CIK: 0001299351
Total reported value
$8.1B
Reporting period: 2026-03-31 · Number of holdings: 349
Madison Asset Management, LLC disclosed 349 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $8.1B and a quarterly turnover rate of 21.9%.
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Madison Asset Management, LLC's disclosed holdings carry a Herfindahl concentration index of 0.012 — mathematically equivalent to about 80 equally-sized positions, well below its 349 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.83), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim IT
-9.2% -$73.3M
Trim MKSI
-63.3% -$69.5M
Add ROST
-6.3% $34.5M
Trim PCAR
-30.5% -$66.8M
Add META
+2293.4% $48.6M
Trim GOOG
-18.2% -$61.0M
Showing top 200 holdings (of 349 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | ACGL | Arch Capital Group Ltd. | Stock-Financials | 4.85% | +0.07% | -5.91% | |
| 2 | ROST | Ross Stores INC | Stock-Consumer Disc | 3.80% | +0.68% | -6.27% | |
| 3 | PCAR | Paccar INC | Stock-Industrials | 2.27% | -0.60% | -30.54% | |
| 4 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.24% | -0.54% | -18.24% | |
| 5 | APH | Amphenol Corp-cl A | Stock-Tech | 1.96% | -0.12% | -6.70% | |
| 6 | CSL | Carlisle Cos INC | Stock-Industrials | 1.88% | — | -4.59% | |
| 7 | BRO | Brown & Brown INC | Stock-Financials | 1.87% | — | +16.13% | |
| 8 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.72% | -0.15% | -5.10% | |
| 9 | CDW | Cdw Corp/de | Stock-Tech | 1.66% | -0.15% | -4.27% | |
| 10 | LH | Labcorp Holdings INC | Stock-Healthcare | 1.62% | — | -6.72% | |
| 11 | CPRT | Copart INC | Stock-Industrials | 1.60% | -0.23% | -4.49% | |
| 12 | MEDP | Medpace Holdings INC | Stock-Healthcare | 1.56% | -0.23% | -5.57% | |
| 13 | TDY | Teledyne Technologies INC | Stock-Tech | 1.49% | +0.25% | -5.83% | |
| 14 | KEYS | Keysight Technologies In | Stock-Tech | 1.48% | +0.27% | -18.55% | |
| 15 | TXN | Texas Instruments INC | Stock-Tech | 1.46% | — | -10.26% | |
| 16 | V | Visa Inc-class A Shares | Stock-Financials | 1.46% | — | +9.65% | |
| 17 | ADI | Analog Devices INC | Stock-Tech | 1.33% | — | -8.18% | |
| 18 | WRB | Wr Berkley CORP | Stock-Financials | 1.33% | -0.06% | -6.13% | |
| 19 | MC | Moelis & Co - Class A | Stock-Financials | 1.25% | +0.29% | +45.61% | |
| 20 | IT | Gartner INC | Stock-Tech | 1.20% | -0.76% | -9.20% | |
| 21 | MSA | Msa Safety INC | Stock-Industrials | 1.20% | — | +3.58% | |
| 22 | SPHQ | Invesco S&p 500 Quality ETF | ETF-Large Cap & Growth | 1.20% | — | -5.87% | |
| 23 | DHR | Danaher CORP | Stock-Healthcare | 1.16% | -0.27% | -9.18% | |
| 24 | FWONK | Liberty Media Corp-formula-c | Stock-Comm Services | 1.13% | — | +19.88% | |
| 25 | FERG | Ferguson Enterprises INC | Stock-Industrials | 1.08% | — | -6.04% | |
| 26 | ANET | Arista Networks INC | Stock-Tech | 1.04% | — | -3.91% | |
| 27 | PH | Parker Hannifin CORP | Stock-Industrials | 1.03% | — | -5.94% | |
| 28 | WAT | Waters CORP | Stock-Healthcare | 1.01% | -0.27% | -7.00% | |
| 29 | MSFT | Microsoft CORP | Stock-Tech | 0.99% | -0.11% | +9.65% | |
| 30 | LOW | Lowe's Cos INC | Stock-Consumer Disc | 0.97% | -0.07% | -12.12% | |
| 31 | MKSI | Mks INC | Stock-Tech | 0.96% | -0.73% | -63.28% | |
| 32 | THO | Thor Industries INC | Stock-Consumer Disc | 0.96% | -0.27% | -7.56% | |
| 33 | AOS | Smith (a.o.) CORP | Stock-Industrials | 0.93% | — | -5.52% | |
| 34 | BAM | Brookfield Asset Mgmt-a | Stock-Financials | 0.92% | -0.17% | -7.01% | |
| 35 | EXPD | Expeditors Intl Wash INC | Stock-Industrials | 0.87% | — | -6.74% | |
| 36 | FND | Floor & Decor Holdings Inc-a | Stock-Consumer Disc | 0.86% | -0.13% | -2.95% | |
| 37 | HON | Honeywell International INC | Stock-Industrials | 0.86% | — | -20.50% | |
| 38 | PGR | Progressive CORP | Stock-Financials | 0.86% | -0.10% | -4.74% | |
| 39 | A | Agilent Technologies INC | Stock-Healthcare | 0.86% | -0.09% | -0.26% | |
| 40 | TJX | Tjx Companies INC | Stock-Consumer Disc | 0.86% | — | -3.63% | |
| 41 | SCHW | Schwab (charles) CORP | Stock-Financials | 0.84% | — | -5.19% | |
| 42 | NEE | Nextera Energy INC | Stock-Utilities | 0.79% | — | -0.36% | |
| 43 | MRSH | Marsh & Mclennan Cos | Stock-Financials | 0.77% | — | +22.59% | |
| 44 | ABG | Asbury Automotive Group | Stock-Consumer Disc | 0.75% | -0.18% | -10.80% | |
| 45 | LBRDK | Liberty Broadband-c | Stock-Comm Services | 0.74% | — | +0.59% | |
| 46 | LAD | Lithia Motors INC | Stock-Consumer Disc | 0.72% | -0.30% | -12.54% | |
| 47 | TECH | Bio-techne CORP | Stock-Healthcare | 0.71% | -0.09% | -7.47% | |
| 48 | TTAN | Servicetitan Inc-a | Stock-Tech | 0.71% | -0.07% | +41.07% | |
| 49 | BN | Brookfield CORP | Stock-Financials | 0.69% | -0.10% | -8.60% | |
| 50 | VEU | Vanguard Ftse All-world Ex-u | ETF-Other | 0.69% | +0.27% | +48.43% |
Performance for Q3 2026
+2.3%
Performance Last 4 Quarters
+11.8%
Based on 75% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 349 | $8.1B | 22 | |
| 2025-12-31 | 342 | $8.7B | 21 | |
| 2025-09-30 | 336 | $9.1B | 29 | |
| 2025-06-30 | 338 | $9.3B | 0 | |
| 2025-03-31 | 349 | $9.0B | 100 | |
| 2024-12-31 | 335 | $8.9B | 0 | |
| 2024-09-30 | 328 | $8.9B | 0 | |
| 2024-06-30 | 330 | $8.1B | 0 | |
| 2024-03-31 | 330 | $8.1B | 0 | |
| 2023-12-31 | 321 | $7.4B | 0 | |
| 2023-09-30 | 321 | $6.8B | 0 | |
| 2023-06-30 | 314 | $6.9B | 0 | |
| 2023-03-31 | 299 | $6.6B | 0 | |
| 2022-12-31 | 317 | $6.4B | 0 | |
| 2022-09-30 | 337 | $5.9B | 0 | |
| 2022-06-30 | 362 | $6.4B | 0 | |
| 2022-03-31 | 313 | $7.0B | 0 | |
| 2021-12-31 | 315 | $7.6B | 0 | |
| 2021-09-30 | 309 | $7.3B | 0 | |
| 2021-06-30 | 313 | $7.4B | 100 | |
| 2021-03-31 | 310 | $7.2B | 23 | |
| 2020-12-31 | 297 | $6.8B | 23 | |
| 2020-09-30 | 266 | $6.0B | 22 | |
| 2020-06-30 | 262 | $5.7B | 29 | |
| 2020-03-31 | 269 | $4.9B | 44 | |
| 2019-12-31 | 292 | $6.5B | — |
Madison Asset Management, LLC's most significant position changes for 2026-03-31: New buy: Tyler Technologies INC (TYL); New buy: Bentley Systems Inc-class B (BSY); New buy: Armata Pharmaceuticals INC (ARMP); Trim: Gartner INC (IT) — shares -9.20%; Trim: Mks INC (MKSI) — shares -63.28%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | ROST | Ross Stores INC | +0.7% | -6.27% | Trim |
| 2 | META | Meta Platforms Inc-class A | +0.6% | +2293.35% | Add |
| 3 | AVGO | Broadcom INC | +0.4% | +1028.36% | Add |
| 4 | MC | Moelis & Co - Class A | +0.3% | +45.61% | Add |
| 5 | VEU | Vanguard Ftse All-world Ex-u | +0.3% | +48.43% | Add |
| 6 | KEYS | Keysight Technologies In | +0.3% | -18.55% | Trim |
| 7 | TDY | Teledyne Technologies INC | +0.3% | -5.83% | Trim |
| 8 | IUSG | Ishares Core S&p U.s. Growth | +0.2% | +3987.60% | Add |
| 9 | COP | Conocophillips | +0.2% | +79.70% | Add |
| 10 | CL | Colgate-palmolive Co | +0.2% | +253.54% | Add |
| 11 | EMLC | Vaneck JPM Em Local Curr Bnd | +0.2% | +101.15% | Add |
| 12 | INTU | Intuit INC | +0.1% | +2005.33% | Add |
| 13 | ACGL | Arch Capital Group Ltd. | +0.1% | -5.91% | Trim |
| 14 | WRB | Wr Berkley CORP | -0.1% | -6.13% | Trim |
| 15 | LOW | Lowe's Cos INC | -0.1% | -12.12% | Trim |
| 16 | TTAN | Servicetitan Inc-a | -0.1% | +41.07% | Add |
| 17 | A | Agilent Technologies INC | -0.1% | -0.26% | Trim |
| 18 | TECH | Bio-techne CORP | -0.1% | -7.47% | Trim |
| 19 | PGR | Progressive CORP | -0.1% | -4.74% | Trim |
| 20 | BN | Brookfield CORP | -0.1% | -8.60% | Trim |
| 21 | QCOM | Qualcomm INC | -0.1% | -8.06% | Trim |
| 22 | MSFT | Microsoft CORP | -0.1% | +9.65% | Add |
| 23 | VGK | Vanguard Ftse Europe ETF | -0.1% | -43.87% | Trim |
| 24 | APH | Amphenol Corp-cl A | -0.1% | -6.70% | Trim |
| 25 | MS | Morgan Stanley | -0.1% | -57.68% | Trim |
| 26 | EZU | Ishares Msci Eurozone ETF | -0.1% | -65.09% | Trim |
| 27 | FND | Floor & Decor Holdings Inc-a | -0.1% | -2.95% | Trim |
| 28 | JMBS | Janus Henderson Mortg Backed | -0.1% | -22.37% | Trim |
| 29 | LLY | Eli Lilly & Co | -0.1% | -11.13% | Trim |
| 30 | MDY | State Street Spdr S&p Midcap | -0.1% | -28.91% | Trim |
| 31 | CDW | Cdw Corp/de | -0.2% | -4.27% | Trim |
| 32 | AMZN | Amazon.com INC | -0.2% | -5.10% | Trim |
| 33 | BAM | Brookfield Asset Mgmt-a | -0.2% | -7.01% | Trim |
| 34 | ABG | Asbury Automotive Group | -0.2% | -10.80% | Trim |
| 35 | CPRT | Copart INC | -0.2% | -4.49% | Trim |
| 36 | MEDP | Medpace Holdings INC | -0.2% | -5.57% | Trim |
| 37 | DHR | Danaher CORP | -0.3% | -9.18% | Trim |
| 38 | WAT | Waters CORP | -0.3% | -7.00% | Trim |
| 39 | THO | Thor Industries INC | -0.3% | -7.56% | Trim |
| 40 | LAD | Lithia Motors INC | -0.3% | -12.54% | Trim |
| 41 | ORCL | Oracle CORP | -0.3% | -98.14% | Trim |
| 42 | SBUX | Starbucks CORP | -0.4% | -99.35% | Trim |
| 43 | GOOG | Alphabet Inc-cl C | -0.5% | -18.24% | Trim |
| 44 | ACN | Accenture plc | -0.5% | -64.59% | Trim |
| 45 | PCAR | Paccar INC | -0.6% | -30.54% | Trim |
| 46 | MKSI | Mks INC | -0.7% | -63.28% | Trim |
| 47 | IT | Gartner INC | -0.8% | -9.20% | Trim |
| 48 | TYL | Tyler Technologies INC | — | NEW | New buy |
| 49 | BSY | Bentley Systems Inc-class B | — | NEW | New buy |
| 50 | ARMP | Armata Pharmaceuticals INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-07 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-04 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-06 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-11 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-06 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-10 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-12 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-09 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-09 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-12 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-01 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-04-26 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-08 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-10 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-09 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-12 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-15 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-09 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-11 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-13 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-12 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-12 | 13F-HR | View on EDGAR |
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