Madison Asset Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 4, 2026), Madison Asset Management, LLC reported 341 stock positions worth $8.7 billion. Its top holding was Arch Capital (ACGL) at 4.8% of the portfolio, followed by Ross Stores (ROST, 3.1%) and Paccar (PCAR, 2.9%). Compared with Q3 2025, it opened 26 new positions, sold out of 21, added to 91 and reduced 186. The biggest buy was a new position in Msa Safety (MSA) and the biggest sale Amphenol Class A (APH, shares −45%).
- Most Recent 13F
- Q2 2026
- Location
- MADISON, WI
- CIK
- 0001299351
- Portfolio Value
- $8.7B (Q4 2025)
- SEC Filing
- 0001954889-26-000008 ↗ filed Feb 4, 2026
Holdings Value
Holdings 341 stocks · $8.7B
| ACGL Arch Capital Group Ltd. | 4.78% | 4,332,431 | $415.6M | Reduce -8.0% |
| ROST Ross Stores Inc. | 3.12% | 1,507,387 | $271.5M | Reduce -5.4% |
| PCAR Paccar Inc. | 2.88% | 2,282,440 | $249.9M | Reduce -7.3% |
| GOOG Alphabet Inc. Class C | 2.78% | 769,985 | $241.6M | Reduce -8.4% |
| APH Amphenol Corp. Class A | 2.09% | 1,340,841 | $181.2M | Reduce -45.1% |
| IT Gartner Inc. | 1.96% | 675,398 | $170.4M | Reduce -5.7% |
| AMZN Amazon.com Inc. | 1.87% | 702,961 | $162.3M | Reduce -4.5% |
| CPRT Copart Inc. | 1.83% | 4,072,359 | $159.4M | Reduce -9.7% |
| BRO Brown & Brown Inc. | 1.82% | 1,987,110 | $158.4M | Reduce -1.1% |
| CDW CDW Corp. | 1.81% | 1,154,334 | $157.2M | Reduce -10.9% |
| MEDP Medpace Holdings Inc. | 1.80% | 277,757 | $156.0M | Reduce -5.1% |
| CSL Carlisle Cos Inc. | 1.75% | 475,632 | $152.1M | Reduce -6.5% |
| MKSI MKS Inc. | 1.69% | 921,450 | $147.2M | Reduce -5.6% |
| LH Labcorp Holdings Inc. | 1.52% | 525,878 | $131.9M | Reduce -5.4% |
| DHR Danaher Corp. | 1.44% | 545,044 | $124.8M | Reduce -1.5% |
| V Visa Inc. Class A | 1.43% | 355,548 | $124.7M | Reduce -2.9% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 1.39% | 1,724,598 | $120.9M | Reduce -5.8% |
| TXN Texas Instruments Inc. | 1.35% | 677,878 | $117.6M | Reduce -6.5% |
| WAT Waters Corp. | 1.28% | 293,164 | $111.4M | Reduce -4.7% |
| TDY Teledyne Technologies Inc. | 1.24% | 210,832 | $107.7M | Reduce -5.3% |
| THO Thor Industries Inc. | 1.23% | 1,043,703 | $107.2M | Reduce -5.3% |
| KEYS Keysight Technologies Inc. | 1.21% | 519,312 | $105.5M | Reduce -9.1% |
| SPHQ Invesco S&P 500 Quality ETF | 1.18% | 1,362,392 | $102.2M | Reduce -6.0% |
| ADI Analog Devices Inc. | 1.15% | 367,468 | $99.7M | Reduce -2.9% |
| MSFT Microsoft Corp. | 1.10% | 196,935 | $95.2M | Add +16.1% |
| BAM Brookfield Asset Mgmt-A | 1.09% | 1,801,474 | $94.4M | Reduce -5.6% |
| ANET Arista Networks Inc. | 1.07% | 712,155 | $93.3M | Reduce -2.3% |
| MSA Msa Safety Inc. | 1.05% | 568,244 | $91.0M | New |
| LOW Lowe's Cos Inc. | 1.04% | 375,532 | $90.6M | Reduce -7.9% |
| FERG Ferguson Enterprises Inc. | 1.02% | 397,291 | $88.4M | Reduce -10.2% |
| LAD Lithia Motors Inc. | 1.02% | 266,043 | $88.4M | Reduce -6.0% |
| FWONK Liberty Media Corp. Class C | 1.01% | 892,786 | $87.9M | Reduce -8.0% |
| PH Parker Hannifin Corp. | 1.00% | 98,952 | $87.0M | Reduce -9.4% |
| FND Floor & Decor Holdings Inc. Class A | 0.99% | 1,411,076 | $85.9M | Reduce -14.2% |
| MC Moelis & Co. Class A | 0.96% | 1,218,178 | $83.7M | Reduce -5.2% |
| PGR Progressive Corp. | 0.96% | 367,175 | $83.6M | Reduce -7.6% |
| A Agilent Technologies Inc. | 0.95% | 609,418 | $82.9M | Reduce -6.8% |
| AOS Smith (a.o.) Corp. | 0.93% | 1,209,405 | $80.9M | New |
| ABG Asbury Automotive Group | 0.93% | 346,280 | $80.5M | Reduce -7.5% |
| EXPD Expeditors Intl Wash Inc. | 0.90% | 525,834 | $78.4M | Reduce -3.9% |
| SCHW Schwab (charles) Corp. | 0.88% | 761,350 | $76.1M | Reduce -6.0% |
| JMBS Janus Henderson Mortg Backed | 0.81% | 1,532,028 | $70.0M | Reduce -6.7% |
| TECH Bio-Techne Corp. | 0.80% | 1,181,308 | $69.5M | Add +58.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.79% | 449,390 | $69.0M | Reduce -6.3% |
| BN Brookfield Corp. | 0.79% | 1,498,571 | $68.8M | Reduce -10.9% |
| HON Honeywell International Inc. | 0.79% | 350,974 | $68.5M | Add +123.6% |
| TTAN Servicetitan Inc. Class A | 0.78% | 638,075 | $68.0M | New |
| ACN Accenture PLC Class A | 0.75% | 244,254 | $65.5M | Reduce -14.1% |
| LLY Eli Lilly & Co. | 0.75% | 60,914 | $65.5M | Add +3.5% |
| MSTI Madison SHRT TRM STR Inc. ETF | 0.67% | 2,820,994 | $57.8M | Reduce -7.2% |
| LBRDK Liberty Broadband-C | 0.66% | 1,181,920 | $57.4M | Reduce -11.0% |
| DSTL Distillate US Fundamental St | 0.64% | 943,332 | $55.6M | Reduce -13.5% |
| NEE Nextera Energy Inc. | 0.63% | 686,878 | $55.1M | Add +0.5% |
| MRSH Marsh & McLennan Cos | 0.62% | 290,337 | $53.9M | Reduce -9.2% |
| KNSL Kinsale Capital Group Inc. | 0.62% | 137,362 | $53.7M | Reduce -12.0% |
| MAGG Madison Aggregate Bond ETF | 0.62% | 2,606,897 | $53.5M | Reduce -2.1% |
| DIVL Madison Dividend Value ETF | 0.61% | 2,328,892 | $53.4M | Reduce -1.7% |
| AAPL Apple Inc. | 0.61% | 195,520 | $53.2M | Add +0.1% |
| MDY State Street SPDR S&P Midcap | 0.58% | 83,341 | $50.3M | Add +246.4% |
| ABNB Airbnb Inc. Class A | 0.57% | 362,323 | $49.2M | Reduce -9.8% |
| DE Deere & Co. | 0.53% | 98,137 | $45.7M | Reduce -5.3% |
| CFR Cullen/Frost Bankers Inc. | 0.52% | 356,874 | $45.2M | Reduce -5.4% |
| JPM JPMorgan Chase & Co. | 0.51% | 137,868 | $44.4M | Add +4.0% |
| VGT Vanguard Info Tech ETF | 0.50% | 58,121 | $43.8M | Reduce -2.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.50% | 64,038 | $43.7M | Reduce -3.7% |
| GBCI Glacier Bancorp Inc. | 0.50% | 987,362 | $43.5M | Reduce -5.5% |
| FWONA Liberty Media Corp. Class A | 0.47% | 454,863 | $40.7M | No change |
| GGG Graco Inc. | 0.45% | 473,849 | $38.8M | Reduce -5.1% |
| EEMA iShares MSCI Emerg MRKT Asia | 0.42% | 392,640 | $36.9M | Reduce -1.0% |
| VEU Vanguard Ftse All-World Ex-U | 0.42% | 497,130 | $36.6M | Add +7.4% |
| BLK BlackRock Inc. | 0.41% | 33,693 | $36.1M | Reduce -0.4% |
| CVRD Madison Covered Call ETF | 0.40% | 1,885,000 | $34.7M | Reduce -14.5% |
| QCOM Qualcomm Inc. | 0.40% | 202,944 | $34.7M | Add +85.7% |
| TEL Te Connectivity PLC | 0.40% | 152,050 | $34.6M | Reduce -1.3% |
| JNJ Johnson & Johnson | 0.37% | 157,184 | $32.5M | Reduce -22.8% |
| HD Home Depot Inc. | 0.37% | 94,398 | $32.5M | Reduce -1.3% |
| MSCI MSCI Inc. | 0.37% | 55,494 | $31.8M | Reduce -21.5% |
| SBUX Starbucks Corp. | 0.36% | 367,263 | $30.9M | Reduce -20.2% |
| CME Cme Group Inc. | 0.35% | 110,567 | $30.2M | Add +4.9% |
| IJR iShares Core S&P Small-Cap E | 0.34% | 249,350 | $30.0M | Add +55.6% |
| SCHR Schwab Intermediate-Term US | 0.33% | 1,132,088 | $28.4M | Reduce -0.6% |
| XOM Exxon Mobil Corp. | 0.31% | 222,970 | $26.8M | Add +60.6% |
| SPHY SS SPDR P High Yield ETF | 0.31% | 1,130,255 | $26.8M | No change |
| ORCL Oracle Corp. | 0.30% | 133,071 | $25.9M | Reduce -22.3% |
| ALC Alcon Inc. filed as ALCON AG | 0.29% | 320,900 | $25.3M | Reduce -10.9% |
| PEP Pepsico Inc. | 0.29% | 173,291 | $24.9M | Reduce -1.6% |
| AGG iShares Core U.S. Aggregate | 0.28% | 247,990 | $24.8M | Add +4.2% |
| KBE SS SPDR S&P Bank ETF | 0.28% | 406,063 | $24.6M | Reduce -3.5% |
| CVX Chevron Corp. | 0.28% | 159,868 | $24.4M | Add +32.3% |
| COST Costco Wholesale Corp. | 0.27% | 27,581 | $23.8M | Add +1.8% |
| JIRE JPMorgan Int Res Enh Eqty | 0.27% | 310,496 | $23.2M | Reduce -0.1% |
| VGK Vanguard Ftse Europe ETF | 0.26% | 266,160 | $22.3M | Reduce -1.4% |
| ITW Illinois Tool Works | 0.25% | 86,961 | $21.4M | Reduce -1.0% |
| WDAY Workday Inc. Class A | 0.23% | 93,120 | $20.0M | New |
| LIN Linde PLC | 0.23% | 46,772 | $19.9M | Add +7.3% |
| IJH iShares Core S&P Midcap ETF | 0.23% | 297,331 | $19.6M | Add +7.7% |
| MDT Medtronic PLC | 0.22% | 195,216 | $18.8M | Add +15.0% |
| ADP Automatic Data Processing | 0.21% | 70,666 | $18.2M | Reduce -2.0% |
| MS Morgan Stanley | 0.21% | 101,108 | $17.9M | Reduce -17.9% |
| VFLO Victoryshares Free Cash Flow | 0.20% | 437,966 | $17.2M | Add +336.6% |
Options reported separately and not counted above: HON calls ($6.8M).
Portfolio Sells Q3 2025 → Q4 2025
| APH Amphenol Corp. Class A | Reduce -45.1% | 2.09% | −1.25 |
| TREX Trex Company Inc. | Sold out | 0.00% | −1.08 |
| MCHP Microchip Technology Inc. | Reduce -89.7% | 0.12% | −1.01 |
| FISV Fiserv Inc. | Reduce -85.1% | 0.06% | −0.70 |
| CDW CDW Corp. | Reduce -10.9% | 1.81% | −0.47 |
| CPRT Copart Inc. | Reduce -9.7% | 1.83% | −0.40 |
| FND Floor & Decor Holdings Inc. Class A | Reduce -14.2% | 0.99% | −0.35 |
| NKE Nike Inc. Class B | Reduce -67.7% | 0.15% | −0.34 |
| LBRDK Liberty Broadband-C | Reduce -11.0% | 0.66% | −0.27 |
| BRO Brown & Brown Inc. | Reduce -1.1% | 1.82% | −0.26 |
| LH Labcorp Holdings Inc. | Reduce -5.4% | 1.52% | −0.24 |
| ORCL Oracle Corp. | Reduce -22.3% | 0.30% | −0.23 |
| TDY Teledyne Technologies Inc. | Reduce -5.3% | 1.24% | −0.20 |
| AMT American Tower Corp. | Reduce -74.1% | 0.06% | −0.18 |
| WRB WR Berkley Corp. | Reduce -5.8% | 1.39% | −0.16 |
| CMCSA Comcast Corp. Class A | Reduce -75.8% | 0.04% | −0.13 |
| PGR Progressive Corp. | Reduce -7.6% | 0.96% | −0.12 |
| TXN Texas Instruments Inc. | Reduce -6.5% | 1.35% | −0.12 |
| IT Gartner Inc. | Reduce -5.7% | 1.96% | −0.11 |
| KNSL Kinsale Capital Group Inc. | Reduce -12.0% | 0.62% | −0.11 |
| BAM Brookfield Asset Mgmt-A | Reduce -5.6% | 1.09% | −0.11 |
| XSHQ Invesco S&P Smallcap Quality | Reduce -86.2% | 0.02% | −0.11 |
| FWONK Liberty Media Corp. Class C | Reduce -8.0% | 1.01% | −0.11 |
| EFX Equifax Inc. | Reduce -50.5% | 0.08% | −0.11 |
| LVS Las Vegas Sands Corp. | Reduce -71.6% | 0.06% | −0.10 |
| COP Conocophillips | Reduce -46.9% | 0.13% | −0.10 |
| ANET Arista Networks Inc. | Reduce -2.3% | 1.07% | −0.10 |
| CSL Carlisle Cos Inc. | Reduce -6.5% | 1.75% | −0.10 |
| MRSH Marsh & McLennan Cos | Reduce -9.2% | 0.62% | −0.09 |
| LOW Lowe's Cos Inc. | Reduce -7.9% | 1.04% | −0.09 |
| ABG Asbury Automotive Group | Reduce -7.5% | 0.93% | −0.08 |
| FERG Ferguson Enterprises Inc. | Reduce -10.2% | 1.02% | −0.08 |
| MSCI MSCI Inc. | Reduce -21.5% | 0.37% | −0.08 |
| SBUX Starbucks Corp. | Reduce -20.2% | 0.36% | −0.07 |
| GBCI Glacier Bancorp Inc. | Reduce -5.5% | 0.50% | −0.06 |
| DSTL Distillate US Fundamental St | Reduce -13.5% | 0.64% | −0.06 |
| BN Brookfield Corp. | Reduce -10.9% | 0.79% | −0.06 |
| HD Home Depot Inc. | Reduce -1.3% | 0.37% | −0.05 |
| CVRD Madison Covered Call ETF | Reduce -14.5% | 0.40% | −0.05 |
| CFLT Confluent Inc. Class A | Sold out | 0.00% | −0.05 |
| CIEN Ciena Corp. | Sold out | 0.00% | −0.05 |
| MC Moelis & Co. Class A | Reduce -5.2% | 0.96% | −0.05 |
| CAT Caterpillar Inc. | Reduce -56.5% | 0.06% | −0.05 |
| WAL Western Alliance Bancorp | Sold out | 0.00% | −0.05 |
| JNJ Johnson & Johnson | Reduce -22.8% | 0.37% | −0.04 |
| CCOI Cogent Communications Holdin | Sold out | 0.00% | −0.04 |
| XLE SS Energy Select Sector | Reduce -61.7% | 0.02% | −0.03 |
| IGIB iShares 5-10Y Inv Grade Corp. | Reduce -20.5% | 0.15% | −0.03 |
| EOG EOG Resources Inc. | Reduce -19.5% | 0.11% | −0.03 |
| WSC Willscot Holdings Corp. | Reduce -56.0% | 0.02% | −0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| MSA Msa Safety Inc. | New | 1.05% | +1.05 |
| AOS Smith (a.o.) Corp. | New | 0.93% | +0.93 |
| TTAN Servicetitan Inc. Class A | New | 0.78% | +0.78 |
| HON Honeywell International Inc. | Add +123.6% | 0.79% | +0.42 |
| MDY State Street SPDR S&P Midcap | Add +246.4% | 0.58% | +0.42 |
| TECH Bio-Techne Corp. | Add +58.6% | 0.80% | +0.34 |
| LLY Eli Lilly & Co. | Add +3.5% | 0.75% | +0.26 |
| WDAY Workday Inc. Class A | New | 0.23% | +0.23 |
| QCOM Qualcomm Inc. | Add +85.7% | 0.40% | +0.20 |
| VFLO Victoryshares Free Cash Flow | Add +336.6% | 0.20% | +0.16 |
| EMLC Vaneck JPM Em Local Curr BND | New | 0.15% | +0.15 |
| CRM Salesforce Inc. | New | 0.14% | +0.14 |
| XOM Exxon Mobil Corp. | Add +60.6% | 0.31% | +0.14 |
| IJR iShares Core S&P Small-Cap E | Add +55.6% | 0.34% | +0.13 |
| SBGSY Schneider Elect SE-Unsp ADR | New | 0.13% | +0.13 |
| MSFT Microsoft Corp. | Add +16.1% | 1.10% | +0.13 |
| CVX Chevron Corp. | Add +32.3% | 0.28% | +0.07 |
| QLTY GMO U.S. Quality ETF | Add +783.0% | 0.08% | +0.07 |
| NEE Nextera Energy Inc. | Add +0.5% | 0.63% | +0.07 |
| AAPL Apple Inc. | Add +0.1% | 0.61% | +0.06 |
| MCD McDonald's Corp. | Add +68.2% | 0.15% | +0.06 |
| VEU Vanguard Ftse All-World Ex-U | Add +7.4% | 0.42% | +0.06 |
| ASML ASML Holding NV-NY Reg SHS | Add +21.0% | 0.19% | +0.05 |
| JPM JPMorgan Chase & Co. | Add +4.0% | 0.51% | +0.05 |
| PLD Prologis Inc. | New | 0.04% | +0.04 |
| MDT Medtronic PLC | Add +15.0% | 0.22% | +0.04 |
| ADBE Adobe Inc. | Add +31.1% | 0.14% | +0.04 |
| VIAV Viavi Solutions Inc. | New | 0.03% | +0.03 |
| PG The Procter & Gamble Co. | Add +36.8% | 0.14% | +0.03 |
| CME Cme Group Inc. | Add +4.9% | 0.35% | +0.03 |
| FAST Fastenal Co. | Add +46.4% | 0.17% | +0.03 |
| USB US Bancorp | Add +19.5% | 0.12% | +0.03 |
| IJH iShares Core S&P Midcap ETF | Add +7.7% | 0.23% | +0.03 |
| GTLB Gitlab Inc. Class A | New | 0.03% | +0.03 |
| AGG iShares Core U.S. Aggregate | Add +4.2% | 0.28% | +0.02 |
| IWR iShares Russell Mid-Cap ETF | Add +306.1% | 0.03% | +0.02 |
| VCEL Vericel Corp. | New | 0.02% | +0.02 |
| SFGYY Sony Financial Group Inc.-ADR | New | 0.02% | +0.02 |
| AAON Aaon Inc. | New | 0.02% | +0.02 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | Add +3.7% | 0.18% | +0.02 |
| ABT Abbott Laboratories | Add +16.5% | 0.14% | +0.02 |
| STT State Street Corp. | New | 0.02% | +0.02 |
| VRTX Vertex Pharmaceuticals Inc. | Add +1.4% | 0.09% | +0.02 |
| ECL Ecolab Inc. | Add +8.7% | 0.19% | +0.02 |
| MIR Mirion Technologies Inc. | New | 0.02% | +0.02 |
| SLB SLB Ltd. | New | 0.02% | +0.02 |
| TOELY Tokyo Electron Ltd.-Unsp ADR | New | 0.02% | +0.02 |
| RVLV Revolve Group Inc. Class A | Add +0.4% | 0.05% | +0.01 |
| CRL Charles River Laboratories | Add +26.3% | 0.04% | +0.01 |
| AMGN Amgen Inc. | Add +32.8% | 0.04% | +0.01 |
Options Activity Q3 2025 → Q4 2025
| HON Honeywell International Inc. | call | New | 35,100 | $6.8M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
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 |