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

+11.4%

SPY

+25.8%

Annualised alpha

-10.4%

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 151–200 of 231 positions by value · page 4 of 5

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
EOG	Eog Resources Inc Energy	First	141,981	—	$17,404,030	—	0.24%
ADBE	Adobe Inc. Technology	First	41,002	—	$18,232,769	—	0.25%
UNH	Unitedhealth Group Inc Healthcare	First	37,613	—	$19,026,912	—	0.26%
CVX	Chevron Corp Energy	First	135,929	—	$19,687,956	—	0.27%
LVS	Las Vegas Sands Corp Consumer Cyclical	First	392,600	—	$20,163,936	—	0.28%
MS	Morgan Stanley Financial Services	First	166,706	—	$20,958,278	—	0.29%
CMCSA	Comcast Corp Communication Services	First	599,394	—	$21,082,724	—	0.29%
UNP	Union Pacific Corp Industrials	First	96,522	—	$22,010,876	—	0.30%
ABT	Abbott Laboratories Healthcare	First	194,717	—	$22,024,439	—	0.30%
MDY	Spdr S&P Midcap 400 ETF Trust	First	39,842	—	$22,693,206	—	0.31%
ELV	Elevance Health, Inc. Healthcare	First	62,081	—	$22,901,680	—	0.32%
COP	Conocophillips Energy	First	248,409	—	$24,634,720	—	0.34%
CME	Cme Group Inc. Financial Services	First	106,780	—	$24,797,519	—	0.34%
ORCL	Oracle Corp Technology	First	166,029	—	$27,667,072	—	0.38%
PEP	Pepsico Inc Consumer Defensive	First	182,097	—	$27,689,669	—	0.38%
HON	Honeywell International Inc Industrials	First	136,726	—	$29,109,361	—	0.40%
JNJ	Johnson & Johnson Healthcare	First	203,767	—	$29,468,783	—	0.41%
AMT	American Tower Corp /Ma/ Real Estate	First	161,703	—	$29,657,947	—	0.41%
MDT	Medtronic plc Healthcare	First	374,646	—	$29,926,722	—	0.41%
COST	Costco Wholesale Corp /New Consumer Defensive	First	33,543	—	$30,734,444	—	0.42%
SPY	Spdr S&P 500 ETF Trust	First	55,969	—	$32,802,311	—	0.45%
NKE	NIKE, Inc. Consumer Cyclical	First	437,701	—	$33,120,834	—	0.46%
ADP	Automatic Data Processing Inc Technology	First	126,846	—	$37,131,629	—	0.51%
JPM	Jpmorgan Chase & Co Financial Services	First	159,007	—	$38,115,567	—	0.53%
GGG	Graco Inc Industrials	First	453,186	—	$38,199,047	—	0.53%
FWONA	Liberty Media Corp Communication Services	First	454,863	—	$38,226,686	—	0.53%
LLY	ELI LILLY & Co Healthcare	First	49,648	—	$38,328,256	—	0.53%
BLK	BlackRock, Inc. Financial Services	First	37,884	—	$38,835,267	—	0.54%
HD	Home Depot, Inc. Consumer Cyclical	First	107,182	—	$41,692,726	—	0.58%
CFR	Cullen/Frost Bankers, Inc. Financial Services	First	344,307	—	$46,223,214	—	0.64%
BN	BROOKFIELD Corp /ON/ Financial Services	First	1,213,230	—	$46,466,709	—	0.64%
GBCI	Glacier Bancorp, Inc. Financial Services	First	951,224	—	$47,770,469	—	0.66%
AAPL	Apple Inc. Technology	First	193,953	—	$48,569,710	—	0.67%
SBUX	Starbucks Corp Consumer Cyclical	First	544,004	—	$49,640,365	—	0.68%
DE	Deere & Co Industrials	First	118,311	—	$50,128,370	—	0.69%
NEE	Nextera Energy Inc Utilities	First	702,937	—	$50,393,553	—	0.70%
FERG	Ferguson Enterprises Inc. /DE/ Industrials	First	300,601	—	$52,175,315	—	0.72%
EXPD	Expeditors International Of Washington Inc Industrials	First	496,852	—	$55,036,296	—	0.76%
MRSH	Marsh & Mclennan Companies, Inc. Financial Services	First	272,729	—	$57,930,366	—	0.80%
TJX	Tjx Companies Inc /De/ Consumer Cyclical	First	512,440	—	$61,907,876	—	0.85%
MSFT	Microsoft Corp Technology	First	147,855	—	$62,320,882	—	0.86%
DHR	Danaher Corp /De/ Healthcare	First	279,500	—	$64,159,225	—	0.88%
SCHW	Schwab Charles Corp Financial Services	First	961,439	—	$71,156,100	—	0.98%
AWI	Armstrong World Industries Inc Industrials	First	532,387	—	$75,242,254	—	1.04%
MCHP	Microchip Technology Inc Technology	First	1,371,603	—	$78,661,432	—	1.08%
ALC	Alcon Inc Healthcare	First	931,197	—	$79,049,313	—	1.09%
PH	Parker-Hannifin Corp Industrials	First	125,068	—	$79,547,000	—	1.10%
ABG	Asbury Automotive Group Inc Consumer Cyclical	First	339,160	—	$82,426,054	—	1.14%
MC	Moelis & Co Financial Services	First	1,164,887	—	$86,061,851	—	1.19%
KEYS	Keysight Technologies, Inc. Technology	First	548,874	—	$88,165,630	—	1.22%