Madison Asset Management, LLC
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 12, 2024), Madison Asset Management, LLC reported 328 stock positions worth $8.9 billion. Its top holding was Arch Capital (ACGL) at 5.3% of the portfolio, followed by Gartner (IT, 2.7%) and Paccar (PCAR, 2.6%). Compared with Q2 2024, it opened 16 new positions, sold out of 14, added to 112 and reduced 166. The biggest buy was a new position in Keysight Technologies (KEYS) and the biggest sale Alphabet Class C (GOOG, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- MADISON, WI
- CIK
- 0001299351
- Portfolio Value
- $8.9B (Q3 2024)
- SEC Filing
- 0001954889-24-000003 ↗ filed Nov 12, 2024
Holdings Value
Holdings 328 stocks · $8.9B
| ACGL Arch Capital Group Ltd. | 5.30% | 4,213,516 | $471.4M | Add +4.9% |
| IT Gartner Inc. | 2.65% | 465,569 | $235.9M | Add +8.8% |
| PCAR Paccar Inc. | 2.58% | 2,325,256 | $229.5M | Add +3.5% |
| GOOG Alphabet Inc. Class C | 2.57% | 1,365,906 | $228.4M | Reduce -5.6% |
| CPRT Copart Inc. | 2.45% | 4,159,546 | $218.0M | Add +4.2% |
| ROST Ross Stores Inc. | 2.28% | 1,349,187 | $203.1M | Add +8.8% |
| BRO Brown & Brown Inc. | 2.02% | 1,734,746 | $179.7M | Add +4.0% |
| CSL Carlisle Cos Inc. | 1.88% | 371,790 | $167.2M | Add +8.1% |
| AMZN Amazon.com Inc. | 1.57% | 747,114 | $139.2M | Add +2.7% |
| APH Amphenol Corp. Class A | 1.52% | 2,075,843 | $135.3M | Add +6.4% |
| DLTR Dollar Tree Inc. | 1.43% | 1,812,970 | $127.5M | Add +22.5% |
| ADI Analog Devices Inc. | 1.37% | 531,004 | $122.2M | Reduce -2.9% |
| LBRDK Liberty Broadband-C | 1.35% | 1,551,396 | $119.9M | Add +5.4% |
| TXN Texas Instruments Inc. | 1.35% | 579,530 | $119.7M | Reduce -7.6% |
| FISV Fiserv Inc. | 1.34% | 661,692 | $118.9M | Reduce -2.0% |
| LOW Lowe's Cos Inc. | 1.31% | 431,428 | $116.9M | Reduce -10.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.28% | 247,572 | $113.9M | Reduce -2.2% |
| CDW CDW Corp. | 1.28% | 502,552 | $113.7M | Add +8.7% |
| FND Floor & Decor Holdings Inc. Class A | 1.27% | 908,834 | $112.8M | Add +8.8% |
| V Visa Inc. Class A | 1.25% | 405,250 | $111.4M | Add +6.5% |
| ACN Accenture PLC Class A | 1.25% | 313,273 | $110.7M | Add +3.4% |
| PGR Progressive Corp. | 1.24% | 435,468 | $110.5M | Reduce -1.8% |
| LH Labcorp Holdings Inc. | 1.24% | 494,339 | $110.5M | Add +15.7% |
| MC Moelis & Co. Class A | 1.20% | 1,559,321 | $106.8M | Reduce -11.9% |
| ANET Arista Networks Inc. | 1.20% | 277,469 | $106.5M | Add +8.6% |
| A Agilent Technologies Inc. | 1.17% | 699,474 | $103.9M | Reduce -1.1% |
| PH Parker Hannifin Corp. | 1.16% | 163,296 | $103.2M | Reduce -1.9% |
| THO Thor Industries Inc. | 1.14% | 920,977 | $101.2M | Add +29.1% |
| ALC Alcon Inc. filed as ALCON AG | 1.06% | 938,107 | $93.9M | Reduce -1.8% |
| USB US Bancorp | 1.05% | 2,037,539 | $93.2M | Reduce -1.6% |
| WAT Waters Corp. | 1.04% | 257,871 | $92.8M | Add +9.8% |
| SPHQ Invesco S&P 500 Quality ETF | 1.03% | 1,355,696 | $91.2M | Add +9.7% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.99% | 1,553,936 | $88.2M | Add +8.8% |
| MKSI MKS Inc. filed as MKS INSTRS INC | 0.98% | 801,348 | $87.1M | Add +7.8% |
| KEYS Keysight Technologies Inc. | 0.97% | 545,426 | $86.7M | New |
| TDY Teledyne Technologies Inc. | 0.91% | 185,107 | $81.0M | Add +10.9% |
| DSTL Distillate US Fundamental St | 0.90% | 1,415,814 | $80.3M | Add +37.1% |
| DHR Danaher Corp. | 0.89% | 284,896 | $79.2M | Reduce -1.4% |
| JMBS Janus Henderson Mortg Backed | 0.88% | 1,677,710 | $78.3M | Reduce -4.7% |
| BF.B Brown-Forman Corp. Class B | 0.87% | 1,573,446 | $77.4M | Add +14.3% |
| BAM Brookfield Asset Mgmt-A | 0.84% | 1,579,950 | $74.7M | Reduce -9.4% |
| ABG Asbury Automotive Group | 0.82% | 306,580 | $73.1M | New |
| LAD Lithia Motors Inc. | 0.82% | 230,251 | $73.1M | New |
| CVRD Madison Covered Call ETF | 0.82% | 3,726,642 | $72.7M | Add +0.0% |
| AWI Armstrong World Industries | 0.73% | 494,367 | $65.0M | Add +8.2% |
| BN Brookfield Corp. | 0.73% | 1,218,119 | $64.7M | Reduce -1.9% |
| SCHW Schwab (charles) Corp. | 0.72% | 982,609 | $63.7M | Add +12.1% |
| NEE Nextera Energy Inc. | 0.70% | 731,658 | $61.8M | Reduce -4.7% |
| MSFT Microsoft Corp. | 0.69% | 143,446 | $61.7M | Reduce -3.3% |
| MSTI Madison SHRT TRM STR Inc. ETF | 0.69% | 2,972,579 | $61.6M | Add +2.3% |
| EXPD Expeditors Intl Wash Inc. | 0.69% | 465,903 | $61.2M | Add +8.6% |
| FERG Ferguson Enterprises Inc. | 0.69% | 307,344 | $61.0M | Add +42.1% |
| MCHP Microchip Technology Inc. | 0.68% | 756,325 | $60.7M | Add +63.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.68% | 515,033 | $60.5M | Reduce -44.8% |
| MRSH Marsh & McLennan Cos | 0.68% | 271,209 | $60.5M | Reduce -1.6% |
| MAGG Madison Aggregate Bond ETF | 0.65% | 2,779,486 | $58.2M | Add +8.7% |
| FWONK Liberty Media Corp. Class C | 0.64% | 733,333 | $56.8M | Add +14.4% |
| DIVL Madison Dividend Value ETF | 0.63% | 2,574,005 | $56.0M | Reduce -3.8% |
| KMX Carmax Inc. | 0.63% | 720,456 | $55.7M | Reduce -46.0% |
| SCHR Schwab Intermediate-Term US | 0.62% | 1,095,057 | $55.4M | Add +11.3% |
| SBUX Starbucks Corp. | 0.60% | 551,093 | $53.7M | Reduce -11.8% |
| DE Deere & Co. | 0.55% | 118,259 | $49.4M | Add +0.7% |
| AAPL Apple Inc. | 0.52% | 197,303 | $46.0M | Reduce -1.9% |
| HD Home Depot Inc. | 0.50% | 110,638 | $44.8M | Reduce -2.9% |
| LLY Eli Lilly & Co. | 0.50% | 50,026 | $44.3M | Reduce -1.2% |
| VGT Vanguard Info Tech ETF | 0.47% | 71,434 | $41.9M | Reduce -57.8% |
| NKE Nike Inc. Class B | 0.45% | 451,206 | $39.9M | Add +66.0% |
| GBCI Glacier Bancorp Inc. | 0.45% | 870,902 | $39.8M | Add +2.9% |
| ELV Elevance Health Inc. | 0.44% | 75,179 | $39.1M | Reduce -1.6% |
| BLK BlackRock Inc. | 0.42% | 39,023 | $37.1M | Reduce -30.6% |
| ADP Automatic Data Processing | 0.41% | 132,186 | $36.6M | Reduce -3.4% |
| GGG Graco Inc. | 0.41% | 411,729 | $36.0M | New |
| CFR Cullen/Frost Bankers Inc. | 0.40% | 314,864 | $35.2M | Add +10.4% |
| MDT Medtronic PLC | 0.39% | 387,081 | $34.8M | Reduce -3.6% |
| JPM JPMorgan Chase & Co. | 0.38% | 161,933 | $34.1M | Reduce -8.1% |
| PEP Pepsico Inc. | 0.37% | 193,705 | $32.9M | Reduce -11.4% |
| FWONA Liberty Media Corp. Class A | 0.37% | 454,863 | $32.5M | No change |
| TFLO iShares Treasury Floating Ra | 0.36% | 641,025 | $32.4M | Reduce -14.9% |
| CME Cme Group Inc. | 0.35% | 143,044 | $31.6M | Add +3.0% |
| HON Honeywell International Inc. | 0.35% | 152,483 | $31.5M | Add +18.8% |
| COST Costco Wholesale Corp. | 0.35% | 35,458 | $31.4M | Reduce -4.3% |
| FAST Fastenal Co. | 0.35% | 438,854 | $31.3M | Reduce -3.1% |
| IEI iShares 3-7 Year Treasury Bo | 0.33% | 246,935 | $29.5M | Reduce -0.8% |
| EEMA iShares MSCI Emerg MRKT Asia | 0.33% | 371,107 | $29.1M | Add +8.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.32% | 50,044 | $28.7M | Add +5.3% |
| ORCL Oracle Corp. | 0.32% | 167,705 | $28.6M | Reduce -9.0% |
| AMT American Tower Corp. | 0.31% | 119,025 | $27.7M | Reduce -30.7% |
| COP Conocophillips | 0.30% | 255,902 | $26.9M | Add +23.7% |
| JNJ Johnson & Johnson | 0.30% | 166,035 | $26.9M | Add +21.2% |
| UNP Union Pacific Corp. | 0.26% | 95,070 | $23.4M | Reduce -22.2% |
| QLTA iShares Aaa - A Rated Corpor | 0.26% | 474,529 | $23.3M | Reduce -54.2% |
| VGK Vanguard Ftse Europe ETF | 0.26% | 326,627 | $23.2M | Add +19.9% |
| MS Morgan Stanley | 0.26% | 221,191 | $23.1M | Reduce -24.1% |
| CMCSA Comcast Corp. Class A | 0.26% | 547,959 | $22.9M | Reduce -3.9% |
| ABT Abbott Laboratories | 0.26% | 199,294 | $22.7M | Reduce -1.4% |
| UNH Unitedhealth Group Inc. | 0.25% | 37,951 | $22.2M | Reduce -1.5% |
| IEF iShares 7-10 Year Treasury B | 0.24% | 221,045 | $21.7M | Add +35.9% |
| IJH iShares Core S&P Midcap ETF | 0.24% | 341,519 | $21.3M | Reduce -1.0% |
| FLJP Franklin Ftse Japan ETF | 0.24% | 696,436 | $21.2M | Reduce -4.5% |
| CVX Chevron Corp. | 0.23% | 141,785 | $20.9M | Reduce -5.5% |
Portfolio Sells Q2 2024 → Q3 2024
| GOOG Alphabet Inc. Class C | Reduce -5.6% | 2.57% | −0.72 |
| VGT Vanguard Info Tech ETF | Reduce -57.8% | 0.47% | −0.68 |
| TJX TJX Companies Inc. | Reduce -44.8% | 0.68% | −0.59 |
| KMX Carmax Inc. | Reduce -46.0% | 0.63% | −0.58 |
| QLTA iShares Aaa - A Rated Corpor | Reduce -54.2% | 0.26% | −0.34 |
| ADI Analog Devices Inc. | Reduce -2.9% | 1.37% | −0.17 |
| TXN Texas Instruments Inc. | Reduce -7.6% | 1.35% | −0.16 |
| HEDJ Wisdomtree Europe Hedged Equ | Reduce -81.1% | 0.03% | −0.15 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | Reduce -51.6% | 0.14% | −0.15 |
| APD Air Products & Chemicals Inc. | Reduce -49.3% | 0.15% | −0.13 |
| BLK BlackRock Inc. | Reduce -30.6% | 0.42% | −0.13 |
| MSFT Microsoft Corp. | Reduce -3.3% | 0.69% | −0.13 |
| TFLO iShares Treasury Floating Ra | Reduce -14.9% | 0.36% | −0.11 |
| AMT American Tower Corp. | Reduce -30.7% | 0.31% | −0.10 |
| JMBS Janus Henderson Mortg Backed | Reduce -4.7% | 0.88% | −0.09 |
| MS Morgan Stanley | Reduce -24.1% | 0.26% | −0.09 |
| PDBC Invesco Optimum Yield Divers | Sold out | 0.00% | −0.09 |
| MBB iShares MBS ETF | Reduce -95.4% | 0.00% | −0.08 |
| TMUS T-Mobile US Inc. | Reduce -58.1% | 0.07% | −0.08 |
| UNP Union Pacific Corp. | Reduce -22.2% | 0.26% | −0.08 |
| PEP Pepsico Inc. | Reduce -11.4% | 0.37% | −0.08 |
| MMM 3M Co. | Sold out | 0.00% | −0.08 |
| ELV Elevance Health Inc. | Reduce -1.6% | 0.44% | −0.07 |
| LLY Eli Lilly & Co. | Reduce -1.2% | 0.50% | −0.07 |
| SCHP Schwab U.S. Tips ETF | Sold out | 0.00% | −0.07 |
| NSRGY Nestle SA-Spons ADR | Reduce -59.9% | 0.03% | −0.06 |
| JPM JPMorgan Chase & Co. | Reduce -8.1% | 0.38% | −0.06 |
| CIEN Ciena Corp. | Reduce -38.5% | 0.14% | −0.06 |
| CVX Chevron Corp. | Reduce -5.5% | 0.23% | −0.06 |
| FORM Formfactor Inc. | Reduce -34.9% | 0.04% | −0.05 |
| MC Moelis & Co. Class A | Reduce -11.9% | 1.20% | −0.04 |
| MRSH Marsh & McLennan Cos | Reduce -1.6% | 0.68% | −0.04 |
| COST Costco Wholesale Corp. | Reduce -4.3% | 0.35% | −0.04 |
| IBM Intl Business Machines Corp. | Sold out | 0.00% | −0.04 |
| DIVL Madison Dividend Value ETF | Reduce -3.8% | 0.63% | −0.03 |
| EOG EOG Resources Inc. | Reduce -2.8% | 0.21% | −0.03 |
| EDV Vanguard Extended Dur Treas | Sold out | 0.00% | −0.03 |
| BAC Bank of America Corp. | Reduce -8.3% | 0.15% | −0.03 |
| XOM Exxon Mobil Corp. | Reduce -3.4% | 0.22% | −0.03 |
| CSCO Cisco Systems Inc. | Reduce -43.1% | 0.04% | −0.03 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -13.5% | 0.04% | −0.03 |
| FROG Jfrog Ltd. | Reduce -22.9% | 0.03% | −0.02 |
| LZ Legalzoomcom Inc. | Reduce -46.6% | 0.01% | −0.02 |
| CVLT Commvault Systems Inc. | Reduce -40.1% | 0.05% | −0.02 |
| IEI iShares 3-7 Year Treasury Bo | Reduce -0.8% | 0.33% | −0.02 |
| GILD Gilead Sciences Inc. | Reduce -87.4% | 0.00% | −0.02 |
| PRU Prudential Financial Inc. | Sold out | 0.00% | −0.02 |
| REGN Regeneron Pharmaceuticals | Reduce -14.0% | 0.08% | −0.02 |
| FLJP Franklin Ftse Japan ETF | Reduce -4.5% | 0.24% | −0.02 |
| UPS United Parcel Service Class B | Reduce -2.5% | 0.15% | −0.02 |
Portfolio Buys Q2 2024 → Q3 2024
| KEYS Keysight Technologies Inc. | New | 0.97% | +0.97 |
| ABG Asbury Automotive Group | New | 0.82% | +0.82 |
| LAD Lithia Motors Inc. | New | 0.82% | +0.82 |
| GGG Graco Inc. | New | 0.41% | +0.41 |
| LBRDK Liberty Broadband-C | Add +5.4% | 1.35% | +0.35 |
| THO Thor Industries Inc. | Add +29.1% | 1.14% | +0.31 |
| ACGL Arch Capital Group Ltd. | Add +4.9% | 5.30% | +0.29 |
| IT Gartner Inc. | Add +8.8% | 2.65% | +0.27 |
| DSTL Distillate US Fundamental St | Add +37.1% | 0.90% | +0.25 |
| FND Floor & Decor Holdings Inc. Class A | Add +8.8% | 1.27% | +0.24 |
| WAT Waters Corp. | Add +9.8% | 1.04% | +0.20 |
| NKE Nike Inc. Class B | Add +66.0% | 0.45% | +0.19 |
| BRO Brown & Brown Inc. | Add +4.0% | 2.02% | +0.18 |
| FERG Ferguson Enterprises Inc. | Add +42.1% | 0.69% | +0.17 |
| LH Labcorp Holdings Inc. | Add +15.7% | 1.24% | +0.17 |
| MCHP Microchip Technology Inc. | Add +63.5% | 0.68% | +0.16 |
| CSL Carlisle Cos Inc. | Add +8.1% | 1.88% | +0.16 |
| BF.B Brown-Forman Corp. Class B | Add +14.3% | 0.87% | +0.13 |
| TDY Teledyne Technologies Inc. | Add +10.9% | 0.91% | +0.11 |
| ACN Accenture PLC Class A | Add +3.4% | 1.25% | +0.11 |
| HSY The Hershey Co. | Add +99.7% | 0.22% | +0.10 |
| AWI Armstrong World Industries | Add +8.2% | 0.73% | +0.09 |
| ANET Arista Networks Inc. | Add +8.6% | 1.20% | +0.09 |
| EMR Emerson Electric Co. | Add +3497.9% | 0.09% | +0.08 |
| FWONK Liberty Media Corp. Class C | Add +14.4% | 0.64% | +0.07 |
| WRB WR Berkley Corp. | Add +8.8% | 0.99% | +0.06 |
| GBCI Glacier Bancorp Inc. | Add +2.9% | 0.45% | +0.06 |
| IEF iShares 7-10 Year Treasury B | Add +35.9% | 0.24% | +0.06 |
| JNJ Johnson & Johnson | Add +21.2% | 0.30% | +0.05 |
| SPHQ Invesco S&P 500 Quality ETF | Add +9.7% | 1.03% | +0.05 |
| ROST Ross Stores Inc. | Add +8.8% | 2.28% | +0.05 |
| CFR Cullen/Frost Bankers Inc. | Add +10.4% | 0.40% | +0.04 |
| VGK Vanguard Ftse Europe ETF | Add +19.9% | 0.26% | +0.04 |
| SPYM Ste STR SPDR PT S&P 500 ETF | New | 0.03% | +0.03 |
| VIG Vanguard Dividend Apprec ETF | Add +19.7% | 0.21% | +0.03 |
| SCHR Schwab Intermediate-Term US | Add +11.3% | 0.62% | +0.03 |
| EXPD Expeditors Intl Wash Inc. | Add +8.6% | 0.69% | +0.03 |
| WK Workiva Inc. | New | 0.03% | +0.03 |
| VUG Vanguard Mrngstar GR ETF-Sui | New | 0.03% | +0.03 |
| BOX Box Inc. Class A | Add +20.6% | 0.08% | +0.02 |
| MUFG Mitsubishi Ufj Finl-Spon ADR | New | 0.02% | +0.02 |
| EEMA iShares MSCI Emerg MRKT Asia | Add +8.0% | 0.33% | +0.02 |
| SMG Scotts Miracle-Gro Co. | Add +8.2% | 0.08% | +0.02 |
| HAYW Hayward Holdings Inc. | Add +36.1% | 0.05% | +0.02 |
| ADM Archer-Daniels-Midland Co. | Add +30.5% | 0.12% | +0.02 |
| HAIN Hain Celestial Group Inc. | Add +54.6% | 0.04% | +0.02 |
| MKC McCormick & Co.-Non VTG SHRS | New | 0.02% | +0.02 |
| V Visa Inc. Class A | Add +6.5% | 1.25% | +0.02 |
| CCOI Cogent Communications Holdin | Add +0.4% | 0.09% | +0.02 |
| CME Cme Group Inc. | Add +3.0% | 0.35% | +0.02 |
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 |