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 / 8,038

Top Industry

Insurance - Diversified 7.4%

3Y Alpha vs SPY

-10.5%

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

+11.2%

SPY

+25.8%

Annualised alpha

-10.5%

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 51–100 of 231 positions by value · page 2 of 5

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
AMGN	Amgen Inc Healthcare	First	7,472	—	$1,947,502	—	0.03%
SPGI	S&P Global Inc. Financial Services	First	3,976	—	$1,980,167	—	0.03%
FMX	Mexican Economic Development Inc Consumer Defensive	First	23,437	—	$2,003,629	—	0.03%
NXPI	NXP Semiconductors N.V. Technology	First	9,645	—	$2,004,713	—	0.03%
META	Meta Platforms, Inc. Communication Services	First	3,425	—	$2,005,371	—	0.03%
MUFG	Mitsubishi Ufj Financial Group Inc Financial Services	First	173,804	—	$2,036,982	—	0.03%
HUM	Humana Inc Healthcare	First	8,032	—	$2,037,798	—	0.03%
TMUS	T-Mobile US, Inc. Communication Services	First	10,000	—	$2,207,300	—	0.03%
MWA	Mueller Water Products, Inc. Industrials	First	102,090	—	$2,297,025	—	0.03%
MEDP	Medpace Holdings, Inc. Healthcare	First	6,946	—	$2,307,669	—	0.03%
DLTH	Duluth Holdings Inc. Consumer Cyclical	First	762,777	—	$2,356,980	—	0.03%
HDB	Hdfc Bank Ltd Financial Services	First	75,341	—	$2,405,638	—	0.03%
CP	Canadian Pacific Kansas City Ltd/Cn Industrials	First	34,118	—	$2,469,119	—	0.03%
SONY	Sony Group Corp Technology	First	116,706	—	$2,469,498	—	0.03%
KN	Knowles Corp Technology	First	124,841	—	$2,488,081	—	0.03%
SAP	Sap SE Technology	First	10,194	—	$2,509,864	—	0.03%
VFC	V F Corp Consumer Cyclical	First	118,327	—	$2,539,297	—	0.04%
IRM	Iron Mountain Inc Real Estate	First	24,369	—	$2,561,425	—	0.04%
MRK	Merck & Co., Inc. Healthcare	First	27,684	—	$2,754,004	—	0.04%
WFC	Wells Fargo & Company/Mn Financial Services	First	41,587	—	$2,921,070	—	0.04%
OLLI	Ollie's Bargain Outlet Holdings, Inc. Consumer Defensive	First	26,807	—	$2,941,532	—	0.04%
GOOGL	Alphabet Inc. Communication Services	First	16,102	—	$3,048,108	—	0.04%
INFY	Infosys Ltd Technology	First	140,495	—	$3,079,650	—	0.04%
CCJ	Cameco Corp Energy	First	60,932	—	$3,131,295	—	0.04%
BWIN	Baldwin Insurance Group, Inc. Financial Services	First	81,541	—	$3,160,529	—	0.04%
NVDA	Nvidia Corp Technology	First	23,741	—	$3,188,178	—	0.04%
OLN	OLIN Corp Basic Materials	First	98,170	—	$3,318,146	—	0.05%
DTEGY	Deutsche Telekom AG Communication Services	First	113,147	—	$3,377,437	—	0.05%
CXT	Crane NXT, Co. Industrials	First	58,098	—	$3,382,465	—	0.05%
FCX	Freeport-Mcmoran Inc Basic Materials	First	88,983	—	$3,388,472	—	0.05%
SAIA	Saia Inc Industrials	First	7,573	—	$3,451,243	—	0.05%
HAIN	Hain Celestial Group Inc Consumer Defensive	First	582,645	—	$3,583,266	—	0.05%
RVLV	Revolve Group, Inc. Consumer Cyclical	First	107,686	—	$3,606,404	—	0.05%
CVLT	Commvault Systems Inc Technology	First	23,933	—	$3,611,729	—	0.05%
BABA	Alibaba Group Holding Ltd Consumer Cyclical	First	44,641	—	$3,785,110	—	0.05%
CTS	Cts Corp Technology	First	71,823	—	$3,787,226	—	0.05%
DRS	Leonardo DRS, Inc. Industrials	First	117,318	—	$3,790,544	—	0.05%
GWW	W.W. Grainger, Inc. Industrials	First	3,642	—	$3,838,850	—	0.05%
EPC	EDGEWELL PERSONAL CARE Co Consumer Defensive	First	115,056	—	$3,865,881	—	0.05%
CR	Crane Co Industrials	First	25,621	—	$3,887,986	—	0.05%
CIEN	Ciena Corp Technology	First	46,537	—	$3,946,802	—	0.05%
WAL	Western Alliance Bancorporation Financial Services	First	47,526	—	$3,970,322	—	0.05%
CHRD	Chord Energy Corp Energy	First	35,094	—	$4,103,190	—	0.06%
OPCH	Option Care Health, Inc. Healthcare	First	178,236	—	$4,135,075	—	0.06%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	First	21,236	—	$4,193,897	—	0.06%
GMED	Globus Medical Inc Healthcare	First	51,330	—	$4,245,504	—	0.06%
TCBI	Texas Capital Bancshares Inc/Tx Financial Services	First	56,113	—	$4,388,036	—	0.06%
ITW	Illinois Tool Works Inc Industrials	First	17,327	—	$4,393,434	—	0.06%
HAYW	Hayward Holdings, Inc. Industrials	First	295,195	—	$4,513,531	—	0.06%
WK	Workiva Inc Technology	First	41,787	—	$4,575,676	—	0.06%