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

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
BN	BROOKFIELD Corp /ON/ Financial Services	First	1,213,230	—	$46,466,709	—	0.64%
CFR	Cullen/Frost Bankers, Inc. Financial Services	First	344,307	—	$46,223,214	—	0.64%
HD	Home Depot, Inc. Consumer Cyclical	First	107,182	—	$41,692,726	—	0.58%
BLK	BlackRock, Inc. Financial Services	First	37,884	—	$38,835,267	—	0.54%
LLY	ELI LILLY & Co Healthcare	First	49,648	—	$38,328,256	—	0.53%
FWONA	Liberty Media Corp Communication Services	First	454,863	—	$38,226,686	—	0.53%
GGG	Graco Inc Industrials	First	453,186	—	$38,199,047	—	0.53%
JPM	Jpmorgan Chase & Co Financial Services	First	159,007	—	$38,115,567	—	0.53%
ADP	Automatic Data Processing Inc Technology	First	126,846	—	$37,131,629	—	0.51%
NKE	NIKE, Inc. Consumer Cyclical	First	437,701	—	$33,120,834	—	0.46%
SPY	Spdr S&P 500 ETF Trust	First	55,969	—	$32,802,311	—	0.45%
COST	Costco Wholesale Corp /New Consumer Defensive	First	33,543	—	$30,734,444	—	0.42%
MDT	Medtronic plc Healthcare	First	374,646	—	$29,926,722	—	0.41%
AMT	American Tower Corp /Ma/ Real Estate	First	161,703	—	$29,657,947	—	0.41%
JNJ	Johnson & Johnson Healthcare	First	203,767	—	$29,468,783	—	0.41%
HON	Honeywell International Inc Industrials	First	136,726	—	$29,109,361	—	0.40%
PEP	Pepsico Inc Consumer Defensive	First	182,097	—	$27,689,669	—	0.38%
ORCL	Oracle Corp Technology	First	166,029	—	$27,667,072	—	0.38%
CME	Cme Group Inc. Financial Services	First	106,780	—	$24,797,519	—	0.34%
COP	Conocophillips Energy	First	248,409	—	$24,634,720	—	0.34%
ELV	Elevance Health, Inc. Healthcare	First	62,081	—	$22,901,680	—	0.32%
MDY	Spdr S&P Midcap 400 ETF Trust	First	39,842	—	$22,693,206	—	0.31%
ABT	Abbott Laboratories Healthcare	First	194,717	—	$22,024,439	—	0.30%
UNP	Union Pacific Corp Industrials	First	96,522	—	$22,010,876	—	0.30%
CMCSA	Comcast Corp Communication Services	First	599,394	—	$21,082,724	—	0.29%
MS	Morgan Stanley Financial Services	First	166,706	—	$20,958,278	—	0.29%
LVS	Las Vegas Sands Corp Consumer Cyclical	First	392,600	—	$20,163,936	—	0.28%
CVX	Chevron Corp Energy	First	135,929	—	$19,687,956	—	0.27%
UNH	Unitedhealth Group Inc Healthcare	First	37,613	—	$19,026,912	—	0.26%
ADBE	Adobe Inc. Technology	First	41,002	—	$18,232,769	—	0.25%
EOG	Eog Resources Inc Energy	First	141,981	—	$17,404,030	—	0.24%
XOM	Exxon Mobil Corp Energy	First	160,838	—	$17,301,343	—	0.24%
HSY	Hershey Co Consumer Defensive	First	98,690	—	$16,713,151	—	0.23%
TEL	TE Connectivity plc Technology	First	116,845	—	$16,705,329	—	0.23%
LIN	Linde PLC Basic Materials	First	38,352	—	$16,056,831	—	0.22%
ABBV	AbbVie Inc. Healthcare	First	84,227	—	$14,967,137	—	0.21%
ASML	Asml Holding NV Technology	First	21,296	—	$14,759,831	—	0.20%
BAC	Bank Of America Corp /De/ Financial Services	First	317,607	—	$13,958,827	—	0.19%
QCOM	Qualcomm Inc/De Technology	First	89,805	—	$13,795,844	—	0.19%
ROK	Rockwell Automation, Inc Industrials	First	47,812	—	$13,664,191	—	0.19%
PYPL	PayPal Holdings, Inc. Financial Services	First	157,300	—	$13,425,555	—	0.19%
APD	Air Products & Chemicals, Inc. Basic Materials	First	43,473	—	$12,608,908	—	0.17%
MTDR	Matador Resources Co Energy	First	221,000	—	$12,433,460	—	0.17%
ECL	Ecolab Inc. Basic Materials	First	51,018	—	$11,954,537	—	0.16%
EFX	Equifax Inc Industrials	First	44,753	—	$11,405,302	—	0.16%
RIG	Transocean Ltd. Energy	First	2,975,000	—	$11,156,250	—	0.15%
CMI	Cummins Inc Industrials	First	31,062	—	$10,828,213	—	0.15%
MCD	Mcdonalds Corp Consumer Cyclical	First	35,220	—	$10,209,925	—	0.14%
AES	Aes Corp Utilities	First	793,000	—	$10,205,910	—	0.14%
PG	PROCTER & GAMBLE Co Consumer Defensive	First	60,507	—	$10,143,998	—	0.14%