Madison Asset Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 6, 2025), Madison Asset Management, LLC reported 336 stock positions worth $9.1 billion. Its top holding was Arch Capital (ACGL) at 4.7% of the portfolio, followed by Amphenol Class A (APH, 3.3%) and Ross Stores (ROST, 2.7%). Compared with Q2 2025, it opened 18 new positions, sold out of 20, added to 96 and reduced 186. The biggest buy was a new position in Bio-Techne (TECH) and the biggest sale Liberty Broadband-C (LBRDK, shares −25%).
- Most Recent 13F
- Q2 2026
- Location
- MADISON, WI
- CIK
- 0001299351
- Portfolio Value
- $9.1B (Q3 2025)
- SEC Filing
- 0001954889-25-000033 ↗ filed Nov 6, 2025
Holdings Value
Holdings 336 stocks · $9.1B
| ACGL Arch Capital Group Ltd. | 4.71% | 4,707,947 | $427.2M | Reduce -2.4% |
| APH Amphenol Corp. Class A | 3.33% | 2,442,702 | $302.3M | Reduce -1.4% |
| ROST Ross Stores Inc. | 2.68% | 1,593,021 | $242.8M | Reduce -4.0% |
| PCAR Paccar Inc. | 2.67% | 2,461,080 | $242.0M | Reduce -2.2% |
| CDW CDW Corp. | 2.28% | 1,296,175 | $206.5M | Reduce -2.1% |
| GOOG Alphabet Inc. Class C | 2.26% | 840,616 | $204.7M | Reduce -10.9% |
| CPRT Copart Inc. | 2.24% | 4,510,596 | $202.8M | Reduce -1.7% |
| BRO Brown & Brown Inc. | 2.08% | 2,008,760 | $188.4M | Reduce -1.6% |
| IT Gartner Inc. | 2.08% | 715,811 | $188.2M | Add +1.9% |
| CSL Carlisle Cos Inc. | 1.85% | 508,966 | $167.4M | Reduce -1.4% |
| AMZN Amazon.com Inc. | 1.78% | 736,150 | $161.6M | Reduce -1.3% |
| LH Labcorp Holdings Inc. | 1.76% | 556,122 | $159.6M | Reduce -2.6% |
| MEDP Medpace Holdings Inc. | 1.66% | 292,629 | $150.5M | Reduce -1.5% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 1.55% | 1,831,084 | $140.3M | Reduce -1.2% |
| TXN Texas Instruments Inc. | 1.47% | 725,279 | $133.3M | Reduce -5.0% |
| TDY Teledyne Technologies Inc. | 1.44% | 222,575 | $130.4M | Reduce -1.1% |
| V Visa Inc. Class A | 1.38% | 366,257 | $125.0M | Add +1.7% |
| FND Floor & Decor Holdings Inc. Class A | 1.34% | 1,644,673 | $121.2M | Add +1.0% |
| MKSI MKS Inc. | 1.33% | 976,091 | $120.8M | Reduce -33.3% |
| THO Thor Industries Inc. | 1.26% | 1,102,188 | $114.3M | Reduce -1.0% |
| DHR Danaher Corp. | 1.21% | 553,187 | $109.7M | Reduce -3.7% |
| BAM Brookfield Asset Mgmt-A | 1.20% | 1,908,051 | $108.6M | Reduce -1.0% |
| SPHQ Invesco S&P 500 Quality ETF | 1.17% | 1,448,969 | $106.2M | Add +3.0% |
| ANET Arista Networks Inc. | 1.17% | 728,558 | $106.2M | Reduce -40.4% |
| LOW Lowe's Cos Inc. | 1.13% | 407,815 | $102.5M | Reduce -5.5% |
| MCHP Microchip Technology Inc. | 1.13% | 1,588,932 | $102.0M | Reduce -1.2% |
| FWONK Liberty Media Corp. Class C | 1.12% | 970,479 | $101.4M | Reduce -1.5% |
| KEYS Keysight Technologies Inc. | 1.10% | 571,222 | $99.9M | Add +7.6% |
| FERG Ferguson Enterprises Inc. | 1.10% | 442,545 | $99.4M | Reduce -3.8% |
| PGR Progressive Corp. | 1.08% | 397,440 | $98.1M | Reduce -3.7% |
| TREX Trex Company Inc. | 1.08% | 1,893,081 | $97.8M | Add +1.2% |
| ADI Analog Devices Inc. | 1.03% | 378,575 | $93.0M | Reduce -6.8% |
| WAT Waters Corp. | 1.02% | 307,693 | $92.2M | Reduce -1.5% |
| MC Moelis & Co. Class A | 1.01% | 1,284,261 | $91.6M | Reduce -0.8% |
| ABG Asbury Automotive Group | 1.01% | 374,577 | $91.6M | Reduce -1.0% |
| LAD Lithia Motors Inc. | 0.99% | 283,015 | $89.4M | Reduce -0.6% |
| MSFT Microsoft Corp. | 0.97% | 169,700 | $87.9M | Add +11.0% |
| LBRDK Liberty Broadband-C | 0.93% | 1,328,182 | $84.4M | Reduce -24.9% |
| A Agilent Technologies Inc. | 0.93% | 653,819 | $83.9M | Reduce -2.1% |
| PH Parker Hannifin Corp. | 0.91% | 109,245 | $82.8M | Reduce -9.3% |
| SCHW Schwab (charles) Corp. | 0.85% | 809,610 | $77.3M | Reduce -3.7% |
| BN Brookfield Corp. | 0.85% | 1,120,935 | $76.9M | Reduce -4.1% |
| JMBS Janus Henderson Mortg Backed | 0.83% | 1,641,120 | $74.9M | Reduce -5.0% |
| ACN Accenture PLC Class A | 0.77% | 284,442 | $70.1M | Reduce -6.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.76% | 479,739 | $69.3M | Reduce -3.3% |
| FISV Fiserv Inc. | 0.76% | 534,949 | $69.0M | Reduce -10.1% |
| EXPD Expeditors Intl Wash Inc. | 0.74% | 547,050 | $67.1M | Reduce -1.2% |
| KNSL Kinsale Capital Group Inc. | 0.73% | 156,124 | $66.4M | Reduce -4.8% |
| MRSH Marsh & McLennan Cos | 0.71% | 319,737 | $64.4M | Add +2.4% |
| DSTL Distillate US Fundamental St | 0.70% | 1,090,137 | $63.2M | Reduce -2.3% |
| MSTI Madison SHRT TRM STR Inc. ETF | 0.69% | 3,038,297 | $62.7M | Reduce -1.5% |
| DIVL Madison Dividend Value ETF | 0.61% | 2,368,228 | $55.1M | Reduce -5.4% |
| MAGG Madison Aggregate Bond ETF | 0.60% | 2,661,903 | $54.7M | Reduce -5.3% |
| NEE Nextera Energy Inc. | 0.57% | 683,751 | $51.6M | Reduce -0.7% |
| GBCI Glacier Bancorp Inc. | 0.56% | 1,044,445 | $50.8M | Reduce -1.0% |
| AAPL Apple Inc. | 0.55% | 195,295 | $49.7M | Add +5.3% |
| ABNB Airbnb Inc. Class A | 0.54% | 401,679 | $48.8M | Add +55.0% |
| ORCL Oracle Corp. | 0.53% | 171,356 | $48.2M | Reduce -9.7% |
| CFR Cullen/Frost Bankers Inc. | 0.53% | 377,226 | $47.8M | Reduce -1.0% |
| DE Deere & Co. | 0.52% | 103,660 | $47.4M | Reduce -4.5% |
| LLY Eli Lilly & Co. | 0.50% | 58,856 | $44.9M | Add +5.7% |
| NKE Nike Inc. Class B | 0.49% | 640,623 | $44.7M | Add +53.8% |
| VGT Vanguard Info Tech ETF | 0.49% | 59,826 | $44.7M | Add +1.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.49% | 66,496 | $44.3M | Add +36.0% |
| FWONA Liberty Media Corp. Class A | 0.48% | 454,863 | $43.3M | No change |
| GGG Graco Inc. | 0.47% | 499,241 | $42.4M | Reduce -1.0% |
| JPM JPMorgan Chase & Co. | 0.46% | 132,583 | $41.8M | Reduce -7.4% |
| TECH Bio-Techne Corp. | 0.46% | 744,651 | $41.4M | New |
| CVRD Madison Covered Call ETF | 0.45% | 2,205,000 | $40.9M | Reduce -4.1% |
| MSCI MSCI Inc. | 0.44% | 70,672 | $40.1M | New |
| BLK BlackRock Inc. | 0.43% | 33,829 | $39.4M | Reduce -8.9% |
| SBUX Starbucks Corp. | 0.43% | 460,080 | $38.9M | Reduce -5.7% |
| HD Home Depot Inc. | 0.43% | 95,607 | $38.7M | Reduce -2.0% |
| JNJ Johnson & Johnson | 0.42% | 203,470 | $37.7M | Add +9.1% |
| EEMA iShares MSCI Emerg MRKT Asia | 0.40% | 396,693 | $36.4M | Add +6.2% |
| TEL Te Connectivity PLC | 0.37% | 154,023 | $33.8M | Reduce -2.3% |
| HON Honeywell International Inc. | 0.36% | 156,974 | $33.0M | Add +7.1% |
| VEU Vanguard Ftse All-World Ex-U | 0.36% | 462,706 | $33.0M | Add +23.2% |
| SCHR Schwab Intermediate-Term US | 0.32% | 1,139,355 | $28.6M | Reduce -5.6% |
| CME Cme Group Inc. | 0.31% | 105,373 | $28.5M | Add +36.9% |
| SPHY SS SPDR P High Yield ETF | 0.30% | 1,130,255 | $27.1M | Reduce -1.8% |
| ALC Alcon Inc. filed as ALCON AG | 0.30% | 360,135 | $26.8M | Reduce -58.5% |
| COST Costco Wholesale Corp. | 0.28% | 27,095 | $25.1M | Reduce -3.0% |
| KBE SS SPDR S&P Bank ETF | 0.28% | 420,694 | $25.0M | Add +16.4% |
| PEP Pepsico Inc. | 0.27% | 176,072 | $24.7M | Add +12.0% |
| AGG iShares Core U.S. Aggregate | 0.26% | 237,926 | $23.9M | Reduce -1.7% |
| ITW Illinois Tool Works | 0.25% | 87,875 | $22.9M | Add +411.8% |
| JIRE JPMorgan Int Res Enh Eqty | 0.25% | 310,862 | $22.9M | New |
| VGK Vanguard Ftse Europe ETF | 0.24% | 269,918 | $21.5M | No change |
| AMT American Tower Corp. | 0.23% | 110,199 | $21.2M | Reduce -25.0% |
| ADP Automatic Data Processing | 0.23% | 72,144 | $21.2M | Reduce -12.4% |
| COP Conocophillips | 0.23% | 220,851 | $20.9M | Reduce -3.3% |
| LIN Linde PLC | 0.23% | 43,601 | $20.7M | Add +1.9% |
| MS Morgan Stanley | 0.22% | 123,193 | $19.6M | Reduce -15.8% |
| IJR iShares Core S&P Small-Cap E | 0.21% | 160,260 | $19.0M | Reduce -7.4% |
| CVX Chevron Corp. | 0.21% | 120,842 | $18.8M | Reduce -4.6% |
| QCOM Qualcomm Inc. | 0.20% | 109,266 | $18.2M | Add +10.3% |
| IJH iShares Core S&P Midcap ETF | 0.20% | 276,110 | $18.0M | Reduce -4.2% |
| EFX Equifax Inc. | 0.19% | 66,179 | $17.0M | Add +35.0% |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.18% | 309,483 | $16.7M | Add +5.3% |
Portfolio Sells Q2 2025 → Q3 2025
| LBRDK Liberty Broadband-C | Reduce -24.9% | 0.93% | −0.95 |
| ELV Elevance Health Inc. | Reduce -88.4% | 0.06% | −0.54 |
| ALC Alcon Inc. | Reduce -58.5% | 0.30% | −0.53 |
| BRO Brown & Brown Inc. | Reduce -1.6% | 2.08% | −0.37 |
| FISV Fiserv Inc. | Reduce -10.1% | 0.76% | −0.35 |
| CDW CDW Corp. | Reduce -2.1% | 2.28% | −0.28 |
| TXN Texas Instruments Inc. | Reduce -5.0% | 1.47% | −0.24 |
| MKSI MKS Inc. | Reduce -33.3% | 1.33% | −0.24 |
| CSL Carlisle Cos Inc. | Reduce -1.4% | 1.85% | −0.24 |
| ACN Accenture PLC Class A | Reduce -6.2% | 0.77% | −0.21 |
| CPRT Copart Inc. | Reduce -1.7% | 2.24% | −0.20 |
| ANET Arista Networks Inc. | Reduce -40.4% | 1.17% | −0.18 |
| IQLT iShares MSCI International Q | Reduce -83.2% | 0.04% | −0.17 |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | Sold out | 0.00% | −0.16 |
| WAT Waters Corp. | Reduce -1.5% | 1.02% | −0.16 |
| B Barrick Mining Corp. | Sold out | 0.00% | −0.14 |
| ADBE Adobe Inc. | Reduce -54.2% | 0.10% | −0.14 |
| KNSL Kinsale Capital Group Inc. | Reduce -4.8% | 0.73% | −0.12 |
| AMT American Tower Corp. | Reduce -25.0% | 0.23% | −0.12 |
| PGR Progressive Corp. | Reduce -3.7% | 1.08% | −0.11 |
| MCHP Microchip Technology Inc. | Reduce -1.2% | 1.13% | −0.10 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −0.09 |
| ROK Rockwell Automation Inc. | Reduce -53.9% | 0.09% | −0.09 |
| PAYX Paychex Inc. | Sold out | 0.00% | −0.09 |
| JAAA Janus Henderson Aaa Clo ETF | Reduce -83.6% | 0.02% | −0.08 |
| DE Deere & Co. | Reduce -4.5% | 0.52% | −0.07 |
| XLE SS Energy Select Sector | Reduce -58.4% | 0.06% | −0.07 |
| MDT Medtronic PLC | Reduce -35.4% | 0.18% | −0.07 |
| SBUX Starbucks Corp. | Reduce -5.7% | 0.43% | −0.05 |
| LAD Lithia Motors Inc. | Reduce -0.6% | 0.99% | −0.05 |
| HPE Hewlett Packard Enterprise | Sold out | 0.00% | −0.05 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -38.6% | 0.14% | −0.04 |
| ADP Automatic Data Processing | Reduce -12.4% | 0.23% | −0.04 |
| USB US Bancorp | Reduce -36.8% | 0.09% | −0.04 |
| GMED Globus Medical Inc. Class A | Reduce -68.8% | 0.02% | −0.04 |
| ACGL Arch Capital Group Ltd. | Reduce -2.4% | 4.71% | −0.03 |
| FAST Fastenal Co. | Reduce -32.7% | 0.13% | −0.03 |
| EZU iShares MSCI Eurozone ETF | Reduce -20.2% | 0.18% | −0.03 |
| FLJP Franklin Ftse Japan ETF | Reduce -30.0% | 0.11% | −0.03 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -17.7% | 0.18% | −0.03 |
| BWIN Baldwin Insurance Group Inc./ | Reduce -16.6% | 0.03% | −0.03 |
| HUM Humana Inc. | Sold out | 0.00% | −0.02 |
| COST Costco Wholesale Corp. | Reduce -3.0% | 0.28% | −0.02 |
| SHAK Shake Shack Inc. Class A | Reduce -1.1% | 0.04% | −0.02 |
| MDY State Street SPDR S&P Midcap | Reduce -17.5% | 0.16% | −0.02 |
| PRMB Primo Brands Corp. | Reduce -15.1% | 0.04% | −0.02 |
| CL Colgate-Palmolive Co. | Reduce -13.9% | 0.06% | −0.02 |
| SMPL The Simply Good Foods Co. | Reduce -14.9% | 0.04% | −0.02 |
| ADI Analog Devices Inc. | Reduce -6.8% | 1.03% | −0.02 |
| OSW Onespaworld Holdings Ltd. | Reduce -32.0% | 0.04% | −0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| TECH Bio-Techne Corp. | New | 0.46% | +0.46 |
| MSCI MSCI Inc. | New | 0.44% | +0.44 |
| JIRE JPMorgan Int Res Enh Eqty | New | 0.25% | +0.25 |
| ITW Illinois Tool Works | Add +411.8% | 0.25% | +0.21 |
| NKE Nike Inc. Class B | Add +53.8% | 0.49% | +0.17 |
| ABNB Airbnb Inc. Class A | Add +55.0% | 0.54% | +0.17 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +36.0% | 0.49% | +0.16 |
| KEYS Keysight Technologies Inc. | Add +7.6% | 1.10% | +0.16 |
| MSFT Microsoft Corp. | Add +11.0% | 0.97% | +0.15 |
| AAPL Apple Inc. | Add +5.3% | 0.55% | +0.14 |
| JNJ Johnson & Johnson | Add +9.1% | 0.42% | +0.11 |
| VEU Vanguard Ftse All-World Ex-U | Add +23.2% | 0.36% | +0.09 |
| SPHQ Invesco S&P 500 Quality ETF | Add +3.0% | 1.17% | +0.09 |
| CME Cme Group Inc. | Add +36.9% | 0.31% | +0.08 |
| FLXR TCW Flexible Income ETF | Add +335.5% | 0.10% | +0.08 |
| VGT Vanguard Info Tech ETF | Add +1.7% | 0.49% | +0.07 |
| EEMA iShares MSCI Emerg MRKT Asia | Add +6.2% | 0.40% | +0.07 |
| KBE SS SPDR S&P Bank ETF | Add +16.4% | 0.28% | +0.06 |
| WY Weyerhaeuser Co. | New | 0.06% | +0.06 |
| EFX Equifax Inc. | Add +35.0% | 0.19% | +0.05 |
| PEP Pepsico Inc. | Add +12.0% | 0.27% | +0.05 |
| UNH Unitedhealth Group Inc. | Add +32.1% | 0.13% | +0.04 |
| AES AES Corp. | Add +0.1% | 0.16% | +0.03 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +52.9% | 0.08% | +0.03 |
| QCOM Qualcomm Inc. | Add +10.3% | 0.20% | +0.03 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +56.1% | 0.07% | +0.03 |
| BINV Brandes International ETF | New | 0.03% | +0.03 |
| SEZL Sezzle Inc. | New | 0.03% | +0.03 |
| CMI Cummins Inc. | Add +10.1% | 0.08% | +0.03 |
| LLY Eli Lilly & Co. | Add +5.7% | 0.50% | +0.03 |
| EXP Eagle Materials Inc. | New | 0.02% | +0.02 |
| CRL Charles River Laboratories | New | 0.02% | +0.02 |
| SPTI SS SPDR P Int Term TSY ETF | Add +14.2% | 0.14% | +0.02 |
| RIG Transocean Ltd. | Add +1.9% | 0.10% | +0.02 |
| FCX Freeport-McMoran Inc. | Add +60.2% | 0.06% | +0.02 |
| VFLO Victoryshares Free Cash Flow | Add +78.4% | 0.04% | +0.02 |
| ADM Archer-Daniels-Midland Co. | Add +4.7% | 0.11% | +0.02 |
| VFH Vanguard Financials ETF | Add +18.2% | 0.09% | +0.02 |
| SYY Sysco Corp. | New | 0.02% | +0.02 |
| NU Nu Holdings Ltd./Cayman Isl-A | New | 0.02% | +0.02 |
| YUMC Yum China Holdings Inc. | New | 0.02% | +0.02 |
| SCBFY Standard Chartered- Unsp ADR | New | 0.02% | +0.02 |
| BAC Bank of America Corp. | Add +0.3% | 0.15% | +0.02 |
| STZ Constellation Brands Inc. Class A | Add +44.0% | 0.09% | +0.02 |
| HXL Hexcel Corp. | New | 0.02% | +0.02 |
| IGIB iShares 5-10Y Inv Grade Corp. | Add +5.3% | 0.18% | +0.02 |
| PFE Pfizer Inc. | Add +20.2% | 0.07% | +0.02 |
| NICE Nice Ltd. - Spon ADR | New | 0.02% | +0.02 |
| ENTG Entegris Inc. | Add +11.2% | 0.06% | +0.01 |
| KN Knowles Corp. | Add +0.1% | 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 |