Madison Asset Management, LLC

Registered adviser

CIK

1299351

Location

MADISON, WI

Portfolio Value

Mid $8,307,613,592

Diversification

Diversified

Filing Date

Global Rank

#614 / 8,821 ▼ 43

Top Industry

Diagnostics & Research 7.5%

Period ended 4 months ago

Filed Aug 10, 2026 · 3mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 130874

Roster of Oct 1, 2026

Regulatory AUM

$4,862,471,814

Main clients

Registered funds and BDCs (100% of AUM)

Registered funds advised

28 series (0 index, 4 ETFs)

$4,885,237,662 net assets· N-CEN Jun 30, 2026

LEI

254900D6QWLJ3WY5HB97

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Oct 2026	$4,862,471,814	Registered funds and BDCs (100%)
Apr 2025 to Mar 2026	$5,176,717,599	Registered funds and BDCs (100%)
Apr 2024 to Mar 2025	$4,484,845,089	Registered funds and BDCs (99%)
May 2023 to Mar 2024	$3,920,106,732	Registered funds and BDCs (98%)
Apr 2023	$3,920,106,732	Registered funds and BDCs (98%)
Feb 2023 to Mar 2023	$4,962,608,187	Registered funds and BDCs (92%)

4 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Diversified active

Top 10 weight 24.6%, 75.8 effective positions, active share 72.2% against every 13F filer's combined book; it meets none of the index-like, systematic-like or concentrated tests

Turnover

Low turnover

22.3% over the last four quarters (under 30%)

Horizon

Long horizon

Value-weighted holding period 18.5 quarters (12+), a floor since 48.7% of the book was already held when coverage starts

Closest benchmark: every 13F filer's combined book, active share 72.2%; sector active share 18.6% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

319 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

4.4%

−0.5 pts

Top 5

14.5%

−1.3 pts

Top 10

24.6%

−0.8 pts

HHI

132

Diversified−6

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Technology	20.4%	$1,692,736,939	52
Financial Services	19.7%	$1,633,435,017	46
Industrials	15.3%	$1,268,575,836	41
Unclassified	13.3%	$1,108,545,625	76
Healthcare	10.7%	$884,839,067	31
Consumer Cyclical	10.5%	$869,438,545	18
Communication Services	4.9%	$409,650,563	10
Consumer Defensive	1.7%	$137,116,474	16
Energy	1.5%	$128,454,032	10
Basic Materials	1.1%	$88,271,293	11
Utilities	0.9%	$70,804,414	4
Real Estate	0.2%	$15,745,787	4

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
VFLO	VictoryShares Free Cash Flow ETF	+527,136	1,003,856	$45,926,412
BSY	Bentley Systems Inc	+383,850	1,365,230	$40,806,724
AOS	Smith A O Corp	+324,318	1,466,922	$92,005,347
VGT	VANGUARD INFORMATION TECHNOLOGY INDEX FUND	+300,021	349,907	$41,820,884
AVEM	Avantis Emerging Markets Equity ETF	+230,756	266,533	$25,717,769
GBCI	Glacier Bancorp, Inc.	+214,317	1,144,784	$59,047,958
IGIB	iShares 5-10 Year Investment Grade Corporate Bond ETF	+183,883	584,799	$31,093,762
GGG	Graco Inc	+174,043	620,162	$46,890,448
SCHW	Schwab Charles Corp	+126,038	847,868	$78,232,780
CPRT	Copart Inc	+123,876	4,013,460	$113,139,437
SPMD	State Street(R) SPDR(R) Portfolio S&P 400(TM) Mid Cap ETF	+98,969	150,364	$10,158,591
IJH	iShares Core S&P Mid-Cap ETF	+74,865	383,925	$29,604,456
VUG	VANGUARD GROWTH INDEX FUND	+73,714	85,913	$7,400,545
MSA	MSA Safety Inc	+72,005	660,573	$115,322,834
CFR	Cullen/Frost Bankers, Inc.	+67,482	403,055	$62,280,058
MIR	Mirion Technologies, Inc.	+65,678	190,001	$3,406,717
FLXR		+64,662	491,484	$19,271,087
NU	Nu Holdings Ltd.	+63,094	280,542	$3,748,041
FCX	Freeport-Mcmoran Inc	+55,575	137,797	$8,666,053
NEE	Nextera Energy Inc	+39,616	724,014	$63,546,708
YUMC	Yum China Holdings, Inc.	+38,954	73,095	$2,987,392
IEFA	iShares Core MSCI EAFE ETF	+37,688	72,252	$6,978,098
JIRE	JPMorgan International Research Enhanced Equity ETF	+35,934	371,195	$30,619,875
SPHY	State Street(R) SPDR(R) Portfolio High Yield Bond ETF	+35,500	1,107,255	$25,954,057
PCOR	Procore Technologies, Inc.	+35,380	74,738	$3,035,857
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
ROST	Ross Stores, Inc.	−526,283	886,641	$188,721,536
ANET	Arista Networks, Inc.	−505,710	178,606	$30,341,587
SPHQ	Invesco S&P 500 Quality ETF	−345,663	936,702	$84,396,850
MSTI	Madison Short-Term Strategic Income ETF	−298,259	2,211,990	$44,795,009
—		−277,136	538,471	$32,254,412
ACGL	Arch Capital Group Ltd.	−276,657	3,799,789	$368,807,520
EEMA	iShares Trust	−232,634	135,190	$15,811,822
KBE	State Street(R) SPDR(R) S&P(R) Bank ETF	−178,063	157,868	$10,769,754
SCHR	Schwab Intermediate-Term U.S. Treasury ETF	−156,881	623,073	$15,364,980
BRO	Brown & Brown, Inc.	−146,600	2,161,022	$138,629,561
WRB	Berkley W R Corp	−121,122	1,497,784	$105,638,705
FLJP	Franklin FTSE Japan ETF	−116,818	98,512	$3,915,852
HON	Honeywell International Inc	−108,015	198,913	$44,536,620
PCAR	Paccar Inc	−106,748	1,478,618	$177,611,594
MC	Moelis & Co	−106,578	1,667,157	$109,065,410
TTAN	ServiceTitan, Inc.	−106,476	793,636	$56,118,001
FWONK	Liberty Media Corp	−105,959	964,340	$91,747,307
BAM	Brookfield Asset Management Ltd.	−104,681	1,570,419	$70,433,292
AES	Aes Corp	−103,000	447,000	$6,553,020
MAGG	Madison Aggregate Bond ETF	−89,255	2,634,812	$53,275,898
THO	Thor Industries Inc	−83,759	881,017	$66,217,237
JMBS	Janus Henderson Mortgage-Backed Securities ETF	−82,874	1,106,482	$49,780,625
CVS	CVS HEALTH Corp	−78,100	48,550	$5,022,497
ABT	Abbott Laboratories	−76,151	5,989	$543,441
APH	Amphenol Corp	−74,894	1,176,112	$207,372,067
No positions match the current search.

New Positions

Positions the filer opened this quarter

18 positions

Ticker	Company	Shares	Value
VRSK	Verisk Analytics, Inc.	398,522	$71,546,654
HONA	Honeywell Aerospace Inc.	224,998	$49,742,557
ICE	Intercontinental Exchange, Inc.	323,573	$39,835,072
AJG	Arthur J. Gallagher & Co.	72,448	$16,631,887
WST	West Pharmaceutical Services Inc	27,574	$9,899,066
XLV	State Street(R) Health Care Select Sector SPDR(R) ETF	52,330	$8,302,677
EMR	Emerson Electric Co	36,893	$5,281,232
XLE	State Street(R) Energy Select Sector SPDR(R) ETF	85,919	$4,563,158
SYK	Stryker Corp	10,231	$3,221,128
MAIR	Madison Air Solutions Corp	82,427	$3,214,653
EXTR	Extreme Networks Inc	93,797	$3,036,208
INDI	indie Semiconductor, Inc.	514,463	$2,309,938
BDC	Belden Inc.	15,336	$1,838,939
CE	Celanese Corp	38,427	$1,767,642
WSE	Wise Group plc	144,869	$1,725,389
STX	Seagate Technology Holdings plc	400	$386,000
IWS	iShares Russell Mid-Cap Value ETF	1,234	$203,116
BX	Blackstone Inc.	1,721	$202,510
No positions match the current search.

Sold Out

Positions the filer fully exited

19 positions

Ticker	Company	Shares	Value
—		1,188,921	$59,802,726
EFX	Equifax Inc	70,191	$12,639,293
INTU	Intuit Inc.	25,264	$10,923,648
MCHP	Microchip Technology Inc	147,781	$9,548,130
OPCH	Option Care Health, Inc.	162,223	$4,367,043
BABA	Alibaba Group Holding Ltd	29,010	$3,639,594
SMPL	Simply Good Foods Co	143,206	$2,055,006
OSW	ONESPAWORLD HOLDINGS Ltd	84,681	$1,943,428
RACE	Ferrari N.V.	5,122	$1,733,540
AEM	Agnico Eagle Mines Ltd	7,035	$1,427,964
NTR	Nutrien Ltd.	13,077	$986,790
WEC	Wec Energy Group, Inc.	5,485	$634,998
QUAL	iShares MSCI USA Quality Factor ETF	2,309	$442,889
FLEU	Franklin FTSE Eurozone ETF	11,489	$371,312
BMY	Bristol Myers Squibb Co	3,712	$225,132
J	Jacobs Solutions Inc.	1,756	$223,503
SBUX	Starbucks Corp	2,381	$213,313
IBIT	iShares Bitcoin Trust ETF	5,375	$206,507
EZU	iShares Trust	82,862	$0
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

319 tracked positions · $8,307,613,592 total · filing declares 347 positions · $8,387,119,426 · as of Jun 30, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 319 positions by value · page 1 of 7

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
ACGL	Arch Capital Group Ltd. Financial Services	Reduced	3,799,789	-276,657	$368,807,520	−5.7%	26+	before history	4.44%
GOOG	Alphabet Inc. Communication Services	Reduced	610,192	-19,384	$215,599,139	+19.4%	26+	before history	2.60%
APH	Amphenol Corp Technology	Reduced	1,176,112	-74,894	$207,372,067	+31.2%	26+	before history	2.50%
ROST	Ross Stores, Inc. Consumer Cyclical	Reduced	886,641	-526,283	$188,721,536	−38.3%	26+	before history	2.27%
PCAR	Paccar Inc Industrials	Reduced	1,478,618	-106,748	$177,611,594	−3.0%	26+	before history	2.14%
TXN	Texas Instruments Inc Technology	Reduced	575,695	-32,610	$171,597,408	+45.3%	26+	before history	2.07%
AMZN	Amazon Com Inc Consumer Cyclical	Reduced	656,264	-10,819	$156,413,961	+12.6%	26+	before history	1.88%
CSL	Carlisle Companies Inc Industrials	Reduced	421,406	-32,407	$152,865,026	+1.0%	26+	before history	1.84%
CDW	CDW Corp Technology	Reduced	1,070,495	-34,591	$150,554,416	+12.6%	26+	before history	1.81%
MKSI	Mks Inc Technology	Reduced	316,694	-21,642	$140,865,491	+81.2%	19	$114.92	1.70%
KEYS	Keysight Technologies, Inc. Technology	Reduced	398,124	-24,849	$139,371,268	+16.7%	8	$144.16	1.68%
BRO	Brown & Brown, Inc. Financial Services	Reduced	2,161,022	-146,600	$138,629,561	−7.9%	26+	before history	1.67%
LH	Labcorp Holdings Inc. Healthcare	Reduced	476,643	-13,903	$133,460,040	+2.0%	9	$209.61	1.61%
V	Visa Inc. Financial Services	Reduced	382,662	-7,207	$131,287,505	+11.4%	26+	before history	1.58%
MEDP	Medpace Holdings, Inc. Healthcare	Reduced	243,502	-18,791	$128,956,224	+2.4%	7	$301.47	1.55%
ADI	Analog Devices Inc Technology	Reduced	313,234	-24,176	$124,407,147	+15.9%	26+	before history	1.50%
TDY	Teledyne Technologies Inc Technology	Reduced	183,824	-14,724	$122,592,225	+2.1%	9	$412.53	1.48%
MSA	MSA Safety Inc Industrials	Added	660,573	+72,005	$115,322,834	+19.5%	3	$163.94	1.39%
CPRT	Copart Inc Industrials	Added	4,013,460	+123,876	$113,139,437	−12.4%	26+	before history	1.36%
MC	Moelis & Co Financial Services	Reduced	1,667,157	-106,578	$109,065,410	+7.9%	25	$51.50	1.31%
WRB	Berkley W R Corp Financial Services	Reduced	1,497,784	-121,122	$105,638,705	−1.5%	26+	before history	1.27%
WAT	Waters Corp Healthcare	Added	279,856	+7,207	$104,957,194	+29.3%	13	$306.33	1.26%
AOS	Smith A O Corp Industrials	Added	1,466,922	+324,318	$92,005,347	+22.1%	3	$66.03	1.11%
FWONK	Liberty Media Corp Communication Services	Reduced	964,340	-105,959	$91,747,307	+0.8%	17	unpriced	1.10%
PH	Parker-Hannifin Corp Industrials	Reduced	88,312	-4,762	$86,379,733	+3.7%	19	$317.26	1.04%
DHR	Danaher Corp Healthcare	Reduced	448,611	-46,409	$85,451,423	−9.0%	26+	before history	1.03%
FERG	Ferguson Enterprises Inc. Industrials	Reduced	355,611	-17,686	$84,397,158	−3.1%	9	$195.14	1.02%
SPHQ	Invesco S&P 500 Quality ETF	Reduced	936,702	-345,663	$84,396,850	−12.5%	26+	before history	1.02%
A	Agilent Technologies, Inc. Healthcare	Added	631,763	+23,932	$83,917,079	+21.1%	12	$121.52	1.01%
MSFT	Microsoft Corp Technology	Added	217,910	+1,967	$81,284,788	+1.7%	26+	before history	0.98%
FND	Floor & Decor Holdings, Inc. Consumer Cyclical	Reduced	1,329,870	-39,589	$78,941,083	+13.5%	17	$83.35	0.95%
SCHW	Schwab Charles Corp Financial Services	Added	847,868	+126,038	$78,232,780	+15.3%	17	$73.66	0.94%
TECH	BIO-TECHNE Corp Healthcare	Reduced	1,063,473	-29,585	$75,134,367	+31.5%	4	$56.22	0.90%
IT	Gartner Inc Technology	Reduced	574,609	-38,648	$74,480,818	−23.3%	26+	before history	0.90%
PGR	Progressive Corp Financial Services	Reduced	338,343	-11,431	$73,911,028	+6.6%	26+	before history	0.89%
EXPD	Expeditors International Of Washington Inc Industrials	Reduced	448,305	-42,110	$73,064,748	+4.0%	26+	before history	0.88%
VRSK	Verisk Analytics, Inc. Industrials	NEW	398,522	NEW	$71,546,654	NEW	1	$176.12	0.86%
BAM	Brookfield Asset Management Ltd. Financial Services	Reduced	1,570,419	-104,681	$70,433,292	−5.4%	15	$37.38	0.85%
LOW	Lowes Companies Inc Consumer Cyclical	Reduced	315,223	-14,807	$69,503,519	−10.9%	26+	before history	0.84%
LAD	Lithia Motors Inc Consumer Cyclical	Reduced	230,604	-2,078	$66,988,155	+15.3%	8	$291.15	0.81%
LLY	ELI LILLY & Co Healthcare	Added	55,520	+1,386	$66,592,359	+33.7%	26+	before history	0.80%
THO	Thor Industries Inc Consumer Cyclical	Reduced	881,017	-83,759	$66,217,237	−14.1%	18	$97.23	0.80%
TJX	Tjx Companies Inc Consumer Cyclical	Reduced	429,842	-3,257	$65,121,063	−5.8%	26+	before history	0.78%
NEE	Nextera Energy Inc Utilities	Added	724,014	+39,616	$63,546,708	−0.0%	26+	before history	0.76%
VEU	Vanguard International Equity Index Funds	Added	758,447	+20,535	$63,519,936	+14.6%	26+	before history	0.76%
CFR	Cullen/Frost Bankers, Inc. Financial Services	Added	403,055	+67,482	$62,280,058	+35.4%	10	$116.47	0.75%
ABG	Asbury Automotive Group Inc Consumer Cyclical	Reduced	301,332	-7,543	$60,591,838	+0.4%	8	$238.64	0.73%
GBCI	Glacier Bancorp, Inc. Financial Services	Added	1,144,784	+214,317	$59,047,958	+42.1%	26+	before history	0.71%
AAPL	Apple Inc. Technology	Reduced	200,934	-152	$58,142,262	+13.9%	26+	before history	0.70%
MRSH	Marsh & Mclennan Companies, Inc. Financial Services	Reduced	342,975	-12,938	$57,163,643	−7.4%	25	$137.48	0.69%

Showing the top 50 of 319 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.