Madison Asset Management, LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 7, 2026), Madison Asset Management, LLC reported 349 stock positions worth $8.1 billion. Its top holding was Arch Capital (ACGL) at 4.9% of the portfolio, followed by Ross Stores (ROST, 3.8%) and Paccar (PCAR, 2.3%). Compared with Q4 2025, it opened 22 new positions, sold out of 14, added to 123 and reduced 165. The biggest buy was a new position in Tyler Technologies (TYL) and the biggest sale Gartner (IT, shares −9%).
- Most Recent 13F
- Q2 2026
- Location
- MADISON, WI
- CIK
- 0001299351
- Portfolio Value
- $8.1B (Q1 2026)
- SEC Filing
- 0001954889-26-000018 ↗ filed May 7, 2026
Holdings Value
Holdings 349 stocks · $8.1B
| ACGL Arch Capital Group Ltd. | 4.85% | 4,076,446 | $391.3M | Reduce -5.9% |
| ROST Ross Stores Inc. | 3.80% | 1,412,924 | $306.1M | Reduce -6.3% |
| PCAR Paccar Inc. | 2.27% | 1,585,366 | $183.1M | Reduce -30.5% |
| GOOG Alphabet Inc. Class C | 2.24% | 629,576 | $180.6M | Reduce -18.2% |
| APH Amphenol Corp. Class A | 1.96% | 1,251,006 | $158.1M | Reduce -6.7% |
| CSL Carlisle Cos Inc. | 1.88% | 453,813 | $151.4M | Reduce -4.6% |
| BRO Brown & Brown Inc. | 1.87% | 2,307,622 | $150.5M | Add +16.1% |
| AMZN Amazon.com Inc. | 1.72% | 667,083 | $138.9M | Reduce -5.1% |
| CDW CDW Corp. | 1.66% | 1,105,086 | $133.7M | Reduce -4.3% |
| LH Labcorp Holdings Inc. | 1.62% | 490,546 | $130.9M | Reduce -6.7% |
| CPRT Copart Inc. | 1.60% | 3,889,584 | $129.1M | Reduce -4.5% |
| MEDP Medpace Holdings Inc. | 1.56% | 262,293 | $126.0M | Reduce -5.6% |
| TDY Teledyne Technologies Inc. | 1.49% | 198,548 | $120.1M | Reduce -5.8% |
| KEYS Keysight Technologies Inc. | 1.48% | 422,973 | $119.4M | Reduce -18.6% |
| TXN Texas Instruments Inc. | 1.46% | 608,305 | $118.1M | Reduce -10.3% |
| V Visa Inc. Class A | 1.46% | 389,869 | $117.8M | Add +9.7% |
| ADI Analog Devices Inc. | 1.33% | 337,410 | $107.3M | Reduce -8.2% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 1.33% | 1,618,906 | $107.3M | Reduce -6.1% |
| MC Moelis & Co. Class A | 1.25% | 1,773,735 | $101.1M | Add +45.6% |
| IT Gartner Inc. | 1.20% | 613,257 | $97.1M | Reduce -9.2% |
| MSA Msa Safety Inc. | 1.20% | 588,568 | $96.5M | Add +3.6% |
| SPHQ Invesco S&P 500 Quality ETF | 1.20% | 1,282,365 | $96.4M | Reduce -5.9% |
| DHR Danaher Corp. | 1.16% | 495,020 | $93.9M | Reduce -9.2% |
| FWONK Liberty Media Corp. Class C | 1.13% | 1,070,299 | $91.0M | Add +19.9% |
| FERG Ferguson Enterprises Inc. | 1.08% | 373,297 | $87.1M | Reduce -6.0% |
| ANET Arista Networks Inc. | 1.04% | 684,316 | $84.0M | Reduce -3.9% |
| PH Parker Hannifin Corp. | 1.03% | 93,074 | $83.3M | Reduce -5.9% |
| WAT Waters Corp. | 1.01% | 272,649 | $81.2M | Reduce -7.0% |
| MSFT Microsoft Corp. | 0.99% | 215,943 | $79.9M | Add +9.7% |
| LOW Lowe's Cos Inc. | 0.97% | 330,030 | $78.0M | Reduce -12.1% |
| MKSI MKS Inc. | 0.96% | 338,336 | $77.8M | Reduce -63.3% |
| THO Thor Industries Inc. | 0.96% | 964,776 | $77.1M | Reduce -7.6% |
| AOS Smith (a.o.) Corp. | 0.93% | 1,142,604 | $75.3M | Reduce -5.5% |
| BAM Brookfield Asset Mgmt-A | 0.92% | 1,675,100 | $74.5M | Reduce -7.0% |
| EXPD Expeditors Intl Wash Inc. | 0.87% | 490,415 | $70.2M | Reduce -6.7% |
| FND Floor & Decor Holdings Inc. Class A | 0.86% | 1,369,459 | $69.6M | Reduce -3.0% |
| HON Honeywell International Inc. | 0.86% | 306,928 | $69.4M | Reduce -12.6% |
| PGR Progressive Corp. | 0.86% | 349,774 | $69.3M | Reduce -4.7% |
| A Agilent Technologies Inc. | 0.86% | 607,831 | $69.3M | Reduce -0.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.86% | 433,099 | $69.2M | Reduce -3.6% |
| SCHW Schwab (charles) Corp. | 0.84% | 721,830 | $67.8M | Reduce -5.2% |
| NEE Nextera Energy Inc. | 0.79% | 684,398 | $63.6M | Reduce -0.4% |
| MRSH Marsh & McLennan Cos | 0.77% | 355,913 | $61.7M | Add +22.6% |
| ABG Asbury Automotive Group | 0.75% | 308,875 | $60.4M | Reduce -10.8% |
| LBRDK Liberty Broadband-C | 0.74% | 1,188,921 | $59.8M | Add +0.6% |
| LAD Lithia Motors Inc. | 0.72% | 232,682 | $58.1M | Reduce -12.5% |
| TECH Bio-Techne Corp. | 0.71% | 1,093,058 | $57.1M | Reduce -7.5% |
| TTAN Servicetitan Inc. Class A | 0.71% | 900,112 | $57.1M | Add +41.1% |
| BN Brookfield Corp. | 0.69% | 1,369,676 | $55.4M | Reduce -8.6% |
| VEU Vanguard Ftse All-World Ex-U | 0.69% | 737,912 | $55.4M | Add +48.4% |
| MAGG Madison Aggregate Bond ETF | 0.69% | 2,724,067 | $55.3M | Add +4.5% |
| TYL Tyler Technologies Inc. | 0.68% | 160,289 | $54.9M | New |
| JMBS Janus Henderson Mortg Backed | 0.67% | 1,189,356 | $53.7M | Reduce -22.4% |
| DIVL Madison Dividend Value ETF | 0.65% | 2,147,459 | $52.4M | Reduce -7.8% |
| MSTI Madison SHRT TRM STR Inc. ETF | 0.63% | 2,510,249 | $51.1M | Reduce -11.0% |
| META Meta Platforms Inc. Class A | 0.63% | 89,272 | $51.1M | Add +2293.3% |
| AAPL Apple Inc. | 0.63% | 201,086 | $51.0M | Add +2.9% |
| LLY Eli Lilly & Co. | 0.62% | 54,134 | $49.8M | Reduce -11.1% |
| DSTL Distillate US Fundamental St | 0.59% | 815,607 | $47.2M | Reduce -13.5% |
| KNSL Kinsale Capital Group Inc. | 0.58% | 136,778 | $46.7M | Reduce -0.4% |
| CFR Cullen/Frost Bankers Inc. | 0.57% | 335,573 | $46.0M | Reduce -6.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.55% | 68,631 | $44.6M | Add +7.2% |
| ABNB Airbnb Inc. Class A | 0.52% | 332,791 | $42.0M | Reduce -8.2% |
| JPM JPMorgan Chase & Co. | 0.52% | 142,142 | $41.8M | Add +3.1% |
| GBCI Glacier Bancorp Inc. | 0.52% | 930,467 | $41.6M | Reduce -5.8% |
| GGG Graco Inc. | 0.47% | 446,119 | $37.8M | Reduce -5.8% |
| MDY State Street SPDR S&P Midcap | 0.45% | 59,247 | $36.5M | Reduce -28.9% |
| DE Deere & Co. | 0.45% | 64,509 | $36.3M | Reduce -34.3% |
| XOM Exxon Mobil Corp. | 0.45% | 212,258 | $36.0M | Reduce -4.8% |
| FWONA Liberty Media Corp. Class A | 0.44% | 454,863 | $35.5M | No change |
| EEMA iShares MSCI Emerg MRKT Asia | 0.44% | 367,824 | $35.2M | Reduce -6.3% |
| VGT Vanguard Info Tech ETF | 0.43% | 49,886 | $34.8M | Reduce -14.2% |
| MSCI MSCI Inc. | 0.43% | 64,269 | $34.6M | Add +15.8% |
| JNJ Johnson & Johnson | 0.43% | 141,576 | $34.6M | Reduce -9.9% |
| BSY Bentley Systems Inc. Class B | 0.43% | 981,380 | $34.5M | New |
| CVX Chevron Corp. | 0.42% | 162,088 | $33.5M | Add +1.4% |
| COST Costco Wholesale Corp. | 0.41% | 33,040 | $32.9M | Add +19.8% |
| AVGO Broadcom Inc. | 0.41% | 105,626 | $32.7M | Add +1028.4% |
| IJR iShares Core S&P Small-Cap E | 0.40% | 260,463 | $32.4M | Add +4.5% |
| CVRD Madison Covered Call ETF | 0.40% | 1,805,000 | $32.3M | Reduce -4.2% |
| HD Home Depot Inc. | 0.37% | 91,304 | $30.0M | Reduce -3.3% |
| TEL Te Connectivity PLC | 0.36% | 137,343 | $28.7M | Reduce -9.7% |
| PEP Pepsico Inc. | 0.36% | 184,455 | $28.6M | Add +6.4% |
| BLK BlackRock Inc. | 0.34% | 28,918 | $27.8M | Reduce -14.2% |
| COP Conocophillips | 0.34% | 210,608 | $27.8M | Add +79.7% |
| EMLC Vaneck JPM Em Local Curr BND | 0.32% | 1,029,811 | $25.9M | Add +101.2% |
| JIRE JPMorgan Int Res Enh Eqty | 0.31% | 335,261 | $25.4M | Add +8.0% |
| CME Cme Group Inc. | 0.31% | 85,626 | $25.3M | Reduce -22.6% |
| AGG iShares Core U.S. Aggregate | 0.31% | 253,778 | $25.2M | Add +2.3% |
| LIN Linde PLC | 0.31% | 50,425 | $25.0M | Add +7.8% |
| SPHY SS SPDR P High Yield ETF | 0.31% | 1,071,755 | $25.0M | Reduce -5.2% |
| QCOM Qualcomm Inc. | 0.30% | 186,590 | $24.0M | Reduce -8.1% |
| ALC Alcon Inc. filed as ALCON AG | 0.28% | 296,121 | $22.3M | Reduce -7.7% |
| ARMP Armata Pharmaceuticals Inc. | 0.27% | 2,107,675 | $21.6M | New |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.26% | 400,916 | $21.3M | Add +63.0% |
| CL Colgate-Palmolive Co. | 0.26% | 249,020 | $21.2M | Add +253.5% |
| MDT Medtronic PLC | 0.26% | 244,000 | $21.1M | Add +25.0% |
| IJH iShares Core S&P Midcap ETF | 0.26% | 309,060 | $20.9M | Add +3.9% |
| RIG Transocean Ltd. | 0.25% | 3,030,000 | $20.1M | No change |
| KBE SS SPDR S&P Bank ETF | 0.25% | 335,931 | $20.0M | Reduce -17.3% |
Portfolio Sells Q4 2025 → Q1 2026
| IT Gartner Inc. | Reduce -9.2% | 1.20% | −0.76 |
| MKSI MKS Inc. | Reduce -63.3% | 0.96% | −0.73 |
| PCAR Paccar Inc. | Reduce -30.5% | 2.27% | −0.61 |
| ACN Accenture PLC Class A | Reduce -64.6% | 0.21% | −0.54 |
| GOOG Alphabet Inc. Class C | Reduce -18.2% | 2.24% | −0.54 |
| SBUX Starbucks Corp. | Reduce -99.3% | 0.00% | −0.35 |
| LAD Lithia Motors Inc. | Reduce -12.5% | 0.72% | −0.30 |
| ORCL Oracle Corp. | Reduce -98.1% | 0.00% | −0.29 |
| THO Thor Industries Inc. | Reduce -7.6% | 0.96% | −0.28 |
| WAT Waters Corp. | Reduce -7.0% | 1.01% | −0.27 |
| DHR Danaher Corp. | Reduce -9.2% | 1.16% | −0.27 |
| CPRT Copart Inc. | Reduce -4.5% | 1.60% | −0.23 |
| MEDP Medpace Holdings Inc. | Reduce -5.6% | 1.56% | −0.23 |
| ABG Asbury Automotive Group | Reduce -10.8% | 0.75% | −0.18 |
| BAM Brookfield Asset Mgmt-A | Reduce -7.0% | 0.92% | −0.16 |
| CDW CDW Corp. | Reduce -4.3% | 1.66% | −0.15 |
| AMZN Amazon.com Inc. | Reduce -5.1% | 1.72% | −0.14 |
| JMBS Janus Henderson Mortg Backed | Reduce -22.4% | 0.67% | −0.14 |
| LLY Eli Lilly & Co. | Reduce -11.1% | 0.62% | −0.14 |
| FND Floor & Decor Holdings Inc. Class A | Reduce -3.0% | 0.86% | −0.13 |
| MDY State Street SPDR S&P Midcap | Reduce -28.9% | 0.45% | −0.13 |
| APH Amphenol Corp. Class A | Reduce -6.7% | 1.96% | −0.13 |
| MS Morgan Stanley | Reduce -57.7% | 0.09% | −0.12 |
| EZU iShares MSCI Eurozone ETF | Reduce -65.1% | 0.06% | −0.11 |
| ADP Automatic Data Processing | Reduce -41.6% | 0.10% | −0.11 |
| BN Brookfield Corp. | Reduce -8.6% | 0.69% | −0.10 |
| HSY The Hershey Co. | Reduce -65.5% | 0.08% | −0.10 |
| VGK Vanguard Ftse Europe ETF | Reduce -43.9% | 0.15% | −0.10 |
| PGR Progressive Corp. | Reduce -4.7% | 0.86% | −0.10 |
| QCOM Qualcomm Inc. | Reduce -8.1% | 0.30% | −0.10 |
| A Agilent Technologies Inc. | Reduce -0.3% | 0.86% | −0.10 |
| USB US Bancorp | Reduce -77.8% | 0.03% | −0.09 |
| TECH Bio-Techne Corp. | Reduce -7.5% | 0.71% | −0.09 |
| NKE Nike Inc. Class B | Reduce -54.9% | 0.06% | −0.09 |
| WDAY Workday Inc. Class A | Reduce -5.7% | 0.14% | −0.09 |
| SCHR Schwab Intermediate-Term US | Reduce -31.1% | 0.24% | −0.09 |
| AES AES Corp. | Reduce -49.7% | 0.10% | −0.08 |
| DE Deere & Co. | Reduce -34.3% | 0.45% | −0.08 |
| LOW Lowe's Cos Inc. | Reduce -12.1% | 0.97% | −0.08 |
| VGT Vanguard Info Tech ETF | Reduce -14.2% | 0.43% | −0.07 |
| BLK BlackRock Inc. | Reduce -14.2% | 0.34% | −0.07 |
| RLI Rli Corp. | Sold out | 0.00% | −0.07 |
| WRB WR Berkley Corp. | Reduce -6.1% | 1.33% | −0.06 |
| DSTL Distillate US Fundamental St | Reduce -13.5% | 0.59% | −0.05 |
| SPTS SS SPDR P St Term TSY ETF | Reduce -53.6% | 0.05% | −0.05 |
| ROK Rockwell Automation Inc. | Reduce -46.5% | 0.05% | −0.04 |
| ABNB Airbnb Inc. Class A | Reduce -8.2% | 0.52% | −0.04 |
| FAST Fastenal Co. | Reduce -40.1% | 0.13% | −0.04 |
| TEL Te Connectivity PLC | Reduce -9.7% | 0.36% | −0.04 |
| CAT Caterpillar Inc. | Reduce -78.5% | 0.02% | −0.04 |
Portfolio Buys Q4 2025 → Q1 2026
| TYL Tyler Technologies Inc. | New | 0.68% | +0.68 |
| META Meta Platforms Inc. Class A | Add +2293.3% | 0.63% | +0.61 |
| BSY Bentley Systems Inc. Class B | New | 0.43% | +0.43 |
| AVGO Broadcom Inc. | Add +1028.4% | 0.41% | +0.37 |
| MC Moelis & Co. Class A | Add +45.6% | 1.25% | +0.29 |
| ARMP Armata Pharmaceuticals Inc. | New | 0.27% | +0.27 |
| VEU Vanguard Ftse All-World Ex-U | Add +48.4% | 0.69% | +0.27 |
| IUSG iShares Core S&P U.S. Growth | Add +3987.6% | 0.23% | +0.23 |
| COP Conocophillips | Add +79.7% | 0.34% | +0.22 |
| CL Colgate-Palmolive Co. | Add +253.5% | 0.26% | +0.20 |
| EMLC Vaneck JPM Em Local Curr BND | Add +101.2% | 0.32% | +0.17 |
| MSA Msa Safety Inc. | Add +3.6% | 1.20% | +0.15 |
| MRSH Marsh & McLennan Cos | Add +22.6% | 0.77% | +0.15 |
| CVX Chevron Corp. | Add +1.4% | 0.42% | +0.14 |
| COST Costco Wholesale Corp. | Add +19.8% | 0.41% | +0.13 |
| INTU Intuit Inc. | Add +2005.3% | 0.14% | +0.13 |
| FWONK Liberty Media Corp. Class C | Add +19.9% | 1.13% | +0.12 |
| IGIB iShares 5-10Y Inv Grade Corp. | Add +63.0% | 0.26% | +0.11 |
| MTDR Matador Resources Co. | Add +27.0% | 0.22% | +0.11 |
| PG The Procter & Gamble Co. | Add +56.3% | 0.23% | +0.10 |
| FLXR TCW Flexible Income ETF | Add +71.0% | 0.21% | +0.09 |
| SCHD Schwab US DVD Equity ETF | Add +46.5% | 0.20% | +0.09 |
| LBRDK Liberty Broadband-C | Add +0.6% | 0.74% | +0.08 |
| LIN Linde PLC | Add +7.8% | 0.31% | +0.08 |
| EFX Equifax Inc. | Add +114.3% | 0.16% | +0.07 |
| CRM Salesforce Inc. | Add +98.7% | 0.21% | +0.07 |
| MAGG Madison Aggregate Bond ETF | Add +4.5% | 0.69% | +0.07 |
| PEP Pepsico Inc. | Add +6.4% | 0.36% | +0.07 |
| APD Air Products & Chemicals Inc. | Add +43.9% | 0.15% | +0.07 |
| VRTX Vertex Pharmaceuticals Inc. | Add +66.6% | 0.15% | +0.07 |
| MSCI MSCI Inc. | Add +15.8% | 0.43% | +0.06 |
| IJR iShares Core S&P Small-Cap E | Add +4.5% | 0.40% | +0.06 |
| NEM Newmont Corp. | New | 0.05% | +0.05 |
| PAVE Global X US Infrastructure | New | 0.05% | +0.05 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +7.2% | 0.55% | +0.05 |
| LVS Las Vegas Sands Corp. | Add +108.3% | 0.11% | +0.05 |
| JIRE JPMorgan Int Res Enh Eqty | Add +8.0% | 0.31% | +0.05 |
| MDT Medtronic PLC | Add +25.0% | 0.26% | +0.05 |
| BRO Brown & Brown Inc. | Add +16.1% | 1.87% | +0.04 |
| SNPS Synopsys Inc. | New | 0.04% | +0.04 |
| AVEM Avantis Emerging Markets Eq | New | 0.04% | +0.04 |
| VFLO Victoryshares Free Cash Flow | Add +8.8% | 0.23% | +0.03 |
| IJH iShares Core S&P Midcap ETF | Add +3.9% | 0.26% | +0.03 |
| ECL Ecolab Inc. | Add +6.1% | 0.22% | +0.03 |
| IEFA iShares Core MSCI Eafe ETF | Add +273.8% | 0.04% | +0.03 |
| ICUI Icu Medical Inc. | New | 0.03% | +0.03 |
| PCOR Procore Technologies Inc. | New | 0.03% | +0.03 |
| AGG iShares Core U.S. Aggregate | Add +2.3% | 0.31% | +0.03 |
| SBGSY Schneider Elect SE-Unsp ADR | Add +12.7% | 0.16% | +0.03 |
| SEZL Sezzle Inc. | Add +101.6% | 0.05% | +0.03 |
Options Activity Q4 2025 → Q1 2026
| HON Honeywell International Inc. | call | Sold out | 35,100 | $6.8Mbefore exit |
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 |