Madison Asset Management, LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 9, 2024), Madison Asset Management, LLC reported 330 stock positions worth $8.1 billion. Its top holding was Arch Capital (ACGL) at 4.3% of the portfolio, followed by Paccar (PCAR, 3.3%) and Alphabet Class C (GOOG, 2.9%). Compared with Q4 2023, it opened 16 new positions, sold out of 7, added to 123 and reduced 156. The biggest buy was Arch Capital (ACGL, shares +9%) and the biggest sale Brookfield (BN, shares −45%).
- Most Recent 13F
- Q2 2026
- Location
- MADISON, WI
- CIK
- 0001299351
- Portfolio Value
- $8.1B (Q1 2024)
- SEC Filing
- 0001299351-24-000005 ↗ filed May 9, 2024
Holdings Value
Holdings 330 stocks · $8.1B
| ACGL Arch Capital Group Ltd. | 4.33% | 3,809,941 | $352.2M | Add +8.8% |
| PCAR Paccar Inc. | 3.29% | 2,156,155 | $267.1M | Add +7.2% |
| GOOG Alphabet Inc. Class C | 2.87% | 1,534,008 | $233.6M | Add +1.4% |
| CPRT Copart Inc. | 2.71% | 3,799,031 | $220.0M | Add +8.0% |
| DLTR Dollar Tree Inc. | 2.32% | 1,415,696 | $188.5M | Add +8.6% |
| IT Gartner Inc. | 2.28% | 389,534 | $185.7M | Add +13.0% |
| CSL Carlisle Cos Inc. | 2.05% | 424,783 | $166.5M | Add +5.8% |
| ROST Ross Stores Inc. | 2.04% | 1,127,868 | $165.5M | Add +13.0% |
| ANET Arista Networks Inc. | 1.66% | 466,510 | $135.3M | Add +12.5% |
| BRO Brown & Brown Inc. | 1.65% | 1,534,907 | $134.4M | Add +12.7% |
| AMZN Amazon.com Inc. | 1.62% | 731,566 | $132.0M | Add +10.7% |
| LOW Lowe's Cos Inc. | 1.54% | 490,991 | $125.1M | Add +5.3% |
| TXN Texas Instruments Inc. | 1.43% | 665,099 | $115.9M | Add +2.4% |
| FISV Fiserv Inc. | 1.36% | 690,455 | $110.3M | Add +0.4% |
| V Visa Inc. Class A | 1.33% | 387,305 | $108.1M | Add +0.5% |
| CDW CDW Corp. | 1.33% | 421,985 | $107.9M | Add +12.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.32% | 256,065 | $107.7M | Reduce -0.7% |
| ADI Analog Devices Inc. | 1.32% | 544,248 | $107.6M | Add +0.5% |
| KMX Carmax Inc. | 1.30% | 1,214,582 | $105.8M | Add +15.5% |
| APH Amphenol Corp. Class A | 1.26% | 891,055 | $102.8M | Add +10.7% |
| FND Floor & Decor Holdings Inc. Class A | 1.21% | 756,207 | $98.0M | Add +13.5% |
| USB US Bancorp | 1.19% | 2,165,577 | $96.8M | Reduce -0.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.19% | 953,720 | $96.7M | Reduce -0.6% |
| ACN Accenture PLC Class A | 1.17% | 275,372 | $95.4M | Add +8.3% |
| A Agilent Technologies Inc. | 1.17% | 655,389 | $95.4M | Add +3.7% |
| PH Parker Hannifin Corp. | 1.17% | 170,502 | $94.8M | Add +1.6% |
| PGR Progressive Corp. | 1.15% | 452,202 | $93.5M | Add +1.1% |
| MC Moelis & Co. Class A | 1.12% | 1,603,609 | $91.0M | Add +14.6% |
| MKSI MKS Inc. filed as MKS INSTRS INC | 1.10% | 675,013 | $89.8M | Add +16.7% |
| JMBS Janus Henderson Mortg Backed | 1.08% | 1,940,107 | $87.5M | Reduce -0.5% |
| LH Laboratory CRP of Amer Hldgs | 1.05% | 389,839 | $85.2M | Add +13.8% |
| ALC Alcon Inc. filed as ALCON AG | 1.00% | 976,637 | $81.3M | Add +2.1% |
| LBRDK Liberty Broadband-C | 0.96% | 1,364,958 | $78.1M | Add +9.4% |
| BDX Becton Dickinson and Co. | 0.96% | 315,287 | $78.0M | Reduce -2.3% |
| CVRD Madison Covered Call ETF | 0.95% | 3,875,190 | $77.3M | Reduce -2.5% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.94% | 867,971 | $76.8M | Add +12.9% |
| DHR Danaher Corp. | 0.94% | 306,131 | $76.4M | Add +20.9% |
| WAT Waters Corp. | 0.91% | 214,329 | $73.8M | Add +14.3% |
| SPHQ Invesco S&P 500 Quality ETF | 0.88% | 1,180,546 | $71.3M | Add +16.8% |
| DSTL Distillate US Fundamental St | 0.86% | 1,292,598 | $69.7M | Reduce -4.7% |
| BAM Brookfield Asset Mgmt-A | 0.83% | 1,613,503 | $67.8M | Add +12.1% |
| MSFT Microsoft Corp. | 0.83% | 159,453 | $67.1M | Reduce -0.4% |
| DIVL Madison Dividend Value ETF | 0.81% | 3,110,710 | $65.6M | Reduce -7.4% |
| SCHW Schwab (charles) Corp. | 0.80% | 895,821 | $64.8M | Add +18.5% |
| TFLO iShares Treasury Floating Ra | 0.78% | 1,248,765 | $63.3M | Reduce -9.4% |
| NEE Nextera Energy Inc. | 0.76% | 965,330 | $61.7M | Add +19.5% |
| MSTI Madison SHRT TRM STR Inc. ETF | 0.72% | 2,891,361 | $58.9M | Add +0.8% |
| MRSH Marsh & McLennan Cos | 0.71% | 281,946 | $58.1M | Add +2.1% |
| THO Thor Industries Inc. | 0.66% | 458,570 | $53.8M | Add +12.8% |
| BN Brookfield Corp. | 0.66% | 1,274,290 | $53.4M | Reduce -45.0% |
| AWI Armstrong World Industries | 0.64% | 417,140 | $51.8M | Add +12.7% |
| VGT Vanguard Info Tech ETF | 0.63% | 97,237 | $51.0M | Reduce -12.9% |
| MAGG Madison Aggregate Bond ETF | 0.61% | 2,450,956 | $49.8M | Add +2.5% |
| FERG Ferguson Jersey Ltd. | 0.59% | 221,021 | $48.3M | Add +1.9% |
| EXPD Expeditors Intl Wash Inc. | 0.59% | 391,571 | $47.6M | Add +12.5% |
| HD Home Depot Inc. | 0.57% | 121,829 | $46.7M | Reduce -6.8% |
| BLK BlackRock Finance Inc. | 0.57% | 55,329 | $46.1M | Add +3.5% |
| QLTA iShares Aaa - A Rated Corpor | 0.56% | 950,827 | $45.1M | Add +26.0% |
| ELV Elevance Health Inc. | 0.51% | 79,630 | $41.3M | Reduce -22.5% |
| LLY Eli Lilly & Co. | 0.49% | 50,985 | $39.7M | Add +0.0% |
| SCHR Schwab Intermediate-Term US | 0.48% | 791,930 | $38.8M | Add +49.1% |
| BF.B Brown-Forman Corp. Class B | 0.47% | 738,919 | $38.1M | Add +14.8% |
| JPM JPMorgan Chase & Co. | 0.46% | 187,868 | $37.6M | Reduce -11.2% |
| MDT Medtronic PLC | 0.45% | 423,984 | $37.0M | Reduce -5.1% |
| MCHP Microchip Technology Inc. | 0.45% | 405,533 | $36.4M | Add +24.9% |
| FWONK Liberty Media Corp. Class C | 0.45% | 551,905 | $36.2M | Add +21.8% |
| AAPL Apple Inc. | 0.43% | 203,796 | $34.9M | Reduce -5.8% |
| AMT American Tower Corp. | 0.42% | 171,264 | $33.8M | Add +39.6% |
| MS Morgan Stanley | 0.40% | 346,088 | $32.6M | Add +3.0% |
| GBCI Glacier Bancorp Inc. | 0.40% | 806,229 | $32.5M | Reduce -26.5% |
| PEP Pepsico Inc. | 0.40% | 184,749 | $32.3M | Add +8.9% |
| CME Cme Group Inc. | 0.40% | 150,104 | $32.3M | Reduce -2.1% |
| EOG EOG Resources Inc. | 0.38% | 239,993 | $30.7M | Reduce -12.1% |
| IEI iShares 3-7 Year Treasury Bo | 0.36% | 254,288 | $29.4M | Add +0.3% |
| CFR Cullen/Frost Bankers Inc. | 0.36% | 260,888 | $29.4M | New |
| COST Costco Wholesale Corp. | 0.36% | 39,704 | $29.1M | Reduce -16.1% |
| FAST Fastenal Co. | 0.35% | 367,891 | $28.4M | Reduce -16.4% |
| CMCSA Comcast Corp. Class A | 0.35% | 653,908 | $28.3M | Add +1.9% |
| UNP Union Pacific Corp. | 0.34% | 112,739 | $27.7M | Reduce -3.5% |
| ADP Automatic Data Processing | 0.33% | 108,317 | $27.1M | Add +79.9% |
| IJR iShares Core S&P Small-Cap E | 0.33% | 242,781 | $26.8M | Add +18.6% |
| NKE Nike Inc. Class B | 0.33% | 284,478 | $26.7M | Add +1.6% |
| FWONA Liberty Media Corp. Class A | 0.33% | 454,863 | $26.7M | Add +11.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.33% | 50,948 | $26.6M | Reduce -25.1% |
| HON Honeywell International Inc. | 0.32% | 126,659 | $26.0M | Add +43.9% |
| CVX Chevron Corp. | 0.32% | 163,650 | $25.8M | Reduce -7.7% |
| ABT Abbott Laboratories | 0.31% | 221,661 | $25.2M | Add +4.5% |
| IQLT iShares MSCI International Q | 0.31% | 629,734 | $25.0M | Add +8.8% |
| JNJ Johnson & Johnson | 0.31% | 157,426 | $24.9M | Reduce -9.2% |
| BMY Bristol-Myers Squibb Co. | 0.29% | 433,966 | $23.5M | Add +41.7% |
| IJH iShares Core S&P Midcap ETF | 0.28% | 370,928 | $22.5M | Add +4.5% |
| XLE SS Energy Select Sector | 0.27% | 235,492 | $22.2M | Reduce -1.3% |
| APD Air Products & Chemicals Inc. | 0.27% | 89,047 | $21.6M | Reduce -29.8% |
| ORCL Oracle Corp. | 0.26% | 171,012 | $21.5M | Reduce -0.3% |
| AGG iShares Core U.S. Aggregate | 0.26% | 217,815 | $21.3M | Reduce -1.8% |
| EEMA iShares MSCI Emerg MRKT Asia | 0.26% | 307,814 | $21.0M | Add +23.9% |
| SPTS SS SPDR P St Term TSY ETF | 0.25% | 703,614 | $20.3M | Add +21.5% |
| LVS Las Vegas Sands Corp. | 0.25% | 392,600 | $20.3M | Add +0.0% |
| UNH Unitedhealth Group Inc. | 0.24% | 38,899 | $19.2M | Add +2.1% |
| UPS United Parcel Service Class B | 0.23% | 126,115 | $18.7M | Reduce -3.9% |
Portfolio Sells Q4 2023 → Q1 2024
| BN Brookfield Corp. | Reduce -45.0% | 0.66% | −0.60 |
| TTWO Take-Two Interactive Softwre | Sold out | 0.00% | −0.46 |
| IEF iShares 7-10 Year Treasury B | Reduce -60.6% | 0.19% | −0.35 |
| BKR Baker Hughes Co. | Sold out | 0.00% | −0.28 |
| ADM Archer-Daniels-Midland Co. | Reduce -64.6% | 0.10% | −0.27 |
| CSCO Cisco Systems Inc. | Reduce -54.6% | 0.17% | −0.25 |
| GBCI Glacier Bancorp Inc. | Reduce -26.5% | 0.40% | −0.21 |
| APD Air Products & Chemicals Inc. | Reduce -29.8% | 0.27% | −0.21 |
| CVRD Madison Covered Call ETF | Reduce -2.5% | 0.95% | −0.17 |
| TFLO iShares Treasury Floating Ra | Reduce -9.4% | 0.78% | −0.16 |
| PFE Pfizer Inc. | Reduce -64.3% | 0.07% | −0.16 |
| CL Colgate-Palmolive Co. | Reduce -53.0% | 0.14% | −0.15 |
| ELV Elevance Health Inc. | Reduce -22.5% | 0.51% | −0.15 |
| FANG Diamondback Energy Inc. | Sold out | 0.00% | −0.14 |
| JMBS Janus Henderson Mortg Backed | Reduce -0.5% | 1.08% | −0.14 |
| AAPL Apple Inc. | Reduce -5.8% | 0.43% | −0.13 |
| KDP Keurig Dr Pepper Inc. | Reduce -85.3% | 0.02% | −0.13 |
| VEU Vanguard Ftse All-World Ex-U | Reduce -33.0% | 0.21% | −0.12 |
| CAT Caterpillar Inc. | Reduce -50.5% | 0.14% | −0.11 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -25.1% | 0.33% | −0.11 |
| BDX Becton Dickinson and Co. | Reduce -2.3% | 0.96% | −0.11 |
| VGT Vanguard Info Tech ETF | Reduce -12.9% | 0.63% | −0.11 |
| DIVL Madison Dividend Value ETF | Reduce -7.4% | 0.81% | −0.10 |
| TGT Target Corp. | Reduce -38.6% | 0.21% | −0.09 |
| META Meta Platforms Inc. Class A | Reduce -93.0% | 0.01% | −0.09 |
| USB US Bancorp | Reduce -0.2% | 1.19% | −0.08 |
| J Jacobs Solutions Inc. | Reduce -32.6% | 0.19% | −0.07 |
| MDY State Street SPDR S&P Midcap | Reduce -57.5% | 0.05% | −0.07 |
| MCD McDonald's Corp. | Reduce -17.5% | 0.17% | −0.07 |
| EOG EOG Resources Inc. | Reduce -12.1% | 0.38% | −0.07 |
| COST Costco Wholesale Corp. | Reduce -16.1% | 0.36% | −0.07 |
| JNJ Johnson & Johnson | Reduce -9.2% | 0.31% | −0.06 |
| CMI Cummins Inc. | Reduce -35.2% | 0.15% | −0.06 |
| TLT iShares 20+ Year Treasury BD | Reduce -93.4% | 0.00% | −0.06 |
| AYX Alteryx Inc. Class A | Sold out | 0.00% | −0.06 |
| PDBC Invesco Optimum Yield Divers | Reduce -29.5% | 0.11% | −0.05 |
| DSTL Distillate US Fundamental St | Reduce -4.7% | 0.86% | −0.05 |
| UPS United Parcel Service Class B | Reduce -3.9% | 0.23% | −0.05 |
| IXC iShares Global Energy ETF | Reduce -53.4% | 0.04% | −0.05 |
| UNP Union Pacific Corp. | Reduce -3.5% | 0.34% | −0.05 |
| MDT Medtronic PLC | Reduce -5.1% | 0.45% | −0.04 |
| PTC PTC Inc. | Sold out | 0.00% | −0.04 |
| CVX Chevron Corp. | Reduce -7.7% | 0.32% | −0.04 |
| ENTG Entegris Inc. | Reduce -37.1% | 0.08% | −0.04 |
| CME Cme Group Inc. | Reduce -2.1% | 0.40% | −0.04 |
| HD Home Depot Inc. | Reduce -6.8% | 0.57% | −0.04 |
| SDY SS SPDR S&P Dividend ETF | Reduce -54.0% | 0.03% | −0.04 |
| FAST Fastenal Co. | Reduce -16.4% | 0.35% | −0.04 |
| SHAK Shake Shack Inc. Class A | Reduce -54.9% | 0.05% | −0.04 |
| AGG iShares Core U.S. Aggregate | Reduce -1.8% | 0.26% | −0.04 |
Portfolio Buys Q4 2023 → Q1 2024
| ACGL Arch Capital Group Ltd. | Add +8.8% | 4.33% | +0.81 |
| PCAR Paccar Inc. | Add +7.2% | 3.29% | +0.62 |
| CPRT Copart Inc. | Add +8.0% | 2.71% | +0.37 |
| CFR Cullen/Frost Bankers Inc. | New | 0.36% | +0.36 |
| CSL Carlisle Cos Inc. | Add +5.8% | 2.05% | +0.35 |
| ANET Arista Networks Inc. | Add +12.5% | 1.66% | +0.34 |
| BRO Brown & Brown Inc. | Add +12.7% | 1.65% | +0.34 |
| MKSI MKS Inc. | Add +16.7% | 1.10% | +0.30 |
| AMZN Amazon.com Inc. | Add +10.7% | 1.62% | +0.26 |
| KMX Carmax Inc. | Add +15.5% | 1.30% | +0.21 |
| WRB WR Berkley Corp. | Add +12.9% | 0.94% | +0.21 |
| FND Floor & Decor Holdings Inc. Class A | Add +13.5% | 1.21% | +0.20 |
| PGR Progressive Corp. | Add +1.1% | 1.15% | +0.19 |
| APH Amphenol Corp. Class A | Add +10.7% | 1.26% | +0.18 |
| IT Gartner Inc. | Add +13.0% | 2.28% | +0.18 |
| CDW CDW Corp. | Add +12.7% | 1.33% | +0.17 |
| BAC Bank of America Corp. | Add +638.6% | 0.19% | +0.17 |
| ROST Ross Stores Inc. | Add +13.0% | 2.04% | +0.16 |
| DHR Danaher Corp. | Add +20.9% | 0.94% | +0.15 |
| AWI Armstrong World Industries | Add +12.7% | 0.64% | +0.14 |
| ADP Automatic Data Processing | Add +79.9% | 0.33% | +0.14 |
| SPHQ Invesco S&P 500 Quality ETF | Add +16.8% | 0.88% | +0.14 |
| LOW Lowe's Cos Inc. | Add +5.3% | 1.54% | +0.13 |
| SCHR Schwab Intermediate-Term US | Add +49.1% | 0.48% | +0.12 |
| FISV Fiserv Inc. | Add +0.4% | 1.36% | +0.12 |
| PH Parker Hannifin Corp. | Add +1.6% | 1.17% | +0.12 |
| XOM Exxon Mobil Corp. | Add +85.4% | 0.21% | +0.10 |
| NEE Nextera Energy Inc. | Add +19.5% | 0.76% | +0.09 |
| SCHW Schwab (charles) Corp. | Add +18.5% | 0.80% | +0.09 |
| D Dominion Energy Inc. | New | 0.09% | +0.09 |
| LLY Eli Lilly & Co. | Add +0.0% | 0.49% | +0.09 |
| SCHP Schwab U.S. Tips ETF | New | 0.08% | +0.08 |
| BMY Bristol-Myers Squibb Co. | Add +41.7% | 0.29% | +0.08 |
| WAT Waters Corp. | Add +14.3% | 0.91% | +0.07 |
| HON Honeywell International Inc. | Add +43.9% | 0.32% | +0.07 |
| QLTA iShares Aaa - A Rated Corpor | Add +26.0% | 0.56% | +0.06 |
| ADBE Adobe Inc. | Add +208.0% | 0.11% | +0.06 |
| HSY The Hershey Co. | Add +89.6% | 0.13% | +0.06 |
| FWONK Liberty Media Corp. Class C | Add +21.8% | 0.45% | +0.06 |
| AMT American Tower Corp. | Add +39.6% | 0.42% | +0.06 |
| MC Moelis & Co. Class A | Add +14.6% | 1.12% | +0.06 |
| MCHP Microchip Technology Inc. | Add +24.9% | 0.45% | +0.05 |
| BAM Brookfield Asset Mgmt-A | Add +12.1% | 0.83% | +0.05 |
| COP Conocophillips | Add +39.7% | 0.14% | +0.04 |
| MTDR Matador Resources Co. | Add +54.0% | 0.09% | +0.04 |
| EEMA iShares MSCI Emerg MRKT Asia | Add +23.9% | 0.26% | +0.04 |
| EMXC iShares MSCI Emr MRK Ex Chna | Add +40.5% | 0.13% | +0.03 |
| IJR iShares Core S&P Small-Cap E | Add +18.6% | 0.33% | +0.03 |
| TMUS T-Mobile US Inc. | Add +44.9% | 0.11% | +0.03 |
| MWA Mueller Water Products Inc. Class A | New | 0.03% | +0.03 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 347 | $8.4B | ACGL, GOOG, APH, ROST, PCAR |
| Q1 2026 | 349 | $8.1B | ACGL, ROST, PCAR, GOOG, APH |
| Q4 2025 | 341 | $8.7B | ACGL, ROST, PCAR, GOOG, APH |
| Q3 2025 | 336 | $9.1B | ACGL, APH, ROST, PCAR, CDW |
| Q2 2025 | 338 | $9.3B | ACGL, IT, APH, PCAR, CDW |
| Q1 2025 | 349 | $9.0B | ACGL, CPRT, BRO, PCAR, IT |
| Q4 2024 | 335 | $8.9B | ACGL, GOOG, PCAR, CPRT, IT |
| Q3 2024 | 328 | $8.9B | ACGL, IT, PCAR, GOOG, CPRT |
| Q2 2024 | 326 | $8.1B | ACGL, GOOG, PCAR, CPRT, IT |
| Q1 2024 | 330 | $8.1B | ACGL, PCAR, GOOG, CPRT, DLTR |