Madison Asset Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 6, 2025), Madison Asset Management, LLC reported 349 stock positions worth $9.0 billion. Its top holding was Arch Capital (ACGL) at 5.2% of the portfolio, followed by Copart (CPRT, 2.9%) and Brown & Brown (BRO, 2.9%). Compared with Q4 2024, it opened 34 new positions, sold out of 20, added to 117 and reduced 158. The biggest buy was a new position in Trex (TREX) and the biggest sale Arista Networks (ANET, shares −45%).
- Most Recent 13F
- Q2 2026
- Location
- MADISON, WI
- CIK
- 0001299351
- Portfolio Value
- $9.0B (Q1 2025)
- SEC Filing
- 0001954889-25-000019 ↗ filed May 6, 2025
Holdings Value
Holdings 349 stocks · $9.0B
| ACGL Arch Capital Group Ltd. | 5.18% | 4,837,602 | $465.3M | Add +9.0% |
| CPRT Copart Inc. | 2.93% | 4,651,616 | $263.2M | Add +5.2% |
| BRO Brown & Brown Inc. | 2.86% | 2,060,954 | $256.4M | Add +6.2% |
| PCAR Paccar Inc. | 2.79% | 2,569,851 | $250.2M | Add +5.0% |
| IT Gartner Inc. | 2.58% | 552,190 | $231.8M | Add +9.3% |
| ROST Ross Stores Inc. | 2.29% | 1,607,872 | $205.5M | Add +5.7% |
| GOOG Alphabet Inc. Class C | 2.29% | 1,313,830 | $205.3M | Reduce -2.9% |
| CSL Carlisle Cos Inc. | 1.95% | 515,134 | $175.4M | Add +28.2% |
| APH Amphenol Corp. Class A | 1.86% | 2,546,347 | $167.0M | Add +12.1% |
| LBRDK Liberty Broadband-C | 1.69% | 1,781,745 | $151.5M | Add +8.6% |
| AMZN Amazon.com Inc. | 1.61% | 758,621 | $144.3M | Add +2.3% |
| FISV Fiserv Inc. | 1.56% | 633,173 | $139.8M | Reduce -3.5% |
| CDW CDW Corp. | 1.49% | 836,530 | $134.1M | Add +11.1% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 1.46% | 1,842,275 | $131.1M | Add +9.5% |
| LH Labcorp Holdings Inc. | 1.44% | 556,683 | $129.6M | Add +3.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.43% | 241,649 | $128.7M | Reduce -1.6% |
| DLTR Dollar Tree Inc. | 1.43% | 1,709,331 | $128.3M | Add +13.1% |
| V Visa Inc. Class A | 1.43% | 365,051 | $127.9M | Reduce -3.0% |
| PGR Progressive Corp. | 1.34% | 424,830 | $120.2M | Reduce -1.8% |
| TXN Texas Instruments Inc. | 1.32% | 659,008 | $118.4M | Add +7.4% |
| MKSI MKS Inc. filed as MKS INSTRS INC | 1.28% | 1,428,143 | $114.5M | Add +52.9% |
| WAT Waters Corp. | 1.27% | 309,319 | $114.0M | Add +9.7% |
| TDY Teledyne Technologies Inc. | 1.23% | 222,515 | $110.7M | Add +9.0% |
| TREX Trex Company Inc. | 1.22% | 1,890,732 | $109.9M | New |
| ADI Analog Devices Inc. | 1.17% | 521,033 | $105.1M | Reduce -0.7% |
| LOW Lowe's Cos Inc. | 1.14% | 439,630 | $102.5M | Reduce -2.0% |
| ACN Accenture PLC Class A | 1.06% | 305,935 | $95.5M | Add +0.3% |
| SPHQ Invesco S&P 500 Quality ETF | 1.06% | 1,427,903 | $94.7M | Add +8.0% |
| DHR Danaher Corp. | 1.03% | 452,263 | $92.7M | Add +61.8% |
| BAM Brookfield Asset Mgmt-A | 1.03% | 1,901,985 | $92.2M | Add +9.5% |
| FWONK Liberty Media Corp. Class C | 0.97% | 971,418 | $87.4M | Add +14.9% |
| ALC Alcon Inc. filed as ALCON AG | 0.97% | 915,229 | $86.9M | Reduce -1.7% |
| FND Floor & Decor Holdings Inc. Class A | 0.95% | 1,063,511 | $85.6M | Add +8.7% |
| JMBS Janus Henderson Mortg Backed | 0.93% | 1,848,438 | $83.5M | Add +7.8% |
| ABG Asbury Automotive Group | 0.92% | 373,320 | $82.4M | Add +10.1% |
| LAD Lithia Motors Inc. | 0.92% | 280,456 | $82.3M | Add +9.9% |
| A Agilent Technologies Inc. | 0.91% | 695,411 | $81.3M | Reduce -0.7% |
| KEYS Keysight Technologies Inc. | 0.90% | 540,801 | $81.0M | Reduce -1.5% |
| THO Thor Industries Inc. | 0.90% | 1,065,299 | $80.8M | Add +6.5% |
| MRSH Marsh & McLennan Cos | 0.86% | 314,949 | $76.9M | Add +15.5% |
| MCHP Microchip Technology Inc. | 0.85% | 1,579,949 | $76.5M | Add +15.2% |
| KNSL Kinsale Capital Group Inc. | 0.85% | 156,634 | $76.2M | New |
| FERG Ferguson Enterprises Inc. | 0.84% | 472,848 | $75.8M | Add +57.3% |
| SCHW Schwab (charles) Corp. | 0.84% | 957,641 | $75.0M | Reduce -0.4% |
| PH Parker Hannifin Corp. | 0.83% | 123,118 | $74.8M | Reduce -1.6% |
| MC Moelis & Co. Class A | 0.82% | 1,264,200 | $73.8M | Add +8.5% |
| DSTL Distillate US Fundamental St | 0.81% | 1,345,696 | $73.0M | Add +2.0% |
| EXPD Expeditors Intl Wash Inc. | 0.73% | 548,284 | $65.9M | Add +10.3% |
| ELV Elevance Health Inc. | 0.72% | 149,572 | $65.1M | Add +140.9% |
| BF.B Brown-Forman Corp. Class B | 0.71% | 1,886,816 | $64.0M | Add +17.1% |
| MSTI Madison SHRT TRM STR Inc. ETF | 0.70% | 3,068,537 | $62.9M | Reduce -0.9% |
| BN Brookfield Corp. | 0.70% | 1,195,621 | $62.7M | Reduce -1.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.69% | 507,201 | $61.8M | Reduce -1.0% |
| MSFT Microsoft Corp. | 0.68% | 162,642 | $61.1M | Add +10.0% |
| MAGG Madison Aggregate Bond ETF | 0.63% | 2,796,158 | $56.8M | Reduce -2.3% |
| DIVL Madison Dividend Value ETF | 0.61% | 2,484,841 | $54.4M | Reduce -1.4% |
| DE Deere & Co. | 0.60% | 114,958 | $54.0M | Reduce -2.8% |
| ANET Arista Networks Inc. | 0.58% | 668,516 | $51.8M | Reduce -44.7% |
| SBUX Starbucks Corp. | 0.56% | 507,950 | $49.8M | Reduce -6.6% |
| NEE Nextera Energy Inc. | 0.54% | 688,093 | $48.8M | Reduce -2.1% |
| CFR Cullen/Frost Bankers Inc. | 0.53% | 376,784 | $47.2M | Add +9.4% |
| CVRD Madison Covered Call ETF | 0.52% | 2,668,145 | $47.0M | Reduce -10.7% |
| GBCI Glacier Bancorp Inc. | 0.51% | 1,041,736 | $46.1M | Add +9.5% |
| AAPL Apple Inc. | 0.47% | 189,400 | $42.1M | Reduce -2.4% |
| GGG Graco Inc. | 0.46% | 497,585 | $41.6M | Add +9.8% |
| SCHR Schwab Intermediate-Term US | 0.46% | 1,670,536 | $41.5M | Reduce -27.9% |
| LLY Eli Lilly & Co. | 0.46% | 49,495 | $40.9M | Reduce -0.3% |
| HD Home Depot Inc. | 0.42% | 104,048 | $38.1M | Reduce -2.9% |
| JPM JPMorgan Chase & Co. | 0.42% | 153,654 | $37.7M | Reduce -3.4% |
| BLK BlackRock Inc. | 0.42% | 39,531 | $37.4M | Add +4.3% |
| FWONA Liberty Media Corp. Class A | 0.41% | 454,863 | $37.1M | No change |
| HON Honeywell International Inc. | 0.39% | 164,123 | $34.8M | Add +20.0% |
| AMT American Tower Corp. | 0.39% | 159,006 | $34.6M | Reduce -1.7% |
| EEMA iShares MSCI Emerg MRKT Asia | 0.38% | 464,630 | $34.4M | Add +5.5% |
| MDT Medtronic PLC | 0.37% | 368,569 | $33.1M | Reduce -1.6% |
| JNJ Johnson & Johnson | 0.36% | 194,894 | $32.3M | Reduce -4.3% |
| VGT Vanguard Info Tech ETF | 0.36% | 59,296 | $32.2M | Reduce -4.9% |
| ADP Automatic Data Processing | 0.33% | 98,041 | $30.0M | Reduce -22.7% |
| COST Costco Wholesale Corp. | 0.33% | 30,955 | $29.3M | Reduce -7.7% |
| NKE Nike Inc. Class B | 0.32% | 453,617 | $28.8M | Add +3.6% |
| PEP Pepsico Inc. | 0.30% | 177,225 | $26.6M | Reduce -2.7% |
| ORCL Oracle Corp. | 0.29% | 185,722 | $26.0M | Add +11.9% |
| COP Conocophillips | 0.29% | 244,527 | $25.7M | Reduce -1.6% |
| CME Cme Group Inc. | 0.27% | 90,279 | $24.0M | Reduce -15.4% |
| AGG iShares Core U.S. Aggregate | 0.26% | 237,051 | $23.4M | Add +23.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.26% | 40,939 | $22.9M | Reduce -26.9% |
| ADBE Adobe Inc. | 0.25% | 59,142 | $22.7M | Add +44.2% |
| IJR iShares Core S&P Small-Cap E | 0.25% | 214,597 | $22.4M | Add +18.4% |
| SPHY SS SPDR P High Yield ETF | 0.25% | 944,127 | $22.1M | Add +111.6% |
| UNP Union Pacific Corp. | 0.24% | 92,811 | $21.9M | Reduce -3.8% |
| CVX Chevron Corp. | 0.24% | 131,058 | $21.9M | Reduce -3.6% |
| KBE SS SPDR S&P Bank ETF | 0.23% | 397,809 | $21.1M | Add +52.8% |
| CMCSA Comcast Corp. Class A | 0.22% | 540,662 | $20.0M | Reduce -9.8% |
| FLJP Franklin Ftse Japan ETF | 0.22% | 670,993 | $19.7M | Reduce -3.2% |
| UNH Unitedhealth Group Inc. | 0.22% | 37,352 | $19.6M | Reduce -0.7% |
| JAAA Janus Henderson Aaa Clo ETF | 0.22% | 385,218 | $19.5M | Add +153.8% |
| XOM Exxon Mobil Corp. | 0.21% | 158,218 | $18.8M | Reduce -1.6% |
| TEL Te Connectivity PLC | 0.21% | 132,258 | $18.7M | Add +13.2% |
| IJH iShares Core S&P Midcap ETF | 0.21% | 319,386 | $18.6M | Reduce -7.1% |
| MDY State Street SPDR S&P Midcap | 0.21% | 34,904 | $18.6M | Reduce -12.4% |
Portfolio Sells Q4 2024 → Q1 2025
| ANET Arista Networks Inc. | Reduce -44.7% | 0.58% | −0.93 |
| USB US Bancorp | Reduce -80.4% | 0.19% | −0.90 |
| AWI Armstrong World Industries | Reduce -99.5% | 0.00% | −0.84 |
| GOOG Alphabet Inc. Class C | Reduce -2.9% | 2.29% | −0.62 |
| QLTA iShares Aaa - A Rated Corpor | Reduce -77.1% | 0.09% | −0.29 |
| SCHR Schwab Intermediate-Term US | Reduce -27.9% | 0.46% | −0.17 |
| A Agilent Technologies Inc. | Reduce -0.7% | 0.91% | −0.15 |
| TFLO iShares Treasury Floating Ra | Reduce -88.5% | 0.02% | −0.14 |
| IEI iShares 3-7 Year Treasury Bo | Reduce -40.1% | 0.19% | −0.12 |
| SUM Summit Materials Inc. Class A | Sold out | 0.00% | −0.12 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -26.9% | 0.26% | −0.11 |
| CVRD Madison Covered Call ETF | Reduce -10.7% | 0.52% | −0.11 |
| LOW Lowe's Cos Inc. | Reduce -2.0% | 1.14% | −0.11 |
| ABT Abbott Laboratories | Reduce -49.1% | 0.15% | −0.10 |
| KEYS Keysight Technologies Inc. | Reduce -1.5% | 0.90% | −0.09 |
| UPS United Parcel Service Class B | Reduce -84.1% | 0.01% | −0.09 |
| BN Brookfield Corp. | Reduce -1.4% | 0.70% | −0.09 |
| ADI Analog Devices Inc. | Reduce -0.7% | 1.17% | −0.09 |
| ADP Automatic Data Processing | Reduce -22.7% | 0.33% | −0.09 |
| NTRS Northern Trust Corp. | Sold out | 0.00% | −0.08 |
| AAPL Apple Inc. | Reduce -2.4% | 0.47% | −0.08 |
| VGT Vanguard Info Tech ETF | Reduce -4.9% | 0.36% | −0.08 |
| PH Parker Hannifin Corp. | Reduce -1.6% | 0.83% | −0.06 |
| HEZU iShares Currency Hedged MSCI | Sold out | 0.00% | −0.06 |
| CMI Cummins Inc. | Reduce -38.3% | 0.07% | −0.06 |
| UCON First Trust Smith Unconstrai | Sold out | 0.00% | −0.05 |
| INTU Intuit Inc. | Reduce -79.7% | 0.01% | −0.05 |
| MDY State Street SPDR S&P Midcap | Reduce -12.4% | 0.21% | −0.05 |
| HD Home Depot Inc. | Reduce -2.9% | 0.42% | −0.05 |
| JWN Nordstrom Inc. | Sold out | 0.00% | −0.04 |
| IEF iShares 7-10 Year Treasury B | Reduce -19.1% | 0.18% | −0.04 |
| MS Morgan Stanley | Reduce -6.8% | 0.20% | −0.03 |
| IJH iShares Core S&P Midcap ETF | Reduce -7.1% | 0.21% | −0.03 |
| VIG Vanguard Dividend Apprec ETF | Reduce -33.0% | 0.06% | −0.03 |
| CMCSA Comcast Corp. Class A | Reduce -9.8% | 0.22% | −0.03 |
| HEDJ Wisdomtree Europe Hedged Equ | Sold out | 0.00% | −0.03 |
| OSW Onespaworld Holdings Ltd. | Reduce -22.2% | 0.05% | −0.03 |
| APD Air Products & Chemicals Inc. | Reduce -18.6% | 0.12% | −0.03 |
| NEE Nextera Energy Inc. | Reduce -2.1% | 0.54% | −0.02 |
| SPTS SS SPDR P St Term TSY ETF | Reduce -16.4% | 0.12% | −0.02 |
| COST Costco Wholesale Corp. | Reduce -7.7% | 0.33% | −0.02 |
| BAC Bank of America Corp. | Reduce -7.2% | 0.14% | −0.02 |
| WFC Wells Fargo & Co. | Reduce -57.4% | 0.01% | −0.02 |
| WSC Willscot Holdings Corp. | Reduce -9.5% | 0.05% | −0.02 |
| ACWX iShares MSCI Acwi Ex US ETF | Reduce -77.8% | 0.01% | −0.02 |
| HPE Hewlett Packard Enterprise | Reduce -6.0% | 0.04% | −0.02 |
| CIEN Ciena Corp. | Reduce -11.7% | 0.03% | −0.02 |
| CNM Core & Main Inc. Class A | Reduce -12.8% | 0.08% | −0.02 |
| GLW Corning Inc. | Sold out | 0.00% | −0.02 |
| PEP Pepsico Inc. | Reduce -2.7% | 0.30% | −0.02 |
Portfolio Buys Q4 2024 → Q1 2025
| TREX Trex Company Inc. | New | 1.22% | +1.22 |
| KNSL Kinsale Capital Group Inc. | New | 0.85% | +0.85 |
| BRO Brown & Brown Inc. | Add +6.2% | 2.86% | +0.62 |
| ACGL Arch Capital Group Ltd. | Add +9.0% | 5.18% | +0.56 |
| ELV Elevance Health Inc. | Add +140.9% | 0.72% | +0.47 |
| WRB WR Berkley Corp. | Add +9.5% | 1.46% | +0.35 |
| DHR Danaher Corp. | Add +61.8% | 1.03% | +0.31 |
| LBRDK Liberty Broadband-C | Add +8.6% | 1.69% | +0.30 |
| CSL Carlisle Cos Inc. | Add +28.2% | 1.95% | +0.28 |
| FERG Ferguson Enterprises Inc. | Add +57.3% | 0.84% | +0.26 |
| MRSH Marsh & McLennan Cos | Add +15.5% | 0.86% | +0.20 |
| MKSI MKS Inc. | Add +52.9% | 1.28% | +0.18 |
| TDY Teledyne Technologies Inc. | Add +9.0% | 1.23% | +0.17 |
| DLTR Dollar Tree Inc. | Add +13.1% | 1.43% | +0.15 |
| JAAA Janus Henderson Aaa Clo ETF | Add +153.8% | 0.22% | +0.13 |
| SPHY SS SPDR P High Yield ETF | Add +111.6% | 0.25% | +0.13 |
| EXPD Expeditors Intl Wash Inc. | Add +10.3% | 0.73% | +0.11 |
| EZU iShares MSCI Eurozone ETF | New | 0.10% | +0.10 |
| FWONK Liberty Media Corp. Class C | Add +14.9% | 0.97% | +0.09 |
| WAT Waters Corp. | Add +9.7% | 1.27% | +0.09 |
| APH Amphenol Corp. Class A | Add +12.1% | 1.86% | +0.08 |
| JMBS Janus Henderson Mortg Backed | Add +7.8% | 0.93% | +0.08 |
| KBE SS SPDR S&P Bank ETF | Add +52.8% | 0.23% | +0.07 |
| CPRT Copart Inc. | Add +5.2% | 2.93% | +0.07 |
| TMUS T-Mobile US Inc. | Add +210.0% | 0.09% | +0.07 |
| VGK Vanguard Ftse Europe ETF | Add +38.5% | 0.17% | +0.06 |
| SPHQ Invesco S&P 500 Quality ETF | Add +8.0% | 1.06% | +0.06 |
| LH Labcorp Holdings Inc. | Add +3.4% | 1.44% | +0.05 |
| AGG iShares Core U.S. Aggregate | Add +23.5% | 0.26% | +0.05 |
| ADBE Adobe Inc. | Add +44.2% | 0.25% | +0.05 |
| VFH Vanguard Financials ETF | Add +186.4% | 0.07% | +0.04 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +70.7% | 0.11% | +0.04 |
| RLI Rli Corp. | Add +234.3% | 0.06% | +0.04 |
| SCHD Schwab US DVD Equity ETF | Add +89.8% | 0.08% | +0.04 |
| HON Honeywell International Inc. | Add +20.0% | 0.39% | +0.04 |
| AES AES Corp. | Add +37.8% | 0.15% | +0.04 |
| GGG Graco Inc. | Add +9.8% | 0.46% | +0.03 |
| MLPA Global X MLP ETF | Add +20.3% | 0.13% | +0.03 |
| EEMA iShares MSCI Emerg MRKT Asia | Add +5.5% | 0.38% | +0.03 |
| BF.B Brown-Forman Corp. Class B | Add +17.1% | 0.71% | +0.02 |
| TXN Texas Instruments Inc. | Add +7.4% | 1.32% | +0.02 |
| TEL Te Connectivity PLC | Add +13.2% | 0.21% | +0.02 |
| CABGY Carlsberg As-B-Spon ADR | New | 0.02% | +0.02 |
| CDW CDW Corp. | Add +11.1% | 1.49% | +0.02 |
| IJR iShares Core S&P Small-Cap E | Add +18.4% | 0.25% | +0.01 |
| VEU Vanguard Ftse All-World Ex-U | Add +4.5% | 0.14% | +0.01 |
| CCJ Cameco Corp. | Add +67.7% | 0.05% | +0.01 |
| BWIN Baldwin Insurance Group Inc./ | Add +14.1% | 0.05% | +0.01 |
| HLMN Hillman Solutions Corp. | Add +116.2% | 0.02% | +0.01 |
| MDLZ Mondelez International Inc. Class A | New | 0.01% | +0.01 |
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 |