# MADISON INVESTMENT HOLDINGS INC

> Institutional holdings reported to the SEC as of Q3 2019 on Form 13F. CIK 1138060. Source: https://holderbook.com/funds/1138060-madison-investment-holdings-inc/

- Reported value: $6.2B
- Positions: 283
- Weight of the ten largest: 19.3%
- Filed: 2019-11-13

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| DOLLAR TREE INC | [DLTR](https://holderbook.com/stocks/DLTR/) | $139.4M | 1,221,169 | 2.3% | 4 |
| CARMAX INC | [KMX](https://holderbook.com/stocks/KMX/) | $137.6M | 1,563,097 | 2.2% | 4 |
| BROOKFIELD ASSET MGMT INC | [BAMXXXX](https://holderbook.com/stocks/BAMXXXX/) | $132.5M | 2,495,342 | 2.2% | 4 |
| VANGUARD SCOTTSDALE FDS | [VCSH](https://holderbook.com/stocks/VCSH/) | $130.0M | 1,603,744 | 2.1% | 4 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $117.7M | 2,126,983 | 1.9% | 4 |
| SCHWAB STRATEGIC TR | [SCHR](https://holderbook.com/stocks/SCHR/) | $113.4M | 2,041,794 | 1.8% | 4 |
| CDW CORP | [CDW](https://holderbook.com/stocks/CDW/) | $111.8M | 907,287 | 1.8% | 4 |
| COPART INC | [CPRT](https://holderbook.com/stocks/CPRT/) | $108.6M | 1,351,436 | 1.8% | 4 |
| ARCH CAP GROUP LTD | [ACGL](https://holderbook.com/stocks/ACGL/) | $101.0M | 2,405,707 | 1.6% | 4 |
| JACOBS ENGR GROUP INC | [JXXXX](https://holderbook.com/stocks/JXXXX/) | $97.9M | 1,069,928 | 1.6% | 4 |
| PROGRESSIVE CORP | [PGR](https://holderbook.com/stocks/PGR/) | $93.8M | 1,213,886 | 1.5% | 4 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $91.7M | 833,811 | 1.5% | 4 |
| ISHARES TR | [EFAV](https://holderbook.com/stocks/EFAV/) | $89.5M | 1,221,812 | 1.5% | 4 |
| TE CONNECTIVITY LTD | [TELXXXX](https://holderbook.com/stocks/TELXXXX/) | $87.7M | 941,157 | 1.4% | 4 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $87.4M | 71,664 | 1.4% | 4 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $84.1M | 404,095 | 1.4% | 4 |
| LIBERTY BROADBAND CORP | [LBRDK](https://holderbook.com/stocks/LBRDK/) | $79.9M | 763,566 | 1.3% | 4 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $78.7M | 1,411,052 | 1.3% | 4 |
| MARKEL GROUP INC | [MKL](https://holderbook.com/stocks/MKL/) | $78.5M | 66,408 | 1.3% | 4 |
| NOVARTIS AG | [NVS](https://holderbook.com/stocks/NVS/) | $76.6M | 881,421 | 1.2% | 4 |
| VANGUARD INTL EQUITY INDEX F | [VEU](https://holderbook.com/stocks/VEU/) | $75.4M | 1,511,192 | 1.2% | 4 |
| PPG INDS INC | [PPG](https://holderbook.com/stocks/PPG/) | $75.0M | 632,982 | 1.2% | 4 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $72.9M | 245,622 | 1.2% | 4 |
| LINDE PLC | [LINXXXX](https://holderbook.com/stocks/LINXXXX/) | $72.0M | 371,740 | 1.2% | 4 |
| FASTENAL CO | [FAST](https://holderbook.com/stocks/FAST/) | $69.3M | 2,121,663 | 1.1% | 4 |
| ISHARES TR | [TLT](https://holderbook.com/stocks/TLT/) | $68.3M | 477,023 | 1.1% | 4 |
| BROWN & BROWN INC | [BRO](https://holderbook.com/stocks/BRO/) | $67.3M | 1,867,436 | 1.1% | 4 |
| IHS MARKIT LTD | [INFO](https://holderbook.com/stocks/INFO/) | $65.0M | 971,784 | 1.1% | 4 |
| OREILLY AUTOMOTIVE INC | [ORLY](https://holderbook.com/stocks/ORLY/) | $63.1M | 158,437 | 1.0% | 4 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $62.8M | 889,365 | 1.0% | 4 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $60.7M | 353,155 | 1.0% | 4 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $59.8M | 535,066 | 1.0% | 4 |
| SCHWAB STRATEGIC TR | [SCHP](https://holderbook.com/stocks/SCHP/) | $58.5M | 1,031,015 | 1.0% | 4 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $55.6M | 385,111 | 0.9% | 4 |
| ROSS STORES INC | [ROST](https://holderbook.com/stocks/ROST/) | $55.5M | 505,571 | 0.9% | 4 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $55.3M | 469,957 | 0.9% | 4 |
| VARIAN MED SYS INC | [VAR](https://holderbook.com/stocks/VAR/) | $55.1M | 462,992 | 0.9% | 4 |
| AXALTA COATING SYS LTD | [AXTA](https://holderbook.com/stocks/AXTA/) | $54.9M | 1,819,879 | 0.9% | 4 |
| LABORATORY CORP AMER HLDGS | [LH](https://holderbook.com/stocks/LH/) | $54.2M | 322,564 | 0.9% | 4 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $53.2M | 276,422 | 0.9% | 4 |
| ISHARES TR | [IJH](https://holderbook.com/stocks/IJH/) | $50.0M | 259,009 | 0.8% | 4 |
| COGNIZANT TECHNOLOGY SOLUTIO | [CTSH](https://holderbook.com/stocks/CTSH/) | $48.6M | 805,966 | 0.8% | 4 |
| VANGUARD BD INDEX FDS | [BND](https://holderbook.com/stocks/BND/) | $48.0M | 568,412 | 0.8% | 4 |
| BERKLEY W R CORP | [WRB](https://holderbook.com/stocks/WRB/) | $47.6M | 659,435 | 0.8% | 4 |
| FLOOR & DECOR HLDGS INC | [FND](https://holderbook.com/stocks/FND/) | $47.5M | 927,787 | 0.8% | 4 |
| VANGUARD INDEX FDS | [VV](https://holderbook.com/stocks/VV/) | $45.6M | 334,730 | 0.7% | 4 |
| PACCAR INC | [PCAR](https://holderbook.com/stocks/PCAR/) | $45.2M | 645,604 | 0.7% | 4 |
| VANGUARD SCOTTSDALE FDS | [VGSH](https://holderbook.com/stocks/VGSH/) | $44.8M | 734,542 | 0.7% | 4 |
| VANGUARD SPECIALIZED FUNDS | [VIG](https://holderbook.com/stocks/VIG/) | $43.7M | 365,584 | 0.7% | 4 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $42.4M | 702,367 | 0.7% | 4 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $42.2M | 21,502 | 0.7% | 4 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $41.6M | 334,637 | 0.7% | 4 |
| HD SUPPLY HLDGS INC | [HDS](https://holderbook.com/stocks/HDS/) | $41.2M | 1,050,511 | 0.7% | 2 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $41.0M | 137,253 | 0.7% | 4 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $40.6M | 420,407 | 0.7% | 4 |
| ISHARES TR | [USMV](https://holderbook.com/stocks/USMV/) | $40.0M | 623,472 | 0.6% | 4 |
| VANGUARD WORLD FD | [VGT](https://holderbook.com/stocks/VGT/) | $39.2M | 181,954 | 0.6% | 4 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $39.0M | 865,716 | 0.6% | 4 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $38.9M | 499,839 | 0.6% | 4 |
| NEWMARKET CORP | [NEU](https://holderbook.com/stocks/NEU/) | $36.9M | 78,095 | 0.6% | 4 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $34.6M | 267,406 | 0.6% | 4 |
| KEMPER CORP | [KMPR](https://holderbook.com/stocks/KMPR/) | $34.5M | 442,665 | 0.6% | 2 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $33.8M | 203,227 | 0.5% | 4 |
| AMERICAN TOWER CORP | [AMT](https://holderbook.com/stocks/AMT/) | $33.6M | 151,836 | 0.5% | 4 |
| MOHAWK INDS INC | [MHK](https://holderbook.com/stocks/MHK/) | $33.1M | 266,888 | 0.5% | 4 |
| NESTLE SA ADR | [NSRGY](https://holderbook.com/stocks/NSRGY/) | $32.2M | 297,278 | 0.5% | 4 |
| OMNICOM GROUP INC | [OMC](https://holderbook.com/stocks/OMC/) | $30.5M | 389,811 | 0.5% | 4 |
| GLACIER BANCORP INC NEW | [GBCI](https://holderbook.com/stocks/GBCI/) | $29.8M | 737,037 | 0.5% | 4 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $29.7M | 250,235 | 0.5% | 4 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $29.4M | 137,080 | 0.5% | 4 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $29.4M | 1,007,589 | 0.5% | 4 |
| BLACKROCK INC | [BLKXXXX](https://holderbook.com/stocks/BLKXXXX/) | $29.3M | 65,773 | 0.5% | 4 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $29.1M | 212,327 | 0.5% | 4 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $28.4M | 204,073 | 0.5% | 4 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $28.3M | 573,585 | 0.5% | 4 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $28.0M | 120,384 | 0.5% | 4 |
| EXPEDITORS INTL WASH INC | [EXPD](https://holderbook.com/stocks/EXPD/) | $28.0M | 376,601 | 0.5% | 4 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $26.5M | 633,828 | 0.4% | 4 |
| BAXTER INTL INC | [BAX](https://holderbook.com/stocks/BAX/) | $25.7M | 293,955 | 0.4% | 4 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $25.3M | 233,257 | 0.4% | 4 |
| NORTHERN TR CORP | [NTRS](https://holderbook.com/stocks/NTRS/) | $25.3M | 270,643 | 0.4% | 4 |
| SCHWAB STRATEGIC TR | [SCHD](https://holderbook.com/stocks/SCHD/) | $25.1M | 458,509 | 0.4% | 4 |
| GARTNER INC | [IT](https://holderbook.com/stocks/IT/) | $24.9M | 174,131 | 0.4% | 1 |
| ISHARES TR | [IEF](https://holderbook.com/stocks/IEF/) | $24.8M | 220,564 | 0.4% | 4 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $24.8M | 195,973 | 0.4% | 4 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $24.7M | 293,509 | 0.4% | 4 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $24.4M | 105,286 | 0.4% | 4 |
| TRAVELERS COMPANIES INC | [TRV](https://holderbook.com/stocks/TRV/) | $23.7M | 159,531 | 0.4% | 4 |
| SPDR SERIES TRUST | [BIL](https://holderbook.com/stocks/BIL/) | $23.6M | 258,049 | 0.4% | 1 |
| GENERAL DYNAMICS CORP | [GD](https://holderbook.com/stocks/GD/) | $23.6M | 129,011 | 0.4% | 4 |
| SEMPRA | [SRE](https://holderbook.com/stocks/SRE/) | $22.5M | 152,515 | 0.4% | 4 |
| ZIMMER BIOMET HOLDINGS INC | [ZBH](https://holderbook.com/stocks/ZBH/) | $21.6M | 157,080 | 0.4% | 1 |
| SCHWAB STRATEGIC TR | [FNDX](https://holderbook.com/stocks/FNDX/) | $20.9M | 527,393 | 0.3% | 4 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $20.6M | 405,457 | 0.3% | 4 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $20.3M | 157,087 | 0.3% | 4 |
| BROWN FORMAN CORP | [BFB](https://holderbook.com/stocks/BFB/) | $19.2M | 306,395 | 0.3% | 4 |
| CHUBB LIMITED | [CB](https://holderbook.com/stocks/CB/) | $19.1M | 118,041 | 0.3% | 4 |
| ELANCO ANIMAL HEALTH INC | [ELAN](https://holderbook.com/stocks/ELAN/) | $18.7M | 704,461 | 0.3% | 3 |
| VANGUARD INTL EQUITY INDEX F | [VGK](https://holderbook.com/stocks/VGK/) | $18.6M | 347,268 | 0.3% | 4 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $17.9M | 110,817 | 0.3% | 4 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2019 | +2.1% | +1.3% | +0.9% | 100% |
| Q2 2019 | +4.7% | +3.7% | +1.0% | 100% |
| Q1 2019 | +11.8% | +13.0% | -1.2% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2019 | $6.2B | 283 |
| Q2 2019 | $5.7B | 219 |
| Q1 2019 | $5.4B | 221 |
| Q4 2018 | $4.9B | 230 |