Verdicts genuinely change. Free email alert the moment MASMX's does — no target price to set, unlike "Alert" above.
Whether this fund clears the published standards, and the filings behind that answer. The screen runs first and nothing on the trading side can override it.
Structure, momentum, positioning and levels. Separate from the Sharia verdict above, which this side never overrides.
Madison Small Cap Fund · MADISON FUNDS
52 holdings
NON-COMPLIANT 30.85% of portfolio weight is in non-compliant holdings, over the 5% threshold.
52 holdings, 43 matched (82% of weight). Portfolio as of 2026-07-31, filed 2026-09-17. Source: SEC Form N-PORT.
1.00% of this portfolio’s income is non-permissible — weighted across holdings, computed over 74% of portfolio weight (39 of 52 holdings). The common approach purifies that proportion of income received — dividends — not of the position’s value. We report the ratio; what to do with it is a question for your own scholar.
51.2% compliant 0.0% questionable 30.7% non-compliant 18.0% unscreened
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| State Street Global Advisors | UNSCREENED | 5.53% | no in-house ratios for this holding |
| EHC Encompass Health Corp | COMPLIANT | 4.52% | AAOIFI23.9% Usmani38.1% Dow Jones Islamic26.5% S&P Shariah29.4% MSCI Islamic38.1% MSCI Islamic M-Series29.4% FTSE Shariah35.3% |
| SMG Scotts Miracle-Gro Co/The | NON_COMPLIANT | 3.84% | AAOIFI71.9% Usmani79.0% Dow Jones Islamic70.4% S&P Shariah73.0% MSCI Islamic78.6% MSCI Islamic M-Series73.0% FTSE Shariah66.7% |
| KN Knowles Corp | COMPLIANT | 3.33% | AAOIFI5.0% Usmani14.4% Dow Jones Islamic7.5% S&P Shariah8.2% MSCI Islamic14.3% MSCI Islamic M-Series8.2% FTSE Shariah12.4% |
| HQY HealthEquity Inc | COMPLIANT | 3.15% | AAOIFI12.2% Usmani29.7% Dow Jones Islamic12.2% S&P Shariah13.0% MSCI Islamic29.7% MSCI Islamic M-Series13.0% FTSE Shariah28.5% |
| WK Workiva Inc | NON_COMPLIANT | 3.01% | AAOIFI0.3% Usmani1.8% Dow Jones Islamic0.2% S&P Shariah0.2% MSCI Islamic0.8% MSCI Islamic M-Series0.2% FTSE Shariah0.0% |
| Hayward Holdings Inc | UNSCREENED | 2.92% | no in-house ratios for this holding |
| CNM Core & Main Inc | NON_COMPLIANT | 2.83% | AAOIFI33.9% Usmani41.0% Dow Jones Islamic27.6% S&P Shariah28.8% MSCI Islamic41.0% MSCI Islamic M-Series28.8% FTSE Shariah36.5% |
| CSL Carlisle Cos Inc | COMPLIANT | 2.72% | AAOIFI— Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| GTLB Gitlab Inc | COMPLIANT | 2.55% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| PCOR Procore Technologies Inc | COMPLIANT | 2.44% | AAOIFI0.8% Usmani3.0% Dow Jones Islamic0.7% S&P Shariah0.7% MSCI Islamic3.0% MSCI Islamic M-Series0.7% FTSE Shariah0.0% |
| BOX Box Inc | COMPLIANT | 2.40% | AAOIFI11.2% Usmani37.4% Dow Jones Islamic12.1% S&P Shariah12.6% MSCI Islamic37.4% MSCI Islamic M-Series12.6% FTSE Shariah32.2% |
| Texas Capital Bancshares Inc | UNSCREENED | 2.37% | no in-house ratios for this holding |
| MC Moelis & Co | NON_COMPLIANT | 2.33% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| CVLT Commvault Systems Inc | COMPLIANT | 2.19% | AAOIFI16.2% Usmani48.5% Dow Jones Islamic14.5% S&P Shariah16.3% MSCI Islamic48.5% MSCI Islamic M-Series16.3% FTSE Shariah46.7% |
| CRL Charles River Laboratories International Inc | COMPLIANT | 2.17% | AAOIFI— Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| CR Crane Co | NON_COMPLIANT | 2.16% | AAOIFI9.3% Usmani27.7% Dow Jones Islamic10.7% S&P Shariah11.9% MSCI Islamic27.7% MSCI Islamic M-Series11.9% FTSE Shariah27.3% |
| EPC Edgewell Personal Care Co | NON_COMPLIANT | 2.03% | AAOIFI93.6% Usmani35.2% Dow Jones Islamic103.2% S&P Shariah89.1% MSCI Islamic35.2% MSCI Islamic M-Series89.1% FTSE Shariah35.2% |
| SHAK Shake Shack Inc | NON_COMPLIANT | 2.02% | AAOIFI31.6% Usmani48.8% Dow Jones Islamic22.3% S&P Shariah23.6% MSCI Islamic48.1% MSCI Islamic M-Series23.6% FTSE Shariah12.7% |
| CTS CTS Corp | COMPLIANT | 1.91% | AAOIFI2.0% Usmani4.2% Dow Jones Islamic2.3% S&P Shariah2.3% MSCI Islamic4.2% MSCI Islamic M-Series2.3% FTSE Shariah0.0% |
| AXS Axis Capital Holdings Ltd | NON_COMPLIANT | 1.89% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| VF Corp | UNSCREENED | 1.88% | no in-house ratios for this holding |
| HXL Hexcel Corp | COMPLIANT | 1.87% | AAOIFI13.9% Usmani35.1% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic35.1% MSCI Islamic M-Series0.0% FTSE Shariah35.1% |
| Leonardo DRS Inc | UNSCREENED | 1.85% | no in-house ratios for this holding |
| THG Hanover Insurance Group Inc/The | NON_COMPLIANT | 1.82% | AAOIFI10.6% Usmani5.0% Dow Jones Islamic13.8% S&P Shariah15.3% MSCI Islamic5.0% MSCI Islamic M-Series15.3% FTSE Shariah5.0% |
| RVLV Revolve Group Inc | COMPLIANT | 1.81% | AAOIFI2.0% Usmani3.7% Dow Jones Islamic1.7% S&P Shariah1.9% MSCI Islamic3.7% MSCI Islamic M-Series1.9% FTSE Shariah0.0% |
| PRMB Primo Brands Corp | NON_COMPLIANT | 1.81% | AAOIFI71.5% Usmani53.6% Dow Jones Islamic62.0% S&P Shariah69.6% MSCI Islamic53.6% MSCI Islamic M-Series69.6% FTSE Shariah48.5% |
| ICUI ICU Medical Inc | NON_COMPLIANT | 1.69% | AAOIFI32.0% Usmani32.4% Dow Jones Islamic35.8% S&P Shariah38.7% MSCI Islamic32.3% MSCI Islamic M-Series38.7% FTSE Shariah31.0% |
| BWIN Baldwin Insurance Group Inc/The | COMPLIANT | 1.60% | AAOIFI2.7% Usmani1.8% Dow Jones Islamic10.0% S&P Shariah10.5% MSCI Islamic1.8% MSCI Islamic M-Series10.5% FTSE Shariah0.3% |
| MIR Mirion Technologies Inc | COMPLIANT | 1.59% | AAOIFI11.3% Usmani13.5% Dow Jones Islamic10.2% S&P Shariah12.1% MSCI Islamic13.5% MSCI Islamic M-Series12.1% FTSE Shariah12.6% |
| AMPL Amplitude Inc | COMPLIANT | 1.55% | AAOIFI— Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| POWI Power Integrations Inc | COMPLIANT | 1.54% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| EXTR Extreme Networks Inc | COMPLIANT | 1.53% | AAOIFI6.9% Usmani16.5% Dow Jones Islamic8.0% S&P Shariah8.5% MSCI Islamic16.5% MSCI Islamic M-Series8.5% FTSE Shariah13.9% |
| WMS Advanced Drainage Systems Inc | COMPLIANT | 1.50% | AAOIFI16.0% Usmani40.8% Dow Jones Islamic16.1% S&P Shariah15.7% MSCI Islamic37.4% MSCI Islamic M-Series15.7% FTSE Shariah35.8% |
| ENTG Entegris Inc | COMPLIANT | 1.45% | AAOIFI16.5% Usmani42.3% Dow Jones Islamic22.1% S&P Shariah21.4% MSCI Islamic42.1% MSCI Islamic M-Series21.4% FTSE Shariah41.1% |
| Belden Inc | UNSCREENED | 1.44% | no in-house ratios for this holding |
| MWA Mueller Water Products Inc | COMPLIANT | 1.43% | AAOIFI12.2% Usmani23.2% Dow Jones Islamic11.6% S&P Shariah13.3% MSCI Islamic23.2% MSCI Islamic M-Series13.3% FTSE Shariah23.2% |
| MAIR Madison Air Solutions Corp | COMPLIANT | 1.33% | AAOIFI26.4% Usmani38.3% Dow Jones Islamicpass S&P Shariahpass MSCI Islamic38.2% MSCI Islamic M-Seriespass FTSE Shariah36.6% |
| AAON AAON Inc | COMPLIANT | 1.33% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| CXT Crane NXT Co | NON_COMPLIANT | 1.30% | AAOIFI51.4% Usmani40.8% Dow Jones Islamic48.3% S&P Shariah47.6% MSCI Islamic40.8% MSCI Islamic M-Series47.6% FTSE Shariah40.4% |
| VCEL Vericel Corp | COMPLIANT | 1.28% | AAOIFI4.0% Usmani18.5% Dow Jones Islamic4.4% S&P Shariah4.4% MSCI Islamic18.4% MSCI Islamic M-Series4.4% FTSE Shariah0.0% |
| EXP Eagle Materials Inc | NON_COMPLIANT | 1.19% | AAOIFI30.7% Usmani45.9% Dow Jones Islamic24.2% S&P Shariah24.1% MSCI Islamic45.9% MSCI Islamic M-Series24.1% FTSE Shariah45.0% |
| VIAV Viavi Solutions Inc | COMPLIANT | 1.13% | AAOIFI11.3% Usmani41.5% Dow Jones Islamic24.0% S&P Shariah29.9% MSCI Islamic41.5% MSCI Islamic M-Series29.9% FTSE Shariah40.0% |
| SITE SiteOne Landscape Supply Inc | COMPLIANT | 1.10% | AAOIFI22.8% Usmani32.8% Dow Jones Islamic17.3% S&P Shariah16.3% MSCI Islamic28.9% MSCI Islamic M-Series16.3% FTSE Shariah15.5% |
| MTDR Matador Resources Co | NON_COMPLIANT | 1.10% | AAOIFI57.6% Usmani31.2% Dow Jones Islamic69.1% S&P Shariah66.4% MSCI Islamic31.2% MSCI Islamic M-Series66.4% FTSE Shariah31.2% |
| MEDP Medpace Holdings Inc | COMPLIANT | 1.09% | AAOIFIpass Usmani— Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariah— |
| Celanese Corp | UNSCREENED | 0.95% | no in-house ratios for this holding |
| OLLI Ollie's Bargain Outlet Holdings Inc | COMPLIANT | 0.95% | AAOIFI16.0% Usmani24.0% Dow Jones Islamic11.3% S&P Shariah12.2% MSCI Islamic24.0% MSCI Islamic M-Series12.2% FTSE Shariah0.1% |
| INDI indie Semiconductor Inc | NON_COMPLIANT | 0.93% | AAOIFI51.7% Usmani51.3% Dow Jones Islamic50.6% S&P Shariah41.2% MSCI Islamic51.3% MSCI Islamic M-Series41.2% FTSE Shariah49.4% |
| WSC WillScot Holdings Corp | NON_COMPLIANT | 0.89% | AAOIFI87.2% Usmani64.7% Dow Jones Islamic77.7% S&P Shariah64.9% MSCI Islamic64.7% MSCI Islamic M-Series64.9% FTSE Shariah59.6% |
| Alphatec Holdings Inc | UNSCREENED | 0.83% | no in-house ratios for this holding |
| State Street Global Advisors | UNSCREENED | 0.36% | no in-house ratios for this holding |
The published standards disagree about this fund by 26 points of portfolio weight — 47.5% of it passes Dow Jones Islamic, 21.1% passes MSCI Islamic. Which number is yours depends on which standard you follow.
These bars are the financial-ratio result under each standard — debt, receivables and interest income. They do not screen what the business does, so a holding can pass every ratio here and still be questionable or non-compliant on activity. The blended verdict above accounts for both.
ratios pass on 43.1% ratios fail on 25.7% 31.7% not rated under AAOIFI
ratios pass on 25.0% ratios fail on 40.4% 35.0% not rated under Usmani
ratios pass on 47.5% ratios fail on 21.2% 31.7% not rated under Dow Jones Islamic
ratios pass on 47.5% ratios fail on 21.2% 31.7% not rated under S&P Shariah
ratios pass on 21.1% ratios fail on 46.7% 32.6% not rated under MSCI Islamic
ratios pass on 47.5% ratios fail on 21.2% 31.7% not rated under MSCI Islamic M-Series
ratios pass on 29.4% ratios fail on 36.0% 35.0% not rated under FTSE Shariah
43 of 52 listed holdings carry our own per-methodology verdicts (82% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none. Of those, 38 (73% of weight) also carry the underlying debt ratio; the rest show a verdict without the figure behind it.
| Non-compliant holding | Weight |
|---|---|
| SMG Scotts Miracle-Gro Co/The | 3.84% |
| WK Workiva Inc | 3.01% |
| CNM Core & Main Inc | 2.83% |
| MC Moelis & Co | 2.33% |
| CR Crane Co | 2.16% |
| EPC Edgewell Personal Care Co | 2.03% |
| SHAK Shake Shack Inc | 2.02% |
| AXS Axis Capital Holdings Ltd | 1.89% |
| THG Hanover Insurance Group Inc/The | 1.82% |
| PRMB Primo Brands Corp | 1.81% |
Whether the technical picture shows an edge right now. Separate from the Sharia verdict, which this side never overrides.
Madison Small Cap Fund (MASMX) is currently considered not halal (non-compliant), per our own look-through to its filed holdings. See its filed holdings and the weight breakdown below for the reasoning.
HTR reads the fund's filed holdings and screens each one, then reports the result by weight. A holding it cannot cover far enough is reported as unrated rather than counted as a pass.
| Holding | Weight | Verdict |
|---|---|---|
| State Street Global Advisorsnot matched to a ticker | 5.53% | Not screened |
| EHCEncompass Health Corp | 4.52% | Compliant |
| SMGScotts Miracle-Gro Co/The | 3.84% | Non-compliant |
| KNKnowles Corp | 3.33% | Compliant |
| HQYHealthEquity Inc | 3.15% | Compliant |
| WKWorkiva Inc | 3.01% | Non-compliant |
| Hayward Holdings Incnot matched to a ticker | 2.92% | Not screened |
| CNMCore & Main Inc | 2.83% | Non-compliant |
| CSLCarlisle Cos Inc | 2.72% | Compliant |
| GTLBGitlab Inc | 2.55% | Compliant |
Top 10 of 52 holdings, 34.4% of the fund by weight. Every holding is screened, not only these.
The positions keeping this fund short of 100% compliant by weight.
Verdict history for MASMX. A verdict that never moved is recorded too, so a quiet history reads as measured rather than missing.
ℹ️ no compliance scan has run for 5 days - this is not a reading of today
Pinch or scroll to zoom · drag to pan — both axes move · double-click to reset
This fund prices once a day, so its bars carry no intraday high or low — floor-trader pivots are not defined for it.
The range is measured volatility (ATR over the horizon), not a target — a wider band means a more volatile asset, not a stronger view. The direction is the indicator tally below. Every forecast is recorded when made and scored against the real price when it comes due, including the wrong ones. Not a recommendation, and not a fatwa.
Standard indicator thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20, MACD histogram sign, price vs. average) computed on daily bars. A summary of what common indicators say — not a recommendation, and not this site's own trading verdict.
| Indicator | Value | Signal |
|---|---|---|
| RSI (14) | 49.30 | NEUTRAL |
| Stochastic %K (14) | 57.89 | NEUTRAL |
| CCI (20) | 28.82 | NEUTRAL |
| Williams %R (14) | -42.11 | NEUTRAL |
| MACD (12,26,9) | 0.02 | BUY |
| ROC (10) | 0.30 | BUY |
| Momentum (10) | 0.03 | BUY |
| EMA (10) | 10.12 | SELL |
| SMA (10) | 10.15 | SELL |
| EMA (20) | 10.10 | SELL |
| SMA (20) | 10.05 | BUY |
| EMA (30) | 10.11 | SELL |
| SMA (30) | 10.04 | BUY |
| EMA (50) | 10.14 | SELL |
| SMA (50) | 10.22 | SELL |
| EMA (100) | 10.11 | SELL |
| SMA (100) | 10.20 | SELL |
| EMA (200) | 9.93 | BUY |
| SMA (200) | 9.98 | BUY |
Market structure by timeframe, read from real bars. A bias per timeframe rather than a forecast — timeframes disagreeing is information, not noise.
The questions worth asking about any verdict on this page, answered plainly.
No. HTR reads the fund's filed holdings and screens each one, then reports the result by weight. A fund marketed as Islamic still gets the same look-through as any other.
It is the share of the fund whose holdings HTR cannot cover far enough to rate. It is reported as unrated rather than counted as compliant, because a holding nobody screened should not look like one that passed.
It matters, and it is noted, but it does not replace the look-through. The board's judgement and the holdings screen are shown separately so you can see when they agree and when they do not.
When the fund files new holdings, and on a rolling basis besides. The date on the verdict above is the last time this fund was actually recomputed.
Open research, not a fatwa. HTR applies published screening standards to filings and publishes what they say, including when they disagree. Nothing here is financial advice or a recommendation to buy or sell. Verdicts can change when new filings land.
Same screen, different answers. Comparison is where the standards disagreeing becomes useful rather than confusing.
Peer screening computing — it will appear here on its own.
Plain-language summary of the evidence already on this page — the Sharia screen, structure, momentum, and order flow above. It explains the read; it doesn't make the call. Generated on demand (a live AI call), never run automatically.