Madison Asset Management, LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 10, 2025), Madison Asset Management, LLC reported 335 stock positions worth $8.9 billion. Its top holding was Arch Capital (ACGL) at 4.6% of the portfolio, followed by Alphabet Class C (GOOG, 2.9%) and Paccar (PCAR, 2.9%). Compared with Q3 2024, it opened 20 new positions, sold out of 13, added to 96 and reduced 167. The biggest buy was Copart (CPRT, shares +6%) and the biggest sale Carmax (KMX, shares −99%).
- Most Recent 13F
- Q2 2026
- Location
- MADISON, WI
- CIK
- 0001299351
- Portfolio Value
- $8.9B (Q4 2024)
- SEC Filing
- 0001954889-25-000006 ↗ filed Feb 10, 2025
Holdings Value
Holdings 335 stocks · $8.9B
| ACGL Arch Capital Group Ltd. | 4.62% | 4,439,745 | $410.0M | Add +5.4% |
| GOOG Alphabet Inc. Class C | 2.91% | 1,353,569 | $257.8M | Reduce -0.9% |
| PCAR Paccar Inc. | 2.87% | 2,448,096 | $254.7M | Add +5.3% |
| CPRT Copart Inc. | 2.86% | 4,420,382 | $253.7M | Add +6.3% |
| IT Gartner Inc. | 2.76% | 505,292 | $244.8M | Add +8.5% |
| ROST Ross Stores Inc. | 2.60% | 1,521,809 | $230.2M | Add +12.8% |
| BRO Brown & Brown Inc. | 2.23% | 1,941,098 | $198.0M | Add +11.9% |
| AMZN Amazon.com Inc. | 1.83% | 741,418 | $162.7M | Reduce -0.8% |
| APH Amphenol Corp. Class A | 1.78% | 2,271,402 | $157.7M | Add +9.4% |
| CSL Carlisle Cos Inc. | 1.67% | 401,822 | $148.2M | Add +8.1% |
| FISV Fiserv Inc. | 1.52% | 655,777 | $134.7M | Reduce -0.9% |
| ANET Arista Networks Inc. | 1.51% | 1,208,442 | $133.6M | Add +8.9% |
| CDW CDW Corp. | 1.48% | 752,677 | $131.0M | Add +49.8% |
| LH Labcorp Holdings Inc. | 1.39% | 538,178 | $123.4M | Add +8.9% |
| LBRDK Liberty Broadband-C | 1.38% | 1,641,438 | $122.7M | Add +5.8% |
| V Visa Inc. Class A | 1.34% | 376,465 | $119.0M | Reduce -7.1% |
| TXN Texas Instruments Inc. | 1.30% | 613,706 | $115.1M | Add +5.9% |
| DLTR Dollar Tree Inc. | 1.28% | 1,512,075 | $113.3M | Reduce -16.6% |
| ADI Analog Devices Inc. | 1.26% | 524,664 | $111.5M | Reduce -1.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.26% | 245,479 | $111.3M | Reduce -0.8% |
| LOW Lowe's Cos Inc. | 1.25% | 448,844 | $110.8M | Add +4.0% |
| ACN Accenture PLC Class A | 1.21% | 305,088 | $107.3M | Reduce -2.6% |
| WAT Waters Corp. | 1.18% | 282,076 | $104.6M | Add +9.4% |
| PGR Progressive Corp. | 1.17% | 432,488 | $103.6M | Reduce -0.7% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 1.11% | 1,682,258 | $98.4M | Add +8.3% |
| FND Floor & Decor Holdings Inc. Class A | 1.10% | 978,458 | $97.6M | Add +7.7% |
| MKSI MKS Inc. filed as MKS INSTRS INC | 1.10% | 933,936 | $97.5M | Add +16.6% |
| USB US Bancorp | 1.09% | 2,018,822 | $96.6M | Reduce -0.9% |
| THO Thor Industries Inc. | 1.08% | 999,768 | $95.7M | Add +8.6% |
| TDY Teledyne Technologies Inc. | 1.07% | 204,082 | $94.7M | Add +10.3% |
| BAM Brookfield Asset Mgmt-A | 1.06% | 1,736,887 | $94.1M | Add +9.9% |
| A Agilent Technologies Inc. | 1.06% | 700,094 | $94.1M | Add +0.1% |
| LAD Lithia Motors Inc. | 1.03% | 255,125 | $91.2M | Add +10.8% |
| SPHQ Invesco S&P 500 Quality ETF | 1.00% | 1,322,117 | $88.6M | Reduce -2.5% |
| KEYS Keysight Technologies Inc. | 0.99% | 548,874 | $88.2M | Add +0.6% |
| MC Moelis & Co. Class A | 0.97% | 1,164,887 | $86.1M | Reduce -25.3% |
| ABG Asbury Automotive Group | 0.93% | 339,160 | $82.4M | Add +10.6% |
| PH Parker Hannifin Corp. | 0.90% | 125,068 | $79.5M | Reduce -23.4% |
| ALC Alcon Inc. filed as ALCON AG | 0.89% | 931,197 | $79.0M | Reduce -0.7% |
| MCHP Microchip Technology Inc. | 0.89% | 1,371,603 | $78.7M | Add +81.3% |
| FWONK Liberty Media Corp. Class C | 0.88% | 845,119 | $78.3M | Add +15.2% |
| JMBS Janus Henderson Mortg Backed | 0.85% | 1,715,313 | $75.8M | Add +2.2% |
| AWI Armstrong World Industries | 0.85% | 532,387 | $75.2M | Add +7.7% |
| DSTL Distillate US Fundamental St | 0.82% | 1,318,928 | $72.4M | Reduce -6.8% |
| SCHW Schwab (charles) Corp. | 0.80% | 961,439 | $71.2M | Reduce -2.1% |
| BN Brookfield Corp. | 0.79% | 1,213,230 | $69.7M | Reduce -0.4% |
| DHR Danaher Corp. | 0.72% | 279,500 | $64.2M | Reduce -1.9% |
| MSTI Madison SHRT TRM STR Inc. ETF | 0.71% | 3,096,207 | $63.0M | Add +4.2% |
| MSFT Microsoft Corp. | 0.70% | 147,855 | $62.3M | Add +3.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.70% | 512,440 | $61.9M | Reduce -0.5% |
| BF.B Brown-Forman Corp. Class B | 0.69% | 1,611,231 | $61.2M | Add +2.4% |
| MRSH Marsh & McLennan Cos | 0.65% | 272,729 | $57.9M | Add +0.6% |
| MAGG Madison Aggregate Bond ETF | 0.65% | 2,862,010 | $57.4M | Add +3.0% |
| SCHR Schwab Intermediate-Term US | 0.63% | 2,316,840 | $56.3M | Add +5.8% |
| CVRD Madison Covered Call ETF | 0.63% | 2,987,290 | $56.1M | Reduce -19.8% |
| EXPD Expeditors Intl Wash Inc. | 0.62% | 496,852 | $55.0M | Add +6.6% |
| DIVL Madison Dividend Value ETF | 0.60% | 2,519,603 | $53.5M | Reduce -2.1% |
| FERG Ferguson Enterprises Inc. | 0.59% | 300,601 | $52.2M | Reduce -2.2% |
| NEE Nextera Energy Inc. | 0.57% | 702,937 | $50.4M | Reduce -3.9% |
| DE Deere & Co. | 0.57% | 118,311 | $50.1M | Add +0.0% |
| SBUX Starbucks Corp. | 0.56% | 544,004 | $49.6M | Reduce -1.3% |
| AAPL Apple Inc. | 0.55% | 193,953 | $48.6M | Reduce -1.7% |
| GBCI Glacier Bancorp Inc. | 0.54% | 951,224 | $47.8M | Add +9.2% |
| CFR Cullen/Frost Bankers Inc. | 0.52% | 344,307 | $46.2M | Add +9.3% |
| HD Home Depot Inc. | 0.47% | 107,182 | $41.7M | Reduce -3.1% |
| BLK BlackRock Inc. | 0.44% | 37,884 | $38.8M | Reduce -2.9% |
| VGT Vanguard Info Tech ETF | 0.44% | 62,334 | $38.8M | Reduce -12.7% |
| LLY Eli Lilly & Co. | 0.43% | 49,648 | $38.3M | Reduce -0.8% |
| FWONA Liberty Media Corp. Class A | 0.43% | 454,863 | $38.2M | No change |
| GGG Graco Inc. | 0.43% | 453,186 | $38.2M | Add +10.1% |
| JPM JPMorgan Chase & Co. | 0.43% | 159,007 | $38.1M | Reduce -1.8% |
| ADP Automatic Data Processing | 0.42% | 126,846 | $37.1M | Reduce -4.0% |
| QLTA iShares Aaa - A Rated Corpor | 0.38% | 718,296 | $33.6M | Add +51.4% |
| NKE Nike Inc. Class B | 0.37% | 437,701 | $33.1M | Reduce -3.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.37% | 55,969 | $32.8M | Add +11.8% |
| EEMA iShares MSCI Emerg MRKT Asia | 0.36% | 440,473 | $31.6M | Add +18.7% |
| HON Honeywell International Inc. | 0.35% | 136,726 | $30.9M | Reduce -10.3% |
| COST Costco Wholesale Corp. | 0.35% | 33,543 | $30.7M | Reduce -5.4% |
| MDT Medtronic PLC | 0.34% | 374,646 | $29.9M | Reduce -3.2% |
| AMT American Tower Corp. | 0.33% | 161,703 | $29.7M | Add +35.9% |
| JNJ Johnson & Johnson | 0.33% | 203,767 | $29.5M | Add +22.7% |
| IEI iShares 3-7 Year Treasury Bo | 0.31% | 239,844 | $27.7M | Reduce -2.9% |
| PEP Pepsico Inc. | 0.31% | 182,097 | $27.7M | Reduce -6.0% |
| ORCL Oracle Corp. | 0.31% | 166,029 | $27.7M | Reduce -1.0% |
| CME Cme Group Inc. | 0.28% | 106,780 | $24.8M | Reduce -25.4% |
| COP Conocophillips | 0.28% | 248,409 | $24.6M | Reduce -2.9% |
| ELV Elevance Health Inc. | 0.26% | 62,081 | $22.9M | Reduce -17.4% |
| MDY State Street SPDR S&P Midcap | 0.26% | 39,842 | $22.7M | Add +174.7% |
| CMCSA Comcast Corp. Class A | 0.25% | 599,394 | $22.5M | Add +9.4% |
| ABT Abbott Laboratories | 0.25% | 194,717 | $22.0M | Reduce -2.3% |
| UNP Union Pacific Corp. | 0.25% | 96,522 | $22.0M | Add +1.5% |
| IJH iShares Core S&P Midcap ETF | 0.24% | 343,931 | $21.4M | Add +0.7% |
| MS Morgan Stanley | 0.24% | 166,706 | $21.0M | Reduce -24.6% |
| IJR iShares Core S&P Small-Cap E | 0.24% | 181,321 | $20.9M | Add +35.2% |
| LVS Las Vegas Sands Corp. | 0.23% | 392,600 | $20.2M | Reduce -3.7% |
| IEF iShares 7-10 Year Treasury B | 0.22% | 214,991 | $19.9M | Reduce -2.7% |
| FLJP Franklin Ftse Japan ETF | 0.22% | 693,406 | $19.8M | Reduce -0.4% |
| CVX Chevron Corp. | 0.22% | 135,929 | $19.7M | Reduce -4.1% |
| UNH Unitedhealth Group Inc. | 0.21% | 37,613 | $19.0M | Reduce -0.9% |
| AGG iShares Core U.S. Aggregate | 0.21% | 192,007 | $18.6M | Reduce -2.3% |
Portfolio Sells Q3 2024 → Q4 2024
| KMX Carmax Inc. | Reduce -98.6% | 0.01% | −0.62 |
| PH Parker Hannifin Corp. | Reduce -23.4% | 0.90% | −0.26 |
| MC Moelis & Co. Class A | Reduce -25.3% | 0.97% | −0.23 |
| TFLO iShares Treasury Floating Ra | Reduce -55.7% | 0.16% | −0.20 |
| CVRD Madison Covered Call ETF | Reduce -19.8% | 0.63% | −0.18 |
| ELV Elevance Health Inc. | Reduce -17.4% | 0.26% | −0.18 |
| FAST Fastenal Co. | Reduce -48.6% | 0.18% | −0.17 |
| DHR Danaher Corp. | Reduce -1.9% | 0.72% | −0.17 |
| ALC Alcon Inc. | Reduce -0.7% | 0.89% | −0.16 |
| NEM Newmont Corp. | Sold out | 0.00% | −0.16 |
| DLTR Dollar Tree Inc. | Reduce -16.6% | 1.28% | −0.16 |
| VGK Vanguard Ftse Europe ETF | Reduce -52.0% | 0.11% | −0.15 |
| NEE Nextera Energy Inc. | Reduce -3.9% | 0.57% | −0.13 |
| ADI Analog Devices Inc. | Reduce -1.2% | 1.26% | −0.12 |
| VIG Vanguard Dividend Apprec ETF | Reduce -52.5% | 0.10% | −0.11 |
| FERG Ferguson Enterprises Inc. | Reduce -2.2% | 0.59% | −0.10 |
| CIEN Ciena Corp. | Reduce -77.2% | 0.04% | −0.10 |
| DSTL Distillate US Fundamental St | Reduce -6.8% | 0.82% | −0.09 |
| EMR Emerson Electric Co. | Sold out | 0.00% | −0.09 |
| XLE SS Energy Select Sector | Reduce -36.7% | 0.13% | −0.08 |
| CME Cme Group Inc. | Reduce -25.4% | 0.28% | −0.08 |
| NKE Nike Inc. Class B | Reduce -3.0% | 0.37% | −0.07 |
| PGR Progressive Corp. | Reduce -0.7% | 1.17% | −0.07 |
| D Dominion Energy Inc. | Reduce -84.2% | 0.01% | −0.07 |
| LLY Eli Lilly & Co. | Reduce -0.8% | 0.43% | −0.07 |
| SPTS SS SPDR P St Term TSY ETF | Reduce -29.8% | 0.14% | −0.06 |
| PEP Pepsico Inc. | Reduce -6.0% | 0.31% | −0.06 |
| MDT Medtronic PLC | Reduce -3.2% | 0.34% | −0.05 |
| UPS United Parcel Service Class B | Reduce -28.0% | 0.10% | −0.05 |
| TGT Target Corp. | Reduce -67.8% | 0.02% | −0.05 |
| SBUX Starbucks Corp. | Reduce -1.3% | 0.56% | −0.04 |
| TMUS T-Mobile US Inc. | Reduce -64.3% | 0.02% | −0.04 |
| JWN Nordstrom Inc. | Reduce -51.9% | 0.04% | −0.04 |
| MCD McDonald's Corp. | Reduce -20.6% | 0.12% | −0.04 |
| UNH Unitedhealth Group Inc. | Reduce -0.9% | 0.21% | −0.03 |
| ACN Accenture PLC Class A | Reduce -2.6% | 1.21% | −0.03 |
| VGT Vanguard Info Tech ETF | Reduce -12.7% | 0.44% | −0.03 |
| HD Home Depot Inc. | Reduce -3.1% | 0.47% | −0.03 |
| ABBV Abbvie Inc. | Reduce -7.2% | 0.17% | −0.03 |
| VHT Vanguard Health Care ETF | Sold out | 0.00% | −0.03 |
| HSY The Hershey Co. | Reduce -3.0% | 0.19% | −0.03 |
| FROG Jfrog Ltd. | Sold out | 0.00% | −0.03 |
| CSCO Cisco Systems Inc. | Reduce -79.9% | 0.01% | −0.03 |
| LIN Linde PLC | Reduce -1.3% | 0.18% | −0.03 |
| CR Crane Co. | Reduce -35.7% | 0.04% | −0.03 |
| XOM Exxon Mobil Corp. | Reduce -4.6% | 0.20% | −0.03 |
| NSRGY Nestle SA-Spons ADR | Reduce -73.6% | 0.01% | −0.03 |
| ADM Archer-Daniels-Midland Co. | Reduce -8.2% | 0.09% | −0.03 |
| DIVL Madison Dividend Value ETF | Reduce -2.1% | 0.60% | −0.03 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.8% | 1.26% | −0.03 |
Portfolio Buys Q3 2024 → Q4 2024
| CPRT Copart Inc. | Add +6.3% | 2.86% | +0.41 |
| ROST Ross Stores Inc. | Add +12.8% | 2.60% | +0.31 |
| ANET Arista Networks Inc. | Add +8.9% | 1.51% | +0.31 |
| PCAR Paccar Inc. | Add +5.3% | 2.87% | +0.29 |
| APH Amphenol Corp. Class A | Add +9.4% | 1.78% | +0.26 |
| FWONK Liberty Media Corp. Class C | Add +15.2% | 0.88% | +0.24 |
| BAM Brookfield Asset Mgmt-A | Add +9.9% | 1.06% | +0.22 |
| BRO Brown & Brown Inc. | Add +11.9% | 2.23% | +0.21 |
| LAD Lithia Motors Inc. | Add +10.8% | 1.03% | +0.21 |
| MCHP Microchip Technology Inc. | Add +81.3% | 0.89% | +0.20 |
| CDW CDW Corp. | Add +49.8% | 1.48% | +0.20 |
| MDY State Street SPDR S&P Midcap | Add +174.7% | 0.26% | +0.16 |
| KBE SS SPDR S&P Bank ETF | New | 0.16% | +0.16 |
| TDY Teledyne Technologies Inc. | Add +10.3% | 1.07% | +0.16 |
| ROK Rockwell Automation Inc. | New | 0.15% | +0.15 |
| LH Labcorp Holdings Inc. | Add +8.9% | 1.39% | +0.15 |
| WAT Waters Corp. | Add +9.4% | 1.18% | +0.14 |
| CFR Cullen/Frost Bankers Inc. | Add +9.3% | 0.52% | +0.13 |
| ASML ASML Holding NV-NY Reg SHS | Add +345.5% | 0.17% | +0.12 |
| MKSI MKS Inc. | Add +16.6% | 1.10% | +0.12 |
| WRB WR Berkley Corp. | Add +8.3% | 1.11% | +0.12 |
| AWI Armstrong World Industries | Add +7.7% | 0.85% | +0.12 |
| SPHY SS SPDR P High Yield ETF | New | 0.12% | +0.12 |
| QLTA iShares Aaa - A Rated Corpor | Add +51.4% | 0.38% | +0.12 |
| XSHQ Invesco S&P Smallcap Quality | New | 0.11% | +0.11 |
| IT Gartner Inc. | Add +8.5% | 2.76% | +0.11 |
| ABG Asbury Automotive Group | Add +10.6% | 0.93% | +0.11 |
| ADBE Adobe Inc. | Add +110.1% | 0.21% | +0.09 |
| GBCI Glacier Bancorp Inc. | Add +9.2% | 0.54% | +0.09 |
| JAAA Janus Henderson Aaa Clo ETF | New | 0.09% | +0.09 |
| AMD Advanced Micro Devices | New | 0.08% | +0.08 |
| IJR iShares Core S&P Small-Cap E | Add +35.2% | 0.24% | +0.06 |
| TEL Te Connectivity PLC | Add +44.3% | 0.19% | +0.05 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +11.8% | 0.37% | +0.05 |
| HPE Hewlett Packard Enterprise | Add +203.9% | 0.05% | +0.04 |
| LBRDK Liberty Broadband-C | Add +5.8% | 1.38% | +0.04 |
| MTDR Matador Resources Co. | Add +12.8% | 0.14% | +0.03 |
| JNJ Johnson & Johnson | Add +22.7% | 0.33% | +0.03 |
| SPMD SS SPDR P S&P 400 Midcap ETF | New | 0.03% | +0.03 |
| EEMA iShares MSCI Emerg MRKT Asia | Add +18.7% | 0.36% | +0.03 |
| VFC VF Corp. | New | 0.03% | +0.03 |
| KN Knowles Corp. | New | 0.03% | +0.03 |
| WK Workiva Inc. | Add +46.5% | 0.05% | +0.03 |
| MEDP Medpace Holdings Inc. | New | 0.03% | +0.03 |
| GGG Graco Inc. | Add +10.1% | 0.43% | +0.03 |
| VFH Vanguard Financials ETF | New | 0.02% | +0.02 |
| ACWX iShares MSCI Acwi Ex US ETF | New | 0.02% | +0.02 |
| AMT American Tower Corp. | Add +35.9% | 0.33% | +0.02 |
| KEYS Keysight Technologies Inc. | Add +0.6% | 0.99% | +0.02 |
| MSTI Madison SHRT TRM STR Inc. ETF | Add +4.2% | 0.71% | +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 |