the SEC filing.
Trimming a fixed-income position this large is a meaningful signal. Short-term bond funds are a place investors park money when they want safety. Pulling back suggests Madison may be moving that capital toward higher-growth or international equity opportunities instead.
Emerging Markets Asia Stake Cut by Over 6%
Madison also reduced its iShares MSCI Emerging Markets Asia ETF (EEMA) holdings by 6.3% in Q1, bringing its total to 367,824 shares. That stake is worth roughly $35.21 million and equals about 3.09% of the entire ETF, per Ticker Report.
The EEMA cut fits a broader trend among U.S. fund managers pulling back from Asian emerging markets amid ongoing concerns about China's economic slowdown and currency risk. Madison appears to be shifting that capital toward developed international markets — like the ones JIRE tracks — rather than higher-risk emerging economies.
DIVL Dividend ETF Also Sees a Trim
Madison cut its Madison Dividend Value ETF (DIVL) stake by 7.8% in Q1. DIVL trades at about $24.82, with a 12-month high of $25.60 and a low of $22.12. Its market cap is roughly $62.79 million, and its P/E ratio sits at about 21.24, per Watchlist News.
With a beta of just 0.54, DIVL is one of the least volatile funds in Madison's lineup. The modest trim — combined with cuts to MSTI and EEMA — rounds out a quarter where Madison consistently moved money away from defensive and income-focused holdings and toward international equity growth.
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