Madison Asset Management, LLC's SEC 13F Portfolio ($8.1B)

Diversified strategyMomentum followerQuality / disciplined sizing

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%.

Browse other institutions with $1B to $10B AUM Browse other institutions starting with "M"

Personality snowflake

Concentration: 4.98
Portfolio Stability: 21.94
Momentum/Contrarian: 100
Sector conviction: 49.85
Diversification: 100
Sizing Uniformity: 81.69

Recent moves

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

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
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%

1–50 of 349

Portfolio Performance

Performance for Q3 2026

+2.3%

Performance Last 4 Quarters

+11.8%

Based on 75% of reported portfolio value with available pricing

Stdev: +12.9%
Beta: +0.85
Alpha: -5.5%
Max Drawdown: -9.7%
Annualized Perf: +9.8%
Batting Avg vs S&P: +41.7%
Sortino: +1.36
Stutzer: +0.23
Treynor: +0.12
Sterling: +0.56
Calmar: +1.02
Information Ratio: -1.22
Tracking Error: +6.8%
Stdev Down: +7.5%
Winning Months %: +61.1%
Losing Months %: +38.9%
Best 12 Months: +26.7%
Worst 12 Months: -1.1%
Efficiency Ratio: +0.3
Sharpe: +0.79
Stdev Sectors: +8.3%
Skewness: -0.09
Kurtosis: -0.51
Upside Potential: +3.09

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	349	$8.1B	22	1ACGL 2ROST 3PCAR Top holdings2026-03-31 1.ACGL 2.ROST 3.PCAR 4.GOOG 5.APH 6.CSL 7.BRO 8.AMZN 9.CDW 10.LH
2025-12-31	342	$8.7B	21	1ACGL 2ROST 3PCAR Top holdings2025-12-31 1.ACGL 2.ROST 3.PCAR 4.GOOG 5.APH 6.IT 7.AMZN 8.CPRT 9.BRO 10.CDW
2025-09-30	336	$9.1B	29	1ACGL 2APH 3ROST Top holdings2025-09-30 1.ACGL 2.APH 3.ROST 4.PCAR 5.CDW 6.GOOG 7.CPRT 8.BRO 9.IT 10.CSL
2025-06-30	338	$9.3B	0	1ACGL 2IT 3APH Top holdings2025-06-30 1.ACGL 2.IT 3.APH 4.PCAR 5.CDW 6.BRO 7.CPRT 8.ROST 9.CSL 10.LBRDK
2025-03-31	349	$9.0B	100	1ACGL 2CPRT 3BRO Top holdings2025-03-31 1.ACGL 2.CPRT 3.BRO 4.PCAR 5.IT 6.ROST 7.GOOG 8.CSL 9.APH 10.LBRDK
2024-12-31	335	$8.9B	0	1ACGL 2GOOG 3PCAR Top holdings2024-12-31 1.ACGL 2.GOOG 3.PCAR 4.CPRT 5.IT 6.ROST 7.BRO 8.AMZN 9.APH 10.CSL
2024-09-30	328	$8.9B	0	1ACGL 2IT 3PCAR Top holdings2024-09-30 1.ACGL 2.IT 3.PCAR 4.GOOG 5.CPRT 6.ROST 7.BRO 8.CSL 9.AMZN 10.APH
2024-06-30	330	$8.1B	0	1ACGL 2GOOG 3PCAR Top holdings2024-06-30 1.ACGL 2.GOOG 3.PCAR 4.CPRT 5.IT 6.ROST 7.DLTR 8.BRO 9.AMZN 10.CSL
2024-03-31	330	$8.1B	0	1ACGL 2PCAR 3GOOG Top holdings2024-03-31 1.ACGL 2.PCAR 3.GOOG 4.CPRT 5.DLTR 6.IT 7.CSL 8.ROST 9.ANETEUR 10.BRO
2023-12-31	321	$7.4B	0	1ACGL 2GOOG 3PCAR Top holdings2023-12-31 1.ACGL 2.GOOG 3.PCAR 4.DLTR 5.CPRT 6.IT 7.ROST 8.CSL 9.TXN 10.ADI
2023-09-30	321	$6.8B	0	1ACGL 2GOOG 3PCAR Top holdings2023-09-30 1.ACGL 2.GOOG 3.PCAR 4.CPRT 5.DLTR 6.PGR 7.LBRDK 8.IT 9.ROST 10.CSL
2023-06-30	314	$6.9B	0	1ACGL 2GOOG 3PCAR Top holdings2023-06-30 1.ACGL 2.GOOG 3.PCAR 4.CPRT 5.DLTR 6.IT 7.PGR 8.ROST 9.LOW 10.ADI
2023-03-31	299	$6.6B	0	1ACGL 2PCAR 3DLTR Top holdings2023-03-31 1.ACGL 2.PCAR 3.DLTR 4.GOOG 5.CPRT 6.PGR 7.ADI 8.TFLO 9.IT 10.LBRDK
2022-12-31	317	$6.4B	0	1ACGL 2PCAR 3DLTR Top holdings2022-12-31 1.ACGL 2.PCAR 3.DLTR 4.PGR 5.GOOG 6.IT 7.ROST 8.CPRT 9.ADI 10.SPY
2022-09-30	337	$5.9B	0	1ACGL 2DLTR 3PCAR Top holdings2022-09-30 1.ACGL 2.DLTR 3.PCAR 4.PGR 5.GOOG 6.BAM 7.CPRT 8.IT 9.ADI 10.CSL
2022-06-30	362	$6.4B	0	1ACGL 2DLTR 3PGR Top holdings2022-06-30 1.ACGL 2.DLTR 3.PGR 4.PCAR 5.LBRDK 6.SCHR 7.GOOG 8.BAM 9.CPRT 10.SPY
2022-03-31	313	$7.0B	0	1DLTR 2ACGL 3LBRDK Top holdings2022-03-31 1.DLTR 2.ACGL 3.LBRDK 4.PCAR 5.PGR 6.BAM 7.GOOG 8.SCHR 9.CPRT 10.ADI
2021-12-31	315	$7.6B	0	1DLTR 2LBRDK 3ACGL Top holdings2021-12-31 1.DLTR 2.LBRDK 3.ACGL 4.PGR 5.PCAR 6.BAM 7.CPRT 8.GOOG 9.LOW 10.SPY
2021-09-30	309	$7.3B	0	1LBRDK 2ACGL 3PGR Top holdings2021-09-30 1.LBRDK 2.ACGL 3.PGR 4.DLTR 5.GOOG 6.BAM 7.CPRT 8.USB 9.ADI 10.IT
2021-06-30	313	$7.4B	100	1LBRDK 2PGR 3ACGL Top holdings2021-06-30 1.LBRDK 2.PGR 3.ACGL 4.DLTR 5.GOOG 6.BAM 7.CPRT 8.IT 9.ADI 10.VEU
2021-03-31	310	$7.2B	23	1LBRDK 2PGR 3DLTR Top holdings2021-03-31 1.LBRDK 2.PGR 3.DLTR 4.ACGL 5.MBB 6.VCSH 7.USB 8.LOW 9.BAM 10.GOOG
2020-12-31	297	$6.8B	23	1LBRDK 2PGR 3DLTR Top holdings2020-12-31 1.LBRDK 2.PGR 3.DLTR 4.ACGL 5.VCSH 6.CPRT 7.MBB 8.LOW 9.ADI 10.BAM
2020-09-30	266	$6.0B	22	1LBRDK 2PGR 3CPRT Top holdings2020-09-30 1.LBRDK 2.PGR 3.CPRT 4.LOW 5.VCSH 6.DLTR 7.MBB 8.TEL 9.ADI 10.BRK-B
2020-06-30	262	$5.7B	29	1LBRDK 2VCSH 3DLTR Top holdings2020-06-30 1.LBRDK 2.VCSH 3.DLTR 4.PGR 5.CPRT 6.LOW 7.TLT 8.GOOG 9.PPG 10.BDX
2020-03-31	269	$4.9B	44	1LBRDK 2PGR 3VCSH Top holdings2020-03-31 1.LBRDK 2.PGR 3.VCSH 4.DLTR 5.CPRT 6.BDX 7.GOOG 8.BAM 9.VGT 10.BRK-B
2019-12-31	292	$6.5B	—	1SPY 2BAM 3LBRDK Top holdings2019-12-31 1.SPY 2.BAM 3.LBRDK 4.KMX 5.USB 6.CPRT 7.DLTR 8.LOW 9.ACGL 10.GOOG

Holding changes this quarter

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%.

Position changes disclosed by Madison Asset Management, LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	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

FAQ

What is Madison Asset Management, LLC and what type of investor is it?

Madison Asset Management, LLC is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $8.1B, spread across 349 disclosed positions.

What are Madison Asset Management, LLC's largest equity positions?

Based on the latest 13F filing, Madison Asset Management, LLC's top holdings by market value are: 1. Arch Capital Group Ltd. (ACGL) — $391.3M (4.8%) 2. Ross Stores INC (ROST) — $306.1M (3.8%) 3. Paccar INC (PCAR) — $183.1M (2.3%) 4. Alphabet Inc-cl C (GOOG) — $180.6M (2.2%) 5. Amphenol Corp-cl A (APH) — $158.1M (2.0%)

What changes did Madison Asset Management, LLC make in its most recent portfolio filing?

In the latest reported quarter, Madison Asset Management, LLC made 50 notable position adjustments: 3 new positions were initiated, 11 existing holdings were added to, 36 positions were partially reduced, and 0 were completely exited. The largest of these moves: 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%

What sectors does Madison Asset Management, LLC focus on?

Madison Asset Management, LLC is concentrated in the following sectors based on its current disclosed equity portfolio: • Financials: 22.4% • Information Technology: 22.4% • Industrials: 16.5% • Consumer Discretionary: 14.3% • Health Care: 11.6% • Communication Services: 5.9%

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Madison Asset Management, LLC's SEC 13F Portfolio ($8.1B)

Diversified strategyMomentum followerQuality / disciplined sizing

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%.

Browse other institutions with $1B to $10B AUM Browse other institutions starting with "M"

Personality snowflake

Concentration: 4.98
Portfolio Stability: 21.94
Momentum/Contrarian: 100
Sector conviction: 49.85
Diversification: 100
Sizing Uniformity: 81.69

Recent moves

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

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
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%

1–50 of 349

Portfolio Performance

Performance for Q3 2026

+2.3%

Performance Last 4 Quarters

+11.8%

Based on 75% of reported portfolio value with available pricing

Stdev: +12.9%
Beta: +0.85
Alpha: -5.5%
Max Drawdown: -9.7%
Annualized Perf: +9.8%
Batting Avg vs S&P: +41.7%
Sortino: +1.36
Stutzer: +0.23
Treynor: +0.12
Sterling: +0.56
Calmar: +1.02
Information Ratio: -1.22
Tracking Error: +6.8%
Stdev Down: +7.5%
Winning Months %: +61.1%
Losing Months %: +38.9%
Best 12 Months: +26.7%
Worst 12 Months: -1.1%
Efficiency Ratio: +0.3
Sharpe: +0.79
Stdev Sectors: +8.3%
Skewness: -0.09
Kurtosis: -0.51
Upside Potential: +3.09

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	349	$8.1B	22	1ACGL 2ROST 3PCAR Top holdings2026-03-31 1.ACGL 2.ROST 3.PCAR 4.GOOG 5.APH 6.CSL 7.BRO 8.AMZN 9.CDW 10.LH
2025-12-31	342	$8.7B	21	1ACGL 2ROST 3PCAR Top holdings2025-12-31 1.ACGL 2.ROST 3.PCAR 4.GOOG 5.APH 6.IT 7.AMZN 8.CPRT 9.BRO 10.CDW
2025-09-30	336	$9.1B	29	1ACGL 2APH 3ROST Top holdings2025-09-30 1.ACGL 2.APH 3.ROST 4.PCAR 5.CDW 6.GOOG 7.CPRT 8.BRO 9.IT 10.CSL
2025-06-30	338	$9.3B	0	1ACGL 2IT 3APH Top holdings2025-06-30 1.ACGL 2.IT 3.APH 4.PCAR 5.CDW 6.BRO 7.CPRT 8.ROST 9.CSL 10.LBRDK
2025-03-31	349	$9.0B	100	1ACGL 2CPRT 3BRO Top holdings2025-03-31 1.ACGL 2.CPRT 3.BRO 4.PCAR 5.IT 6.ROST 7.GOOG 8.CSL 9.APH 10.LBRDK
2024-12-31	335	$8.9B	0	1ACGL 2GOOG 3PCAR Top holdings2024-12-31 1.ACGL 2.GOOG 3.PCAR 4.CPRT 5.IT 6.ROST 7.BRO 8.AMZN 9.APH 10.CSL
2024-09-30	328	$8.9B	0	1ACGL 2IT 3PCAR Top holdings2024-09-30 1.ACGL 2.IT 3.PCAR 4.GOOG 5.CPRT 6.ROST 7.BRO 8.CSL 9.AMZN 10.APH
2024-06-30	330	$8.1B	0	1ACGL 2GOOG 3PCAR Top holdings2024-06-30 1.ACGL 2.GOOG 3.PCAR 4.CPRT 5.IT 6.ROST 7.DLTR 8.BRO 9.AMZN 10.CSL
2024-03-31	330	$8.1B	0	1ACGL 2PCAR 3GOOG Top holdings2024-03-31 1.ACGL 2.PCAR 3.GOOG 4.CPRT 5.DLTR 6.IT 7.CSL 8.ROST 9.ANETEUR 10.BRO
2023-12-31	321	$7.4B	0	1ACGL 2GOOG 3PCAR Top holdings2023-12-31 1.ACGL 2.GOOG 3.PCAR 4.DLTR 5.CPRT 6.IT 7.ROST 8.CSL 9.TXN 10.ADI
2023-09-30	321	$6.8B	0	1ACGL 2GOOG 3PCAR Top holdings2023-09-30 1.ACGL 2.GOOG 3.PCAR 4.CPRT 5.DLTR 6.PGR 7.LBRDK 8.IT 9.ROST 10.CSL
2023-06-30	314	$6.9B	0	1ACGL 2GOOG 3PCAR Top holdings2023-06-30 1.ACGL 2.GOOG 3.PCAR 4.CPRT 5.DLTR 6.IT 7.PGR 8.ROST 9.LOW 10.ADI
2023-03-31	299	$6.6B	0	1ACGL 2PCAR 3DLTR Top holdings2023-03-31 1.ACGL 2.PCAR 3.DLTR 4.GOOG 5.CPRT 6.PGR 7.ADI 8.TFLO 9.IT 10.LBRDK
2022-12-31	317	$6.4B	0	1ACGL 2PCAR 3DLTR Top holdings2022-12-31 1.ACGL 2.PCAR 3.DLTR 4.PGR 5.GOOG 6.IT 7.ROST 8.CPRT 9.ADI 10.SPY
2022-09-30	337	$5.9B	0	1ACGL 2DLTR 3PCAR Top holdings2022-09-30 1.ACGL 2.DLTR 3.PCAR 4.PGR 5.GOOG 6.BAM 7.CPRT 8.IT 9.ADI 10.CSL
2022-06-30	362	$6.4B	0	1ACGL 2DLTR 3PGR Top holdings2022-06-30 1.ACGL 2.DLTR 3.PGR 4.PCAR 5.LBRDK 6.SCHR 7.GOOG 8.BAM 9.CPRT 10.SPY
2022-03-31	313	$7.0B	0	1DLTR 2ACGL 3LBRDK Top holdings2022-03-31 1.DLTR 2.ACGL 3.LBRDK 4.PCAR 5.PGR 6.BAM 7.GOOG 8.SCHR 9.CPRT 10.ADI
2021-12-31	315	$7.6B	0	1DLTR 2LBRDK 3ACGL Top holdings2021-12-31 1.DLTR 2.LBRDK 3.ACGL 4.PGR 5.PCAR 6.BAM 7.CPRT 8.GOOG 9.LOW 10.SPY
2021-09-30	309	$7.3B	0	1LBRDK 2ACGL 3PGR Top holdings2021-09-30 1.LBRDK 2.ACGL 3.PGR 4.DLTR 5.GOOG 6.BAM 7.CPRT 8.USB 9.ADI 10.IT
2021-06-30	313	$7.4B	100	1LBRDK 2PGR 3ACGL Top holdings2021-06-30 1.LBRDK 2.PGR 3.ACGL 4.DLTR 5.GOOG 6.BAM 7.CPRT 8.IT 9.ADI 10.VEU
2021-03-31	310	$7.2B	23	1LBRDK 2PGR 3DLTR Top holdings2021-03-31 1.LBRDK 2.PGR 3.DLTR 4.ACGL 5.MBB 6.VCSH 7.USB 8.LOW 9.BAM 10.GOOG
2020-12-31	297	$6.8B	23	1LBRDK 2PGR 3DLTR Top holdings2020-12-31 1.LBRDK 2.PGR 3.DLTR 4.ACGL 5.VCSH 6.CPRT 7.MBB 8.LOW 9.ADI 10.BAM
2020-09-30	266	$6.0B	22	1LBRDK 2PGR 3CPRT Top holdings2020-09-30 1.LBRDK 2.PGR 3.CPRT 4.LOW 5.VCSH 6.DLTR 7.MBB 8.TEL 9.ADI 10.BRK-B
2020-06-30	262	$5.7B	29	1LBRDK 2VCSH 3DLTR Top holdings2020-06-30 1.LBRDK 2.VCSH 3.DLTR 4.PGR 5.CPRT 6.LOW 7.TLT 8.GOOG 9.PPG 10.BDX
2020-03-31	269	$4.9B	44	1LBRDK 2PGR 3VCSH Top holdings2020-03-31 1.LBRDK 2.PGR 3.VCSH 4.DLTR 5.CPRT 6.BDX 7.GOOG 8.BAM 9.VGT 10.BRK-B
2019-12-31	292	$6.5B	—	1SPY 2BAM 3LBRDK Top holdings2019-12-31 1.SPY 2.BAM 3.LBRDK 4.KMX 5.USB 6.CPRT 7.DLTR 8.LOW 9.ACGL 10.GOOG

Holding changes this quarter

Position changes disclosed by Madison Asset Management, LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	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