Madison Investment Advisors, LLC

CIK

1507115

Location

MADISON, WI

Portfolio Value

Mid $7,250,826,871

Diversification

Diversified

Filing Date

Dec 31, 2024

Global Rank

#469 / 8,036

Top Industry

Insurance - Diversified 7.4%

3Y Alpha vs SPY

-9.5%

Period ended 1 year ago

Filed Feb 11, 2025 · 1y

Clone Performance

Feb 2025–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+10.4%

SPY

+23.4%

Annualised alpha

-9.5%

Max drawdown

−17.1%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

231 positions · as of Dec 31, 2024

Top Position

5.7%

of portfolio value

Top 5

19.2%

of portfolio value

Top 10

30.3%

of portfolio value

HHI

172

Diversified

Sector Breakdown

As of Dec 31, 2024

Sector	% Portfolio	Value	Positions
Financial Services	24.6%	$1,780,884,253	39
Technology	23.3%	$1,686,310,821	43
Industrials	16.2%	$1,171,275,405	37
Consumer Cyclical	15.4%	$1,116,972,313	24
Healthcare	9.7%	$699,867,832	31
Consumer Defensive	3.5%	$255,951,191	19
Unclassified	2.6%	$190,205,228	3
Energy	1.7%	$119,782,322	10
Communication Services	1.1%	$76,938,368	8
Utilities	0.9%	$62,334,818	5
Basic Materials	0.8%	$58,084,948	10
Real Estate	0.4%	$32,219,372	2

Portfolio Positions

Compact Export CSV View 13F filing

231 positions · $7,250,826,871 total · as of Dec 31, 2024

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

Showing 1–50 of 231 positions by value · page 1 of 5

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
ACGL	Arch Capital Group Ltd. Financial Services	First	4,439,745	—	$410,010,450	—	5.65%
PCAR	Paccar Inc Industrials	First	2,448,096	—	$254,650,945	—	3.51%
CPRT	Copart Inc Industrials	First	4,420,382	—	$253,685,722	—	3.50%
IT	Gartner Inc Technology	First	505,292	—	$244,798,815	—	3.38%
ROST	Ross Stores, Inc. Consumer Cyclical	First	1,521,809	—	$230,204,047	—	3.17%
BRO	Brown & Brown, Inc. Financial Services	First	1,941,098	—	$198,030,817	—	2.73%
AMZN	Amazon Com Inc Consumer Cyclical	First	741,418	—	$162,659,695	—	2.24%
APH	Amphenol Corp /De/ Technology	First	2,271,402	—	$157,748,868	—	2.18%
CSL	Carlisle Companies Inc Industrials	First	401,822	—	$148,208,026	—	2.04%
FISV	Fiserv Inc	First	655,777	—	$134,709,711	—	1.86%
ANET	Arista Networks, Inc. Technology	First	1,208,442	—	$133,569,094	—	1.84%
CDW	CDW Corp Technology	First	752,677	—	$130,995,905	—	1.81%
LH	Labcorp Holdings Inc. Healthcare	First	538,178	—	$123,414,978	—	1.70%
V	Visa Inc. Financial Services	First	376,465	—	$118,977,998	—	1.64%
TXN	Texas Instruments Inc Technology	First	613,706	—	$115,076,012	—	1.59%
DLTR	Dollar Tree, Inc. Consumer Defensive	First	1,512,075	—	$113,314,900	—	1.56%
ADI	Analog Devices Inc Technology	First	524,664	—	$111,470,113	—	1.54%
BRK-B	Berkshire Hathaway Inc Financial Services	First	245,479	—	$111,270,721	—	1.53%
LOW	Lowes Companies Inc Consumer Cyclical	First	448,844	—	$110,774,699	—	1.53%
ACN	Accenture plc Technology	First	305,088	—	$107,326,907	—	1.48%
WAT	Waters Corp /De/ Healthcare	First	282,076	—	$104,644,554	—	1.44%
PGR	Progressive Corp/Oh/ Financial Services	First	432,488	—	$103,628,449	—	1.43%
WRB	Berkley W R Corp Financial Services	First	1,682,258	—	$98,445,738	—	1.36%
FND	Floor & Decor Holdings, Inc. Consumer Cyclical	First	978,458	—	$97,552,262	—	1.35%
MKSI	Mks Inc Technology	First	933,936	—	$97,493,579	—	1.34%
USB	US Bancorp De Financial Services	First	2,018,822	—	$96,560,256	—	1.33%
THO	Thor Industries Inc Consumer Cyclical	First	999,768	—	$95,687,795	—	1.32%
TDY	Teledyne Technologies Inc Technology	First	204,082	—	$94,720,578	—	1.31%
BAM	Brookfield Asset Management Ltd. Financial Services	First	1,736,887	—	$94,121,906	—	1.30%
A	Agilent Technologies, Inc. Healthcare	First	700,094	—	$94,050,627	—	1.30%
LAD	Lithia Motors Inc Consumer Cyclical	First	255,125	—	$91,189,328	—	1.26%
KEYS	Keysight Technologies, Inc. Technology	First	548,874	—	$88,165,630	—	1.22%
MC	Moelis & Co Financial Services	First	1,164,887	—	$86,061,851	—	1.19%
ABG	Asbury Automotive Group Inc Consumer Cyclical	First	339,160	—	$82,426,054	—	1.14%
PH	Parker-Hannifin Corp Industrials	First	125,068	—	$79,547,000	—	1.10%
ALC	Alcon Inc Healthcare	First	931,197	—	$79,049,313	—	1.09%
MCHP	Microchip Technology Inc Technology	First	1,371,603	—	$78,661,432	—	1.08%
AWI	Armstrong World Industries Inc Industrials	First	532,387	—	$75,242,254	—	1.04%
SCHW	Schwab Charles Corp Financial Services	First	961,439	—	$71,156,100	—	0.98%
DHR	Danaher Corp /De/ Healthcare	First	279,500	—	$64,159,225	—	0.88%
MSFT	Microsoft Corp Technology	First	147,855	—	$62,320,882	—	0.86%
TJX	Tjx Companies Inc /De/ Consumer Cyclical	First	512,440	—	$61,907,876	—	0.85%
MRSH	Marsh & Mclennan Companies, Inc. Financial Services	First	272,729	—	$57,930,366	—	0.80%
EXPD	Expeditors International Of Washington Inc Industrials	First	496,852	—	$55,036,296	—	0.76%
FERG	Ferguson Enterprises Inc. /DE/ Industrials	First	300,601	—	$52,175,315	—	0.72%
NEE	Nextera Energy Inc Utilities	First	702,937	—	$50,393,553	—	0.70%
DE	Deere & Co Industrials	First	118,311	—	$50,128,370	—	0.69%
SBUX	Starbucks Corp Consumer Cyclical	First	544,004	—	$49,640,365	—	0.68%
AAPL	Apple Inc. Technology	First	193,953	—	$48,569,710	—	0.67%
GBCI	Glacier Bancorp, Inc. Financial Services	First	951,224	—	$47,770,469	—	0.66%