# Madison Asset Management, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1299351. Source: https://holderbook.com/funds/1299351-madison-asset-management-llc/

- Reported value: $8.4B
- Positions: 347
- Weight of the ten largest: 23.0%
- Filed: 2026-08-10

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 |
|---|---|---|---|---|---|
| ARCH CAP GROUP LTD | [ACGL](https://holderbook.com/stocks/ACGL/) | $368.8M | 3,799,789 | 4.4% | 27 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $215.6M | 610,192 | 2.6% | 27 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $207.4M | 1,176,112 | 2.5% | 27 |
| ROSS STORES INC | [ROST](https://holderbook.com/stocks/ROST/) | $188.7M | 886,641 | 2.3% | 27 |
| PACCAR INC | [PCAR](https://holderbook.com/stocks/PCAR/) | $177.6M | 1,478,618 | 2.1% | 27 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $171.6M | 575,695 | 2.0% | 27 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $156.4M | 656,264 | 1.9% | 27 |
| CARLISLE COS INC | [CSL](https://holderbook.com/stocks/CSL/) | $152.9M | 421,406 | 1.8% | 27 |
| CDW CORP | [CDW](https://holderbook.com/stocks/CDW/) | $150.6M | 1,070,495 | 1.8% | 27 |
| MKS INC. | [MKSI](https://holderbook.com/stocks/MKSI/) | $140.9M | 316,694 | 1.7% | 19 |
| KEYSIGHT TECHNOLOGIES INC | [KEYS](https://holderbook.com/stocks/KEYS/) | $139.4M | 398,124 | 1.7% | 8 |
| BROWN & BROWN INC | [BRO](https://holderbook.com/stocks/BRO/) | $138.6M | 2,161,022 | 1.7% | 27 |
| LABCORP HOLDINGS INC | [LH](https://holderbook.com/stocks/LH/) | $133.5M | 476,643 | 1.6% | 9 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $131.3M | 382,662 | 1.6% | 27 |
| MEDPACE HLDGS INC | [MEDP](https://holderbook.com/stocks/MEDP/) | $129.0M | 243,502 | 1.5% | 7 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $124.4M | 313,234 | 1.5% | 27 |
| TELEDYNE TECHNOLOGIES INC | [TDY](https://holderbook.com/stocks/TDY/) | $122.6M | 183,824 | 1.5% | 9 |
| MSA SAFETY INC | [MSA](https://holderbook.com/stocks/MSA/) | $115.3M | 660,573 | 1.4% | 3 |
| COPART INC | [CPRT](https://holderbook.com/stocks/CPRT/) | $113.1M | 4,013,460 | 1.3% | 27 |
| MOELIS & CO | [MC](https://holderbook.com/stocks/MC/) | $109.1M | 1,667,157 | 1.3% | 25 |
| BERKLEY W R CORP | [WRB](https://holderbook.com/stocks/WRB/) | $105.6M | 1,497,784 | 1.3% | 27 |
| WATERS CORP | [WAT](https://holderbook.com/stocks/WAT/) | $105.0M | 279,856 | 1.3% | 13 |
| SMITH A O CORP | [AOS](https://holderbook.com/stocks/AOS/) | $92.0M | 1,466,922 | 1.1% | 3 |
| LIBERTY MEDIA CORP DEL | [FWONK](https://holderbook.com/stocks/FWONK/) | $91.7M | 964,340 | 1.1% | 12 |
| PARKER-HANNIFIN CORP | [PH](https://holderbook.com/stocks/PH/) | $86.4M | 88,312 | 1.0% | 19 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $85.5M | 448,611 | 1.0% | 27 |
| FERGUSON ENTERPRISES INC | [FERG](https://holderbook.com/stocks/FERG/) | $84.4M | 355,611 | 1.0% | 9 |
| INVESCO EXCHANGE TRADED FD T | [SPHQ](https://holderbook.com/stocks/SPHQ/) | $84.4M | 936,702 | 1.0% | 27 |
| AGILENT TECHNOLOGIES INC | [A](https://holderbook.com/stocks/A/) | $83.9M | 631,763 | 1.0% | 12 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $81.3M | 217,910 | 1.0% | 27 |
| FLOOR & DECOR HLDGS INC | [FND](https://holderbook.com/stocks/FND/) | $78.9M | 1,329,870 | 0.9% | 17 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $78.2M | 847,868 | 0.9% | 17 |
| BIO-TECHNE CORP | [TECH](https://holderbook.com/stocks/TECH/) | $75.1M | 1,063,473 | 0.9% | 4 |
| GARTNER INC | [IT](https://holderbook.com/stocks/IT/) | $74.5M | 574,609 | 0.9% | 27 |
| PROGRESSIVE CORP | [PGR](https://holderbook.com/stocks/PGR/) | $73.9M | 338,343 | 0.9% | 27 |
| EXPEDITORS INTL WASH INC | [EXPD](https://holderbook.com/stocks/EXPD/) | $73.1M | 448,305 | 0.9% | 27 |
| VERISK ANALYTICS INC | [VRSK](https://holderbook.com/stocks/VRSK/) | $71.5M | 398,522 | 0.9% | 1 |
| BROOKFIELD ASSET MANAGMT LTD | [BAM](https://holderbook.com/stocks/BAM/) | $70.4M | 1,570,419 | 0.8% | 15 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $69.5M | 315,223 | 0.8% | 27 |
| LITHIA MTRS INC | [LAD](https://holderbook.com/stocks/LAD/) | $67.0M | 230,604 | 0.8% | 8 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $66.6M | 55,520 | 0.8% | 27 |
| THOR INDS INC | [THO](https://holderbook.com/stocks/THO/) | $66.2M | 881,017 | 0.8% | 18 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $65.1M | 429,842 | 0.8% | 27 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $63.5M | 724,014 | 0.8% | 27 |
| VANGUARD INTL EQUITY INDEX F | [VEU](https://holderbook.com/stocks/VEU/) | $63.5M | 758,447 | 0.8% | 27 |
| CULLEN FROST BANKERS INC | [CFR](https://holderbook.com/stocks/CFR/) | $62.3M | 403,055 | 0.7% | 10 |
| ASBURY AUTOMOTIVE GROUP INC | [ABG](https://holderbook.com/stocks/ABG/) | $60.6M | 301,332 | 0.7% | 8 |
| GLACIER BANCORP INC NEW | [GBCI](https://holderbook.com/stocks/GBCI/) | $59.0M | 1,144,784 | 0.7% | 27 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $58.1M | 200,934 | 0.7% | 27 |
| MARSH & MCLENNAN COS INC | [MRSH](https://holderbook.com/stocks/MRSH/) | $57.2M | 342,975 | 0.7% | 25 |
| SERVICETITAN INC | [TTAN](https://holderbook.com/stocks/TTAN/) | $56.1M | 793,636 | 0.7% | 3 |
| BROOKFIELD CORP | [BN](https://holderbook.com/stocks/BN/) | $55.7M | 1,306,755 | 0.7% | 15 |
| MADISON ETFS TRUST | [MAGG](https://holderbook.com/stocks/MAGG/) | $53.3M | 2,634,812 | 0.6% | 12 |
| MADISON ETFS TRUST | [DIVL](https://holderbook.com/stocks/DIVL/) | $52.5M | 2,163,006 | 0.6% | 12 |
| JANUS DETROIT STR TR | [JMBS](https://holderbook.com/stocks/JMBS/) | $49.8M | 1,106,482 | 0.6% | 20 |
| HONEYWELL AEROSPACE INC | [HONA](https://holderbook.com/stocks/HONA/) | $49.7M | 224,998 | 0.6% | 1 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $48.2M | 147,323 | 0.6% | 27 |
| GRACO INC | [GGG](https://holderbook.com/stocks/GGG/) | $46.9M | 620,162 | 0.6% | 8 |
| VICTORY PORTFOLIOS II | [VFLO](https://holderbook.com/stocks/VFLO/) | $45.9M | 1,003,856 | 0.5% | 8 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $45.4M | 80,663 | 0.5% | 11 |
| AIRBNB INC | [ABNB](https://holderbook.com/stocks/ABNB/) | $45.3M | 316,309 | 0.5% | 5 |
| MADISON ETFS TRUST | [MSTI](https://holderbook.com/stocks/MSTI/) | $44.8M | 2,211,990 | 0.5% | 12 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $44.6M | 117,956 | 0.5% | 10 |
| HONEYWELL INTL INC | [HON](https://holderbook.com/stocks/HON/) | $44.5M | 198,913 | 0.5% | 1 |
| VANGUARD WORLD FD | [VGT](https://holderbook.com/stocks/VGT/) | $41.8M | 349,907 | 0.5% | 27 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $41.1M | 55,098 | 0.5% | 27 |
| KINSALE CAP GROUP INC | [KNSL](https://holderbook.com/stocks/KNSL/) | $40.8M | 123,779 | 0.5% | 6 |
| BENTLEY SYS INC | [BSY](https://holderbook.com/stocks/BSY/) | $40.8M | 1,365,230 | 0.5% | 2 |
| TYLER TECHNOLOGIES INC | [TYL](https://holderbook.com/stocks/TYL/) | $40.6M | 138,684 | 0.5% | 2 |
| INTERCONTINENTAL EXCHANGE IN | [ICE](https://holderbook.com/stocks/ICE/) | $39.8M | 323,573 | 0.5% | 1 |
| LIBERTY MEDIA CORP DEL | [FWONA](https://holderbook.com/stocks/FWONA/) | $39.8M | 454,871 | 0.5% | 12 |
| MSCI INC | [MSCI](https://holderbook.com/stocks/MSCI/) | $39.4M | 70,420 | 0.5% | 4 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $38.7M | 60,985 | 0.5% | 11 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $36.5M | 246,133 | 0.4% | 27 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $34.7M | 136,792 | 0.4% | 27 |
| ETF SER SOLUTIONS | [DSTL](https://holderbook.com/stocks/DSTL/) | $32.3M | 538,471 | 0.4% | 25 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $31.6M | 89,709 | 0.4% | 27 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $31.3M | 33,457 | 0.4% | 27 |
| ISHARES TR | [IGIB](https://holderbook.com/stocks/IGIB/) | $31.1M | 584,799 | 0.4% | 5 |
| MADISON ETFS TRUST | [CVRD](https://holderbook.com/stocks/CVRD/) | $30.8M | 1,755,000 | 0.4% | 12 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $30.8M | 166,795 | 0.4% | 27 |
| J P MORGAN EXCHANGE TRADED F | [JIRE](https://holderbook.com/stocks/JIRE/) | $30.6M | 371,195 | 0.4% | 4 |
| ARISTA NETWORKS INC | [ANET](https://holderbook.com/stocks/ANET/) | $30.3M | 178,606 | 0.4% | 7 |
| ISHARES TR | [IJH](https://holderbook.com/stocks/IJH/) | $29.6M | 383,925 | 0.4% | 27 |
| ISHARES TR | [IUSG](https://holderbook.com/stocks/IUSG/) | $28.5M | 151,348 | 0.3% | 20 |
| EXXONMOBIL HOLDINGS CORP COM SHS | [XOM](https://holderbook.com/stocks/XOM/) | $28.4M | 207,414 | 0.3% | 1 |
| TE CONNECTIVITY PLC | [TEL](https://holderbook.com/stocks/TEL/) | $27.5M | 136,176 | 0.3% | 8 |
| BLACKROCK INC | [BLK](https://holderbook.com/stocks/BLK/) | $27.1M | 28,220 | 0.3% | 8 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $26.8M | 51,703 | 0.3% | 14 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $26.4M | 158,990 | 0.3% | 18 |
| VANECK ETF TRUST | [EMLC](https://holderbook.com/stocks/EMLC/) | $26.2M | 1,025,001 | 0.3% | 3 |
| SPDR SERIES TRUST | [SPHY](https://holderbook.com/stocks/SPHY/) | $26.0M | 1,107,255 | 0.3% | 7 |
| AMERICAN CENTY ETF TR | [AVEM](https://holderbook.com/stocks/AVEM/) | $25.7M | 266,533 | 0.3% | 2 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $25.1M | 273,802 | 0.3% | 13 |
| STATE STR SPDR S&P MIDCAP 40 | [MDY](https://holderbook.com/stocks/MDY/) | $25.0M | 35,518 | 0.3% | 27 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $25.0M | 252,075 | 0.3% | 23 |
| ILLINOIS TOOL WKS INC | [ITW](https://holderbook.com/stocks/ITW/) | $21.5M | 79,669 | 0.3% | 17 |
| CME GROUP INC | [CME](https://holderbook.com/stocks/CME/) | $20.6M | 93,141 | 0.2% | 25 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $20.5M | 151,539 | 0.2% | 27 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $20.0M | 79,651 | 0.2% | 12 |

## 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 |
|---|---|---|---|---|
| Q2 2026 | +8.4% | +14.8% | -6.5% | 98% |
| Q1 2026 | -2.9% | -4.6% | +1.8% | 98% |
| Q4 2025 | +0.6% | +2.4% | -1.7% | 99% |
| Q3 2025 | +1.7% | +7.8% | -6.1% | 99% |
| Q2 2025 | +4.5% | +10.5% | -5.9% | 99% |
| Q1 2025 | -3.0% | -4.6% | +1.5% | 99% |
| Q4 2024 | -2.0% | +2.1% | -4.1% | 98% |
| Q3 2024 | +7.0% | +5.4% | +1.6% | 98% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $8.4B | 347 |
| Q1 2026 | $8.1B | 349 |
| Q4 2025 | $8.7B | 341 |
| Q3 2025 | $9.1B | 336 |
| Q2 2025 | $9.3B | 338 |
| Q1 2025 | $9.0B | 349 |
| Q4 2024 | $8.9B | 335 |
| Q3 2024 | $8.9B | 328 |
| Q2 2024 | $8.1B | 326 |
| Q1 2024 | $8.1B | 330 |
| Q4 2023 | $7.4B | 321 |
| Q3 2023 | $6.8B | 321 |