Madison Asset Management, LLC

MADISON, WI · CIK 1299351 · 13F filing filed 2026-08-10

SEC-registered investment adviser since 2004 · limited liability company

Assets managed$4.9bn
Staff92 · 44 in investment roles
Main clients (by assets)Mutual funds and ETFs 100%
Websitemadisoninvestments.com
Form ADV · 2026-03-20SEC adviser record

Legal entityMadison Asset Management, LLC (US)
Part of Madison Investment Holdings, Inc. (US)

Other 13F filers in this group: Madison Investment Advisors, LLC files a notice

Kindmutual funds, wealth
Others nearbyMadison, WI, Milwaukee, WI
FamilyMadison Investment Holdings, Inc. · 2 related pages · largest: Madison Investment Advisors, LLC

As an employer

Offices in1 country

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
Madison, WI (main office)United States	United States	about 35
Milwaukee, WIUnited States	United States	9

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$8.4bn reported value +4.0% vs Q1 2026

347positions

23.0%in top 10

20 new 127 added 164 reduced 22 sold out vs Q1 2026

Also in the report of:

AAF Wealth Management, LLC – $1.0m of shares are in both reports

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ARCH CAP GROUP LTD ORD ACGL	ACGL	3,799,789	$368.8m4.40%	4.40%	Reduced -276.7k	-276,657 -6.8%
2	ALPHABET INC CAP STK CL C GOOG	GOOG	610,192	$215.6m2.57%	2.57%	Reduced -19.4k	-19,384 -3.1%
3	AMPHENOL CORP CL A APH	APH	1,176,112	$207.4m2.47%	2.47%	Reduced -74.9k	-74,894 -6.0%
4	ROSS STORES INC COM ROST	ROST	886,641	$188.7m2.25%	2.25%	Reduced -526.3k	-526,283 -37.2%
5	PACCAR INC COM PCAR	PCAR	1,478,618	$177.6m2.12%	2.12%	Reduced -106.7k	-106,748 -6.7%
6	TEXAS INSTRS INC COM TXN	TXN	575,695	$171.6m2.05%	2.05%	Reduced -32.6k	-32,610 -5.4%
7	AMAZON COM INC COM AMZN	AMZN	656,264	$156.4m1.86%	1.86%	Reduced -10.8k	-10,819 -1.6%
8	CARLISLE COS INC COM CSL	CSL	421,406	$152.9m1.82%	1.82%	Reduced -32.4k	-32,407 -7.1%
9	CDW CORP COM CDW	CDW	1,070,495	$150.6m1.80%	1.80%	Reduced -34.6k	-34,591 -3.1%
10	MKS INC. COM MKSI	MKSI	316,694	$140.9m1.68%	1.68%	Reduced -21.6k	-21,642 -6.4%
11	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	398,124	$139.4m1.66%	1.66%	Reduced -24.8k	-24,849 -5.9%
12	BROWN & BROWN INC COM BRO	BRO	2,161,022	$138.6m1.65%	1.65%	Reduced -146.6k	-146,600 -6.3%
13	LABCORP HOLDINGS INC COM SHS LH	LH	476,643	$133.5m1.59%	1.59%	Reduced -13.9k	-13,903 -2.8%
14	VISA INC COM CL A V	V	382,662	$131.3m1.57%	1.57%	Reduced -7.2k	-7,207 -1.9%
15	MEDPACE HLDGS INC COM MEDP	MEDP	243,502	$129.0m1.54%	1.54%	Reduced -18.8k	-18,791 -7.2%
16	ANALOG DEVICES INC COM ADI	ADI	313,234	$124.4m1.48%	1.48%	Reduced -24.2k	-24,176 -7.2%
17	TELEDYNE TECHNOLOGIES INC COM TDY	TDY	183,824	$122.6m1.46%	1.46%	Reduced -14.7k	-14,724 -7.4%
18	MSA SAFETY INC COM MSA	MSA	660,573	$115.3m1.37%	1.37%	Added +72.0k	+72,005 12.2%
19	COPART INC COM CPRT	CPRT	4,013,460	$113.1m1.35%	1.35%	Added +123.9k	+123,876 3.2%
20	MOELIS & CO CL A MC	MC	1,667,157	$109.1m1.30%	1.30%	Reduced -106.6k	-106,578 -6.0%
21	BERKLEY W R CORP COM WRB	WRB	1,497,784	$105.6m1.26%	1.26%	Reduced -121.1k	-121,122 -7.5%
22	WATERS CORP COM WAT	WAT	279,856	$105.0m1.25%	1.25%	Added +7.2k	+7,207 2.6%
23	SMITH A O CORP COM AOS	AOS	1,466,922	$92.0m1.10%	1.10%	Added +324.3k	+324,318 28.4%
24	LIBERTY MEDIA CORP DEL COM LBTY ONE S C FWONK	FWONK	964,340	$91.7m1.09%	1.09%	Reduced -106.0k	-105,959 -9.9%
25	PARKER-HANNIFIN CORP COM PH	PH	88,312	$86.4m1.03%	1.03%	Reduced -4.8k	-4,762 -5.1%
26	DANAHER CORPORATION COM DHR	DHR	448,611	$85.5m1.02%	1.02%	Reduced -46.4k	-46,409 -9.4%
27	FERGUSON ENTERPRISES INC COMMON STOCK NEW FERG	FERG	355,611	$84.4m1.01%	1.01%	Reduced -17.7k	-17,686 -4.7%
28	INVESCO EXCHANGE TRADED FD T S&P500 QUALITY SPHQ	SPHQ	936,702	$84.4m1.01%	1.01%	Reduced -345.7k	-345,663 -27.0%
29	AGILENT TECHNOLOGIES INC COM A	A	631,763	$83.9m1.00%	1.00%	Added +23.9k	+23,932 3.9%
30	MICROSOFT CORP COM MSFT	MSFT	217,910	$81.3m0.97%	0.97%	Added +2.0k	+1,967 0.9%
31	FLOOR & DECOR HLDGS INC CL A FND	FND	1,329,870	$78.9m0.94%	0.94%	Reduced -39.6k	-39,589 -2.9%
32	SCHWAB CHARLES CORP COM SCHW	SCHW	847,868	$78.2m0.93%	0.93%	Added +126.0k	+126,038 17.5%
33	BIO-TECHNE CORP COM TECH	TECH	1,063,473	$75.1m0.90%	0.90%	Reduced -29.6k	-29,585 -2.7%
34	GARTNER INC COM IT	IT	574,609	$74.5m0.89%	0.89%	Reduced -38.6k	-38,648 -6.3%
35	PROGRESSIVE CORP COM PGR	PGR	338,343	$73.9m0.88%	0.88%	Reduced -11.4k	-11,431 -3.3%
36	EXPEDITORS INTL WASH INC COM EXPD	EXPD	448,305	$73.1m0.87%	0.87%	Reduced -42.1k	-42,110 -8.6%
37	VERISK ANALYTICS INC COM VRSK	VRSK	398,522	$71.5m0.85%	0.85%	New
38	BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS BAM	BAM	1,570,419	$70.4m0.84%	0.84%	Reduced -104.7k	-104,681 -6.2%
39	LOWES COS INC COM LOW	LOW	315,223	$69.5m0.83%	0.83%	Reduced -14.8k	-14,807 -4.5%
40	LITHIA MTRS INC COM LAD	LAD	230,604	$67.0m0.80%	0.80%	Reduced -2.1k	-2,078 -0.9%
41	ELI LILLY & CO COM LLY	LLY	55,520	$66.6m0.79%	0.79%	Added +1.4k	+1,386 2.6%
42	THOR INDS INC COM THO	THO	881,017	$66.2m0.79%	0.79%	Reduced -83.8k	-83,759 -8.7%
43	TJX COS INC NEW COM TJX	TJX	429,842	$65.1m0.78%	0.78%	Reduced -3.3k	-3,257 -0.8%
44	NEXTERA ENERGY INC COM NEE	NEE	724,014	$63.5m0.76%	0.76%	Added +39.6k	+39,616 5.8%
45	VANGUARD INTL EQUITY INDEX F ALLWRLD EX US VEU	VEU	758,447	$63.5m0.76%	0.76%	Added +20.5k	+20,535 2.8%
46	CULLEN FROST BANKERS INC COM CFR	CFR	403,055	$62.3m0.74%	0.74%	Added +67.5k	+67,482 20.1%
47	ASBURY AUTOMOTIVE GROUP INC COM ABG	ABG	301,332	$60.6m0.72%	0.72%	Reduced -7.5k	-7,543 -2.4%
48	GLACIER BANCORP INC NEW COM GBCI	GBCI	1,144,784	$59.0m0.70%	0.70%	Added +214.3k	+214,317 23.0%
49	APPLE INC COM AAPL	AAPL	200,934	$58.1m0.69%	0.69%	Reduced -152	-152 -0.1%
50	MARSH & MCLENNAN COS INC COM MRSH	MRSH	342,975	$57.2m0.68%	0.68%	Reduced -12.9k	-12,938 -3.6%
51	SERVICETITAN INC SHS CL A TTAN	TTAN	793,636	$56.1m0.67%	0.67%	Reduced -106.5k	-106,476 -11.8%
52	BROOKFIELD CORP CL A LTD VT SH BN	BN	1,306,755	$55.7m0.66%	0.66%	Reduced -62.9k	-62,921 -4.6%
53	MADISON ETFS TRUST AGGREGATE BOND MAGG	MAGG	2,634,812	$53.3m0.64%	0.64%	Reduced -89.3k	-89,255 -3.3%
54	MADISON ETFS TRUST MADISON DIVIDEND DIVL	DIVL	2,163,006	$52.5m0.63%	0.63%	Added +15.5k	+15,547 0.7%
55	JANUS DETROIT STR TR HENDERSON MTG JMBS	JMBS	1,106,482	$49.8m0.59%	0.59%	Reduced -82.9k	-82,874 -7.0%
56	HONEYWELL AEROSPACE INC COM HONA	HONA	224,998	$49.7m0.59%	0.59%	New
57	JPMORGAN CHASE & CO COM JPM	JPM	147,323	$48.2m0.57%	0.57%	Added +5.2k	+5,181 3.6%
58	GRACO INC COM GGG	GGG	620,162	$46.9m0.56%	0.56%	Added +174.0k	+174,043 39.0%
59	VICTORY PORTFOLIOS II SHARES FREE CASH VFLO	VFLO	1,003,856	$45.9m0.55%	0.55%	Added +527.1k	+527,136 110.6%
60	META PLATFORMS INC CL A META	META	80,663	$45.4m0.54%	0.54%	Reduced -8.6k	-8,609 -9.6%
61	AIRBNB INC COM CL A ABNB	ABNB	316,309	$45.3m0.54%	0.54%	Reduced -16.5k	-16,482 -5.0%
62	MADISON ETFS TRUST SHORT TERM STRAT MSTI	MSTI	2,211,990	$44.8m0.53%	0.53%	Reduced -298.3k	-298,259 -11.9%
63	BROADCOM INC COM AVGO	AVGO	117,956	$44.6m0.53%	0.53%	Added +12.3k	+12,330 11.7%
64	HONEYWELL INTL INC COM HON	HON	198,913	$44.5m0.53%	0.53%	New
65	VANGUARD WORLD FD INF TECH ETF VGT	VGT	349,907	$41.8m0.50%	0.50%	Reduced -49.2k	-49,181 -12.3%
66	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	55,098	$41.1m0.49%	0.49%	Reduced -13.5k	-13,533 -19.7%
67	KINSALE CAP GROUP INC COM KNSL	KNSL	123,779	$40.8m0.49%	0.49%	Reduced -13.0k	-12,999 -9.5%
68	BENTLEY SYS INC COM CL B BSY	BSY	1,365,230	$40.8m0.49%	0.49%	Added +383.9k	+383,850 39.1%
69	TYLER TECHNOLOGIES INC COM TYL	TYL	138,684	$40.6m0.48%	0.48%	Reduced -21.6k	-21,605 -13.5%
70	INTERCONTINENTAL EXCHANGE IN COM ICE	ICE	323,573	$39.8m0.47%	0.47%	New
71	LIBERTY MEDIA CORP DEL COM LBTY ONE S A FWONA	FWONA	454,871	$39.8m0.47%	0.47%	Added +8	+8 0.0%
72	MSCI INC COM MSCI	MSCI	70,420	$39.4m0.47%	0.47%	Added +6.2k	+6,151 9.6%
73	DEERE & CO COM DE	DE	60,985	$38.7m0.46%	0.46%	Reduced -3.5k	-3,524 -5.5%
74	ISHARES TR CORE S&P SCP ETF IJR	IJR	246,133	$36.5m0.44%	0.44%	Reduced -14.3k	-14,330 -5.5%
75	JOHNSON & JOHNSON COM JNJ	JNJ	136,792	$34.7m0.41%	0.41%	Reduced -4.8k	-4,784 -3.4%
76	ETF SER SOLUTIONS DISTILLATE US DSTL	DSTL	538,471	$32.3m0.38%	0.38%	Reduced -277.1k	-277,136 -34.0%
77	HOME DEPOT INC COM HD	HD	89,709	$31.6m0.38%	0.38%	Reduced -1.6k	-1,595 -1.8%
78	COSTCO WHSL CORP NEW COM COST	COST	33,457	$31.3m0.37%	0.37%	Added +417	+417 1.3%
79	ISHARES TR ISHS 5-10YR INVT IGIB	IGIB	584,799	$31.1m0.37%	0.37%	Added +183.9k	+183,883 45.9%
80	MADISON ETFS TRUST MADISON COVERED CVRD	CVRD	1,755,000	$30.8m0.37%	0.37%	Reduced -50.0k	-50,000 -2.8%
81	QUALCOMM INC COM QCOM	QCOM	166,795	$30.8m0.37%	0.37%	Reduced -19.8k	-19,795 -10.6%
82	J P MORGAN EXCHANGE TRADED F INTRNL RES EQT JIRE	JIRE	371,195	$30.6m0.37%	0.37%	Added +35.9k	+35,934 10.7%
83	ARISTA NETWORKS INC COM SHS ANET	ANET	178,606	$30.3m0.36%	0.36%	Reduced -505.7k	-505,710 -73.9%
84	ISHARES TR CORE S&P MCP ETF IJH	IJH	383,925	$29.6m0.35%	0.35%	Added +74.9k	+74,865 24.2%
85	ISHARES TR CORE S&P US GWT IUSG	IUSG	151,348	$28.5m0.34%	0.34%	Added +30.1k	+30,069 24.8%
86	EXXONMOBIL HOLDINGS CORP COM SHS STOCK XOM	XOM	207,414	$28.4m0.34%	0.34%	New
87	TE CONNECTIVITY PLC ORD SHS TEL	TEL	136,176	$27.5m0.33%	0.33%	Reduced -1.2k	-1,167 -0.8%
88	BLACKROCK INC COM BLK	BLK	28,220	$27.1m0.32%	0.32%	Reduced -698	-698 -2.4%
89	LINDE PLC SHS LIN	LIN	51,703	$26.8m0.32%	0.32%	Added +1.3k	+1,278 2.5%
90	CHEVRON CORP NEW COM CVX	CVX	158,990	$26.4m0.31%	0.31%	Reduced -3.1k	-3,098 -1.9%
91	VANECK ETF TRUST JP MRGAN EM LOC EMLC	EMLC	1,025,001	$26.2m0.31%	0.31%	Reduced -4.8k	-4,810 -0.5%
92	SPDR SERIES TRUST PORTFLI HIGH YLD SPHY	SPHY	1,107,255	$26.0m0.31%	0.31%	Added +35.5k	+35,500 3.3%
93	AMERICAN CENTY ETF TR AVANTIS EMGMKT AVEM	AVEM	266,533	$25.7m0.31%	0.31%	Added +230.8k	+230,756 645.0%
94	COLGATE PALMOLIVE CO COM CL	CL	273,802	$25.1m0.30%	0.30%	Added +24.8k	+24,782 9.9%
95	SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP MDY	MDY	35,518	$25.0m0.30%	0.30%	Reduced -23.7k	-23,729 -40.0%
96	ISHARES TR CORE US AGGBD ET AGG	AGG	252,075	$25.0m0.30%	0.30%	Reduced -1.7k	-1,703 -0.7%
97	ILLINOIS TOOL WKS INC COM ITW	ITW	79,669	$21.5m0.26%	0.26%	Added +7.2k	+7,203 9.9%
98	CME GROUP INC COM CME	CME	93,141	$20.6m0.25%	0.25%	Added +7.5k	+7,515 8.8%
99	PEPSICO INC COM PEP	PEP	151,539	$20.5m0.24%	0.24%	Reduced -32.9k	-32,916 -17.9%
100	ABBVIE INC COM ABBV	ABBV	79,651	$20.0m0.24%	0.24%	Added +19.3k	+19,282 31.9%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
HONEYWELL INTL INC		153,464	$69.4m153.5k shares
LIBERTY BROADBAND CORP LBRDK	LBRDK	1,188,921	$59.8m1.2m shares
EXXON MOBIL CORP XOM	XOM	212,258	$36.0m212.3k shares
EQUIFAX INC EFX	EFX	70,191	$12.6m70.2k shares
INTUIT INTU	INTU	25,264	$10.9m25.3k shares
MICROCHIP TECHNOLOGY INC. MCHP	MCHP	147,781	$9.5m147.8k shares
ISHARES INC EZU	EZU	82,862	$5.2m82.9k shares
OPTION CARE HEALTH INC OPCH	OPCH	162,223	$4.4m162.2k shares
ALIBABA GROUP HLDG LTD BABA	BABA	29,010	$3.6m29.0k shares
SIMPLY GOOD FOODS CO SMPL	SMPL	143,206	$2.1m143.2k shares
ONESPAWORLD HOLDINGS LIMITED OSW	OSW	84,681	$1.9m84.7k shares
FERRARI N V RACE	RACE	5,122	$1.7m5.1k shares
WISE PLC - SPON ADR WIZEY	WIZEY	116,161	$1.4m116.2k shares
AGNICO EAGLE MINES LTD AEM	AEM	7,035	$1.4m7.0k shares
NUTRIEN LTD NTR	NTR	13,077	$986.8k13.1k shares
WEC ENERGY GROUP INC WEC	WEC	5,485	$635.0k5.5k shares
ISHARES TR QUAL	QUAL	2,309	$442.9k2.3k shares
FRANKLIN TEMPLETON ETF TR FLEU	FLEU	11,489	$371.3k11.5k shares
BRISTOL-MYERS SQUIBB CO BMY	BMY	3,712	$225.1k3.7k shares
JACOBS SOLUTIONS INC J	J	1,756	$223.5k1.8k shares
STARBUCKS CORP SBUX	SBUX	2,381	$213.3k2.4k shares
ISHARES BITCOIN TRUST ETF IBIT	IBIT	5,375	$206.5k5.4k shares