Madison Asset Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 11, 2025), Madison Asset Management, LLC reported 338 stock positions worth $9.3 billion. Its top holding was Arch Capital (ACGL) at 4.7% of the portfolio, followed by Gartner (IT, 3.1%) and Amphenol Class A (APH, 2.6%). Compared with Q1 2025, it opened 22 new positions, sold out of 33, added to 101 and reduced 171. The biggest buy was CDW (CDW, shares +58%) and the biggest sale an exit from Dollar Tree (DLTR).
- Most Recent 13F
- Q2 2026
- Location
- MADISON, WI
- CIK
- 0001299351
- Portfolio Value
- $9.3B (Q2 2025)
- SEC Filing
- 0001954889-25-000027 ↗ filed Aug 11, 2025
Holdings Value
Holdings 338 stocks · $9.3B
| ACGL Arch Capital Group Ltd. | 4.74% | 4,825,235 | $439.3M | Reduce -0.3% |
| IT Gartner Inc. | 3.07% | 702,813 | $284.1M | Add +27.3% |
| APH Amphenol Corp. Class A | 2.64% | 2,478,319 | $244.7M | Reduce -2.7% |
| PCAR Paccar Inc. | 2.58% | 2,517,149 | $239.3M | Reduce -2.0% |
| CDW CDW Corp. | 2.55% | 1,324,521 | $236.5M | Add +58.3% |
| BRO Brown & Brown Inc. | 2.45% | 2,042,286 | $226.4M | Reduce -0.9% |
| CPRT Copart Inc. | 2.43% | 4,590,422 | $225.3M | Reduce -1.3% |
| ROST Ross Stores Inc. | 2.29% | 1,659,087 | $211.7M | Add +3.2% |
| CSL Carlisle Cos Inc. | 2.08% | 516,436 | $192.8M | Add +0.3% |
| LBRDK Liberty Broadband-C | 1.88% | 1,768,132 | $173.9M | Reduce -0.8% |
| GOOG Alphabet Inc. Class C | 1.81% | 943,146 | $167.3M | Reduce -28.2% |
| AMZN Amazon.com Inc. | 1.77% | 746,067 | $163.7M | Reduce -1.6% |
| TXN Texas Instruments Inc. | 1.71% | 763,621 | $158.5M | Add +15.9% |
| LH Labcorp Holdings Inc. | 1.62% | 570,807 | $149.8M | Add +2.5% |
| MKSI MKS Inc. | 1.57% | 1,463,683 | $145.4M | Add +2.5% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 1.47% | 1,853,872 | $136.2M | Add +0.6% |
| V Visa Inc. Class A | 1.38% | 360,027 | $127.8M | Reduce -1.4% |
| ANET Arista Networks Inc. | 1.35% | 1,222,347 | $125.1M | Add +82.8% |
| FND Floor & Decor Holdings Inc. Class A | 1.34% | 1,627,820 | $123.6M | Add +53.1% |
| TDY Teledyne Technologies Inc. | 1.25% | 225,111 | $115.3M | Add +1.2% |
| DHR Danaher Corp. | 1.23% | 574,252 | $113.4M | Add +27.0% |
| MCHP Microchip Technology Inc. | 1.22% | 1,608,160 | $113.2M | Add +1.8% |
| PGR Progressive Corp. | 1.19% | 412,608 | $110.1M | Reduce -2.9% |
| WAT Waters Corp. | 1.18% | 312,259 | $109.0M | Add +0.9% |
| BAM Brookfield Asset Mgmt-A | 1.15% | 1,926,784 | $106.5M | Add +1.3% |
| FWONK Liberty Media Corp. Class C | 1.11% | 985,188 | $103.0M | Add +1.4% |
| FISV Fiserv Inc. | 1.11% | 595,345 | $102.6M | Reduce -6.0% |
| TREX Trex Company Inc. | 1.10% | 1,871,054 | $101.7M | Reduce -1.0% |
| SPHQ Invesco S&P 500 Quality ETF | 1.08% | 1,407,188 | $100.3M | Reduce -1.4% |
| FERG Ferguson Enterprises Inc. | 1.08% | 460,220 | $100.2M | Reduce -2.7% |
| THO Thor Industries Inc. | 1.07% | 1,113,378 | $98.9M | Add +4.5% |
| ADI Analog Devices Inc. | 1.04% | 406,066 | $96.7M | Reduce -22.1% |
| LAD Lithia Motors Inc. | 1.04% | 284,804 | $96.2M | Add +1.6% |
| LOW Lowe's Cos Inc. | 1.03% | 431,683 | $95.8M | Reduce -1.8% |
| MEDP Medpace Holdings Inc. | 1.01% | 297,048 | $93.2M | Add +2967.7% |
| ACN Accenture PLC Class A | 0.98% | 303,237 | $90.6M | Reduce -0.9% |
| ABG Asbury Automotive Group | 0.98% | 378,519 | $90.3M | Add +1.4% |
| KEYS Keysight Technologies Inc. | 0.94% | 531,069 | $87.0M | Reduce -1.8% |
| PH Parker Hannifin Corp. | 0.91% | 120,401 | $84.1M | Reduce -2.2% |
| MC Moelis & Co. Class A | 0.87% | 1,295,284 | $80.7M | Add +2.5% |
| KNSL Kinsale Capital Group Inc. | 0.86% | 163,974 | $79.3M | Add +4.7% |
| A Agilent Technologies Inc. | 0.85% | 667,908 | $78.8M | Reduce -4.0% |
| JMBS Janus Henderson Mortg Backed | 0.84% | 1,726,547 | $77.8M | Reduce -6.6% |
| SCHW Schwab (charles) Corp. | 0.83% | 841,082 | $76.7M | Reduce -12.2% |
| ALC Alcon Inc. filed as ALCON AG | 0.83% | 867,101 | $76.5M | Reduce -5.3% |
| MSFT Microsoft Corp. | 0.82% | 152,923 | $76.1M | Reduce -6.0% |
| BN Brookfield Corp. | 0.78% | 1,169,057 | $72.3M | Reduce -2.2% |
| MRSH Marsh & McLennan Cos | 0.74% | 312,379 | $68.3M | Reduce -0.8% |
| MSTI Madison SHRT TRM STR Inc. ETF | 0.69% | 3,083,424 | $63.6M | Add +0.5% |
| EXPD Expeditors Intl Wash Inc. | 0.68% | 553,722 | $63.3M | Add +1.0% |
| DSTL Distillate US Fundamental St | 0.67% | 1,115,963 | $61.8M | Reduce -17.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.66% | 495,974 | $61.2M | Reduce -2.2% |
| MAGG Madison Aggregate Bond ETF | 0.62% | 2,811,220 | $57.3M | Add +0.5% |
| ELV Elevance Health Inc. | 0.60% | 143,353 | $55.8M | Reduce -4.2% |
| DIVL Madison Dividend Value ETF | 0.60% | 2,503,742 | $55.5M | Add +0.8% |
| DE Deere & Co. | 0.60% | 108,503 | $55.2M | Reduce -5.6% |
| CFR Cullen/Frost Bankers Inc. | 0.53% | 381,179 | $49.0M | Add +1.2% |
| NEE Nextera Energy Inc. | 0.52% | 688,473 | $47.8M | Add +0.1% |
| GBCI Glacier Bancorp Inc. | 0.49% | 1,055,415 | $45.5M | Add +1.3% |
| SBUX Starbucks Corp. | 0.48% | 488,092 | $44.7M | Reduce -3.9% |
| LLY Eli Lilly & Co. | 0.47% | 55,688 | $43.4M | Add +12.5% |
| GGG Graco Inc. | 0.47% | 504,339 | $43.4M | Add +1.4% |
| FWONA Liberty Media Corp. Class A | 0.47% | 454,863 | $43.2M | No change |
| CVRD Madison Covered Call ETF | 0.46% | 2,298,594 | $42.7M | Reduce -13.8% |
| JPM JPMorgan Chase & Co. | 0.45% | 143,220 | $41.5M | Reduce -6.8% |
| ORCL Oracle Corp. | 0.45% | 189,697 | $41.5M | Add +2.1% |
| VGT Vanguard Info Tech ETF | 0.42% | 58,846 | $39.0M | Reduce -0.8% |
| BLK BlackRock Inc. | 0.42% | 37,146 | $39.0M | Reduce -6.0% |
| AAPL Apple Inc. | 0.41% | 185,412 | $38.0M | Reduce -2.1% |
| HD Home Depot Inc. | 0.39% | 97,549 | $35.8M | Reduce -6.3% |
| ABNB Airbnb Inc. Class A | 0.37% | 259,096 | $34.3M | New |
| HON Honeywell International Inc. | 0.37% | 146,526 | $34.1M | Reduce -10.7% |
| AMT American Tower Corp. | 0.35% | 147,007 | $32.5M | Reduce -7.5% |
| EEMA iShares MSCI Emerg MRKT Asia | 0.33% | 373,592 | $30.8M | Reduce -19.6% |
| SCHR Schwab Intermediate-Term US | 0.33% | 1,207,518 | $30.2M | Reduce -27.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.33% | 48,909 | $30.2M | Add +19.5% |
| NKE Nike Inc. Class B | 0.32% | 416,597 | $29.6M | Reduce -8.2% |
| JNJ Johnson & Johnson | 0.31% | 186,461 | $28.5M | Reduce -4.3% |
| COST Costco Wholesale Corp. | 0.30% | 27,932 | $27.7M | Reduce -9.8% |
| SPHY SS SPDR P High Yield ETF | 0.30% | 1,151,255 | $27.4M | Add +21.9% |
| TEL Te Connectivity PLC | 0.29% | 157,639 | $26.6M | Add +19.2% |
| ADP Automatic Data Processing | 0.27% | 82,348 | $25.4M | Reduce -16.0% |
| VEU Vanguard Ftse All-World Ex-U | 0.27% | 375,448 | $25.2M | Add +80.3% |
| AGG iShares Core U.S. Aggregate | 0.26% | 242,014 | $24.0M | Add +2.1% |
| MDT Medtronic PLC | 0.25% | 262,800 | $22.9M | Reduce -28.7% |
| ADBE Adobe Inc. | 0.24% | 58,122 | $22.5M | Reduce -1.7% |
| CME Cme Group Inc. | 0.23% | 76,980 | $21.2M | Reduce -14.7% |
| VGK Vanguard Ftse Europe ETF | 0.23% | 269,918 | $20.9M | Add +24.2% |
| PEP Pepsico Inc. | 0.22% | 157,263 | $20.8M | Reduce -11.3% |
| MS Morgan Stanley | 0.22% | 146,288 | $20.6M | Reduce -5.8% |
| COP Conocophillips | 0.22% | 228,467 | $20.5M | Reduce -6.6% |
| KBE SS SPDR S&P Bank ETF | 0.22% | 361,338 | $20.1M | Reduce -9.2% |
| LIN Linde PLC | 0.22% | 42,769 | $20.1M | Add +12.9% |
| EZU iShares MSCI Eurozone ETF | 0.21% | 331,826 | $19.7M | Add +92.2% |
| IQLT iShares MSCI International Q | 0.21% | 441,348 | $19.1M | Add +9.2% |
| IJR iShares Core S&P Small-Cap E | 0.20% | 173,020 | $18.9M | Reduce -19.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.20% | 38,756 | $18.8M | Reduce -84.0% |
| CVX Chevron Corp. | 0.20% | 126,708 | $18.1M | Reduce -3.3% |
| IJH iShares Core S&P Midcap ETF | 0.19% | 288,286 | $17.9M | Reduce -9.7% |
| CMCSA Comcast Corp. Class A | 0.19% | 489,973 | $17.5M | Reduce -9.4% |
Portfolio Sells Q1 2025 → Q2 2025
| DLTR Dollar Tree Inc. | Sold out | 0.00% | −1.43 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -84.0% | 0.20% | −1.23 |
| BF.B Brown-Forman Corp. Class B | Sold out | 0.00% | −0.71 |
| CPRT Copart Inc. | Reduce -1.3% | 2.43% | −0.50 |
| GOOG Alphabet Inc. Class C | Reduce -28.2% | 1.81% | −0.48 |
| FISV Fiserv Inc. | Reduce -6.0% | 1.11% | −0.45 |
| ACGL Arch Capital Group Ltd. | Reduce -0.3% | 4.74% | −0.44 |
| BRO Brown & Brown Inc. | Reduce -0.9% | 2.45% | −0.41 |
| PCAR Paccar Inc. | Reduce -2.0% | 2.58% | −0.20 |
| PGR Progressive Corp. | Reduce -2.9% | 1.19% | −0.15 |
| DSTL Distillate US Fundamental St | Reduce -17.1% | 0.67% | −0.15 |
| IEI iShares 3-7 Year Treasury Bo | Reduce -74.4% | 0.05% | −0.14 |
| ALC Alcon Inc. | Reduce -5.3% | 0.83% | −0.14 |
| SCHR Schwab Intermediate-Term US | Reduce -27.7% | 0.33% | −0.14 |
| UNH Unitedhealth Group Inc. | Reduce -32.2% | 0.09% | −0.13 |
| ADI Analog Devices Inc. | Reduce -22.1% | 1.04% | −0.13 |
| TREX Trex Company Inc. | Reduce -1.0% | 1.10% | −0.13 |
| ELV Elevance Health Inc. | Reduce -4.2% | 0.60% | −0.12 |
| MDT Medtronic PLC | Reduce -28.7% | 0.25% | −0.12 |
| JAAA Janus Henderson Aaa Clo ETF | Reduce -54.4% | 0.10% | −0.12 |
| MRSH Marsh & McLennan Cos | Reduce -0.8% | 0.74% | −0.12 |
| LOW Lowe's Cos Inc. | Reduce -1.8% | 1.03% | −0.11 |
| JMBS Janus Henderson Mortg Backed | Reduce -6.6% | 0.84% | −0.09 |
| ACN Accenture PLC Class A | Reduce -0.9% | 0.98% | −0.08 |
| FLJP Franklin Ftse Japan ETF | Reduce -41.0% | 0.14% | −0.08 |
| UNP Union Pacific Corp. | Reduce -27.1% | 0.17% | −0.08 |
| SBUX Starbucks Corp. | Reduce -3.9% | 0.48% | −0.07 |
| PEP Pepsico Inc. | Reduce -11.3% | 0.22% | −0.07 |
| COP Conocophillips | Reduce -6.6% | 0.22% | −0.06 |
| CVRD Madison Covered Call ETF | Reduce -13.8% | 0.46% | −0.06 |
| ADP Automatic Data Processing | Reduce -16.0% | 0.27% | −0.06 |
| AAPL Apple Inc. | Reduce -2.1% | 0.41% | −0.06 |
| USB US Bancorp | Reduce -33.4% | 0.13% | −0.06 |
| A Agilent Technologies Inc. | Reduce -4.0% | 0.85% | −0.06 |
| JNJ Johnson & Johnson | Reduce -4.3% | 0.31% | −0.05 |
| EEMA iShares MSCI Emerg MRKT Asia | Reduce -19.6% | 0.33% | −0.05 |
| CVX Chevron Corp. | Reduce -3.3% | 0.20% | −0.05 |
| IJR iShares Core S&P Small-Cap E | Reduce -19.4% | 0.20% | −0.05 |
| V Visa Inc. Class A | Reduce -1.4% | 1.38% | −0.04 |
| ABBV Abbvie Inc. | Reduce -11.4% | 0.14% | −0.04 |
| EOG EOG Resources Inc. | Reduce -14.7% | 0.15% | −0.04 |
| XOM Exxon Mobil Corp. | Reduce -8.7% | 0.17% | −0.04 |
| HD Home Depot Inc. | Reduce -6.3% | 0.39% | −0.04 |
| VIG Vanguard Dividend Apprec ETF | Reduce -60.9% | 0.03% | −0.04 |
| CME Cme Group Inc. | Reduce -14.7% | 0.23% | −0.04 |
| AMT American Tower Corp. | Reduce -7.5% | 0.35% | −0.03 |
| CMCSA Comcast Corp. Class A | Reduce -9.4% | 0.19% | −0.03 |
| MDY State Street SPDR S&P Midcap | Reduce -16.4% | 0.18% | −0.03 |
| COST Costco Wholesale Corp. | Reduce -9.8% | 0.30% | −0.03 |
| TJX TJX Companies Inc. | Reduce -2.2% | 0.66% | −0.03 |
Portfolio Buys Q1 2025 → Q2 2025
| CDW CDW Corp. | Add +58.3% | 2.55% | +1.06 |
| MEDP Medpace Holdings Inc. | Add +2967.7% | 1.01% | +0.97 |
| ANET Arista Networks Inc. | Add +82.8% | 1.35% | +0.77 |
| IT Gartner Inc. | Add +27.3% | 3.07% | +0.49 |
| TXN Texas Instruments Inc. | Add +15.9% | 1.71% | +0.39 |
| FND Floor & Decor Holdings Inc. Class A | Add +53.1% | 1.34% | +0.38 |
| ABNB Airbnb Inc. Class A | New | 0.37% | +0.37 |
| MCHP Microchip Technology Inc. | Add +1.8% | 1.22% | +0.37 |
| MKSI MKS Inc. | Add +2.5% | 1.57% | +0.30 |
| DHR Danaher Corp. | Add +27.0% | 1.23% | +0.19 |
| LH Labcorp Holdings Inc. | Add +2.5% | 1.62% | +0.17 |
| IGIB iShares 5-10Y Inv Grade Corp. | New | 0.17% | +0.17 |
| THO Thor Industries Inc. | Add +4.5% | 1.07% | +0.17 |
| ORCL Oracle Corp. | Add +2.1% | 0.45% | +0.16 |
| FWONK Liberty Media Corp. Class C | Add +1.4% | 1.11% | +0.14 |
| VEU Vanguard Ftse All-World Ex-U | Add +80.3% | 0.27% | +0.13 |
| CSL Carlisle Cos Inc. | Add +0.3% | 2.08% | +0.13 |
| BAM Brookfield Asset Mgmt-A | Add +1.3% | 1.15% | +0.12 |
| SPTI SS SPDR P Int Term TSY ETF | New | 0.12% | +0.12 |
| LAD Lithia Motors Inc. | Add +1.6% | 1.04% | +0.12 |
| EZU iShares MSCI Eurozone ETF | Add +92.2% | 0.21% | +0.11 |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | Add +187.5% | 0.16% | +0.10 |
| TEL Te Connectivity PLC | Add +19.2% | 0.29% | +0.08 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +19.5% | 0.33% | +0.07 |
| ABG Asbury Automotive Group | Add +1.4% | 0.98% | +0.06 |
| VGK Vanguard Ftse Europe ETF | Add +24.2% | 0.23% | +0.06 |
| VOO Vanguard S&P 500 ETF | New | 0.05% | +0.05 |
| MC Moelis & Co. Class A | Add +2.5% | 0.87% | +0.05 |
| SPHY SS SPDR P High Yield ETF | Add +21.9% | 0.30% | +0.05 |
| THG Hanover Insurance Group Inc./ | New | 0.03% | +0.03 |
| ECL Ecolab Inc. | Add +17.5% | 0.17% | +0.03 |
| WMS Advanced Drainage Systems Inc. | New | 0.03% | +0.03 |
| IQLT iShares MSCI International Q | Add +9.2% | 0.21% | +0.03 |
| FLXR TCW Flexible Income ETF | New | 0.02% | +0.02 |
| SCHD Schwab US DVD Equity ETF | Add +38.4% | 0.11% | +0.02 |
| RLI Rli Corp. | Add +55.5% | 0.08% | +0.02 |
| AVGO Broadcom Inc. | Add +237.5% | 0.03% | +0.02 |
| LIN Linde PLC | Add +12.9% | 0.22% | +0.02 |
| ATEYY Advantest Corp.- Spon ADR | New | 0.02% | +0.02 |
| WIZEY Wise PLC - Spon ADR | New | 0.02% | +0.02 |
| TMUS T-Mobile US Inc. | Add +37.7% | 0.11% | +0.02 |
| MOS The Mosaic Co. | New | 0.02% | +0.02 |
| PRDSY Prada S.P.A.-Unsp ADR | New | 0.01% | +0.01 |
| QCOM Qualcomm Inc. | Add +8.7% | 0.17% | +0.01 |
| EFX Equifax Inc. | Add +8.2% | 0.14% | +0.01 |
| LLY Eli Lilly & Co. | Add +12.5% | 0.47% | +0.01 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | Add +1.8% | 0.15% | +0.01 |
| NVDA Nvidia Corp. | Add +0.9% | 0.04% | +0.01 |
| HAYW Hayward Holdings Inc. | Add +28.9% | 0.06% | +0.01 |
| BWIN Baldwin Insurance Group Inc./ | Add +35.2% | 0.06% | +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 |