Institution

Madison Asset Management, LLC

13F for the quarter to June 30, 2026, filed August 10, 2026 · SEC CIK 1299351

Reported value: $8.4bn
Positions we cover: 231
Copy, a year: +10.7%
Copy Sharpe ratio: 0.46

How copying its 13F would have done

CopyS&P 500 $10,000 copying Madison Asset Management, LLC's filed holdings in companies we cover from February 14, 2020, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −35.1% (S&P 500 −31.8%); beta 0.97; alpha −2.8% a year (t = −0.98); last 12 months +17.0% against +12.1%.

Reported value by quarter

Madison Asset Management, LLC: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).

View chart data

Period	Reported value
2019-12-31	$6.5B
2020-03-31	$4.9B
2020-06-30	$5.7B
2020-09-30	$6B
2020-12-31	$6.8B
2021-03-31	$7.2B
2021-06-30	$7.4B
2021-09-30	$7.3B
2021-12-31	$7.6B
2022-03-31	$7B
2022-06-30	$6.4B
2022-09-30	$5.9B
2022-12-31	$6.4B
2023-03-31	$6.6B
2023-06-30	$6.9B
2023-09-30	$6.8B
2023-12-31	$7.4B
2024-03-31	$8.1B
2024-06-30	$8.1B
2024-09-30	$8.9B
2024-12-31	$8.9B
2025-03-31	$9B
2025-06-30	$9.3B
2025-09-30	$9.1B
2025-12-31	$8.7B
2026-03-31	$8.1B
2026-06-30	$8.4B

Holdings and moves

Company	Share of portfolio	Value	Shares	Change in shares
ACGLArch Capital Group	4.40%	$368.8m	3.80M	−6.8% Reduced
APHAmphenol	2.47%	$207.4m	1.18M	−6.0% Reduced
ROSTRoss Stores	2.25%	$188.7m	886.6K	−37.2% Reduced
PCARPaccar	2.12%	$177.6m	1.48M	−6.7% Reduced
TXNTexas Instruments	2.05%	$171.6m	575.7K	−5.4% Reduced
AMZNAmazon	1.86%	$156.4m	656.3K	−1.6% Reduced
CSLCarlisle Companies Inc	1.82%	$152.9m	421.4K	−7.1% Reduced
CDWCDW Corporation	1.79%	$150.6m	1.07M	−3.1% Reduced
MKSIMKS Inc	1.68%	$140.9m	316.7K	−6.4% Reduced
KEYSKeysight Technologies	1.66%	$139.4m	398.1K	−5.9% Reduced
BROBrown & Brown	1.65%	$138.6m	2.16M	−6.4% Reduced
LHLabcorp	1.59%	$133.5m	476.6K	−2.8% Reduced
VVisa Inc.	1.56%	$131.3m	382.7K	−1.8% Reduced
MEDPMedpace Holdings, Inc.	1.54%	$129.0m	243.5K	−7.2% Reduced
ADIAnalog Devices	1.48%	$124.4m	313.2K	−7.2% Reduced
TDYTeledyne Technologies	1.46%	$122.6m	183.8K	−7.4% Reduced
MSAMSA Safety Inc	1.38%	$115.3m	660.6K	+12.2% Added
CPRTCopart	1.35%	$113.1m	4.01M	+3.2% Added
MCMoelis & Co	1.30%	$109.1m	1.67M	−6.0% Reduced
WRBW. R. Berkley Corporation	1.26%	$105.6m	1.50M	−7.5% Reduced
WATWaters Corporation	1.25%	$105.0m	279.9K	+2.6% Added
AOSA. O. Smith	1.10%	$92.0m	1.47M	+28.4% Added
FWONKLiberty Media Corp	1.09%	$91.7m	964.3K	−9.9% Reduced
PHParker Hannifin	1.03%	$86.4m	88.3K	−5.1% Reduced
DHRDanaher Corporation	1.02%	$85.5m	448.6K	−9.4% Reduced
FERGFerguson Enterprises	1.01%	$84.4m	355.6K	−4.7% Reduced
AAgilent Technologies	1.00%	$83.9m	631.8K	+3.9% Added
MSFTMicrosoft Corporation	0.97%	$81.3m	217.9K	+0.9% Added
FNDFloor & Decor Holdings, Inc.	0.94%	$78.9m	1.33M	−2.9% Reduced
SCHWCharles Schwab Corporation	0.93%	$78.2m	847.9K	+17.5% Added
TECHBio-Techne	0.90%	$75.1m	1.06M	−2.7% Reduced
ITGartner	0.89%	$74.5m	574.6K	−6.3% Reduced
PGRProgressive Corporation	0.88%	$73.9m	338.3K	−3.3% Reduced
EXPDExpeditors International	0.87%	$73.1m	448.3K	−8.6% Reduced
VRSKVerisk Analytics, Inc.	0.85%	$71.5m	398.5K	New
BAMBrookfield Asset Management Ltd.	0.84%	$70.4m	1.57M	−6.2% Reduced
LOWLowe's	0.83%	$69.5m	315.2K	−4.5% Reduced
LADLithia Motors Inc	0.80%	$67.0m	230.6K	−0.9% Reduced
LLYLilly (Eli)	0.79%	$66.6m	55.5K	+2.6% Added
THOThor Industries Inc	0.79%	$66.2m	881.0K	−8.7% Reduced
TJXTJX Companies	0.78%	$65.1m	429.8K	−0.8% Reduced
NEENextEra Energy	0.76%	$63.5m	724.0K	+5.8% Added
CFRCullen/frost Bankers, Inc.	0.74%	$62.3m	403.1K	+20.1% Added
ABGAsbury Automotive Group Inc	0.72%	$60.6m	301.3K	−2.4% Reduced
GBCIGlacier Bancorp, Inc.	0.70%	$59.0m	1.14M	+23.0% Added
AAPLApple Inc.	0.69%	$58.1m	200.9K	−0.1%
MRSHMarsh McLennan	0.68%	$57.2m	343.0K	−3.6% Reduced
TTANServicetitan, Inc.	0.67%	$56.1m	793.6K	−11.8% Reduced
HONAHoneywell Aerospace	0.59%	$49.7m	225.0K	New
JPMJPMorgan Chase	0.57%	$48.2m	147.3K	+3.6% Added
GGGGraco Inc	0.56%	$46.9m	620.2K	+39.0% Added
METAMeta Platforms	0.54%	$45.4m	80.7K	−9.6% Reduced
ABNBAirbnb	0.54%	$45.3m	316.3K	−5.0% Reduced
AVGOBroadcom	0.53%	$44.6m	118.0K	+11.7% Added
HONHoneywell Technologies	0.53%	$44.5m	198.9K	New
KNSLKinsale Capital Group, Inc.	0.49%	$40.8m	123.8K	−9.5% Reduced
BSYBentley Systems Inc	0.49%	$40.8m	1.37M	+39.1% Added
TYLTyler Technologies Inc	0.48%	$40.6m	138.7K	−13.5% Reduced
ICEIntercontinental Exchange	0.47%	$39.8m	323.6K	New
MSCIMSCI	0.47%	$39.4m	70.4K	+9.6% Added
DEDeere & Company	0.46%	$38.7m	61.0K	−5.5% Reduced
JNJJohnson & Johnson	0.41%	$34.7m	136.8K	−3.4% Reduced
HDThe Home Depot	0.38%	$31.6m	89.7K	−1.7% Reduced
COSTCostco	0.37%	$31.3m	33.5K	+1.3% Added
QCOMQualcomm	0.37%	$30.8m	166.8K	−10.6% Reduced
ANETArista Networks	0.36%	$30.3m	178.6K	−73.9% Reduced
XOMExxonMobil	0.34%	$28.4m	207.4K	New
TELTE Connectivity	0.33%	$27.5m	136.2K	−0.8% Reduced
BLKBlackRock	0.32%	$27.1m	28.2K	−2.4% Reduced
LINLinde plc	0.32%	$26.8m	51.7K	+2.5% Added
CVXChevron Corporation	0.31%	$26.4m	159.0K	−1.9% Reduced
CLColgate-Palmolive	0.30%	$25.1m	273.8K	+10.0% Added
ITWIllinois Tool Works	0.26%	$21.5m	79.7K	+9.9% Added
CMECME Group	0.24%	$20.6m	93.1K	+8.8% Added
PEPPepsiCo	0.24%	$20.5m	151.5K	−17.8% Reduced
ABBVAbbVie	0.24%	$20.0m	79.7K	+31.9% Added
ECLEcolab	0.23%	$19.4m	69.8K	+4.0% Added
ASMLAsml Holding NV	0.23%	$19.4m	9.8K	+1.3% Added
MDTMedtronic	0.22%	$18.6m	237.6K	−2.6% Reduced
ALCAlcon Inc	0.22%	$18.6m	276.5K	−6.6% Reduced
PGProcter & Gamble	0.21%	$18.1m	123.2K	−5.0% Reduced
UNHUnitedHealth Group	0.21%	$17.6m	42.4K	+2.0% Added
AJGArthur J. Gallagher & Co.	0.20%	$16.6m	72.4K	New
COPConocoPhillips	0.19%	$15.9m	153.3K	−27.2% Reduced
UNPUnion Pacific Corporation	0.19%	$15.6m	57.3K	−3.9% Reduced
MTDRMatador Resources Co	0.18%	$14.9m	298.8K	+6.4% Added
RIGTransocean Ltd.	0.18%	$14.8m	3.03M	0.0%
VRTXVertex Pharmaceuticals	0.17%	$14.6m	29.3K	+7.0% Added
ARMPArmata Pharmaceuticals, Inc.	0.16%	$13.7m	2.11M	0.0%
ADMArcher Daniels Midland	0.15%	$13.0m	170.5K	0.0%
CRMSalesforce	0.14%	$12.0m	76.5K	−17.4% Reduced
WDAYWorkday, Inc.	0.14%	$11.8m	96.7K	+10.1% Added
APDAir Products	0.14%	$11.7m	39.9K	−1.7% Reduced
BACBank of America	0.14%	$11.7m	204.5K	−0.2%
MCDMcDonald's	0.14%	$11.6m	42.9K	−3.4% Reduced
ADPAutomatic Data Processing	0.13%	$10.8m	48.4K	+17.4% Added
APAAPA Corporation	0.13%	$10.7m	328.6K	0.0%
SEZLSezzle Inc.	0.13%	$10.6m	61.7K	−1.8% Reduced
EOGEOG Resources	0.13%	$10.5m	80.8K	−5.2% Reduced
FASTFastenal	0.12%	$10.0m	209.2K	−3.8% Reduced
WSTWest Pharmaceutical Services	0.12%	$9.9m	27.6K	New
FCXFreeport-McMoRan	0.10%	$8.7m	137.8K	+67.6% Added
LVSLas Vegas Sands	0.10%	$8.6m	185.5K	+14.2% Added
TSMTaiwan Semiconductor Manufacturing Co LTD	0.10%	$8.5m	17.7K	−0.4%
STZConstellation Brands	0.10%	$8.2m	58.9K	0.0%
KNKnowles Corp	0.10%	$8.2m	197.5K	−4.8% Reduced
MSMorgan Stanley	0.09%	$7.9m	37.8K	−11.7% Reduced
EHCEncompass Health Corp	0.09%	$7.3m	72.6K	+0.1%
HAYWHayward Holdings, Inc.	0.09%	$7.3m	420.7K	+0.1%
SMGScotts Miracle-gro Co	0.09%	$7.2m	105.2K	+0.1%
ADBEAdobe Inc.	0.09%	$7.1m	34.7K	−0.1%
AESAES Corporation	0.08%	$6.6m	447.0K	−18.7% Reduced
TMUST-Mobile US	0.08%	$6.4m	38.1K	0.0%
NEMNewmont	0.07%	$6.3m	67.5K	+66.7% Added
PYPLPayPal	0.07%	$6.3m	144.8K	0.0%
WMWaste Management	0.07%	$6.0m	26.8K	+505.4% Added
PFEPfizer	0.07%	$5.8m	242.1K	0.0%
NVDANVIDIA Corporation	0.07%	$5.6m	28.0K	+9.0% Added
CNMCore & Main, Inc.	0.07%	$5.6m	115.9K	+0.1%
HQYHealthequity, Inc.	0.07%	$5.5m	60.5K	+0.1%
ROKRockwell Automation	0.07%	$5.4m	11.0K	−4.6% Reduced
FISVFiserv	0.07%	$5.4m	110.6K	0.0%
ELVElevance Health	0.06%	$5.3m	13.7K	−7.9% Reduced
EMREmerson Electric	0.06%	$5.3m	36.9K	New
GOOGLAlphabet Inc. (Class A)	0.06%	$5.1m	14.2K	−0.6% Reduced
CVSCVS Health	0.06%	$5.0m	48.5K	−61.7% Reduced
WYWeyerhaeuser	0.06%	$5.0m	207.0K	0.0%
HSYThe Hershey Company	0.06%	$4.9m	28.0K	−5.3% Reduced
CVLTCommvault Systems Inc	0.06%	$4.7m	33.3K	−0.5% Reduced
AMTAmerican Tower	0.06%	$4.6m	28.3K	−0.9% Reduced
ACNAccenture	0.05%	$4.5m	36.2K	−58.1% Reduced
WKWorkiva Inc	0.05%	$4.4m	90.0K	+45.7% Added
GWWW. W. Grainger	0.05%	$4.3m	3.1K	−1.5% Reduced
AMGNAmgen	0.05%	$4.2m	11.5K	−0.1%
CRCrane Co	0.05%	$4.1m	18.2K	+0.1%
GTLBGitlab Inc.	0.05%	$4.1m	133.0K	+21.5% Added
AZNAstrazeneca PLC	0.05%	$4.0m	21.3K	−0.6% Reduced
PLDPrologis	0.05%	$4.0m	29.6K	+8.7% Added
ENTGEntegris Inc	0.05%	$3.9m	21.9K	−24.0% Reduced
SNPSSynopsys Inc	0.05%	$3.9m	8.8K	+0.2%
CCJCameco Corp	0.05%	$3.9m	38.4K	−8.9% Reduced
VFCVF Corporation	0.05%	$3.9m	234.6K	+0.1%
AAONAAON, Inc.	0.05%	$3.9m	30.5K	+0.1%
DRSLeonardo DRS, Inc.	0.05%	$3.8m	90.2K	+0.1%
POWIPower Integrations Inc	0.05%	$3.8m	45.7K	−55.6% Reduced
THGHanover Insurance Group, Inc.	0.04%	$3.8m	17.8K	+0.1%
CRLCharles River Laboratories	0.04%	$3.8m	16.8K	+0.1%
NUNu Holdings Ltd.	0.04%	$3.7m	280.5K	+29.0% Added
BOXBOX Inc	0.04%	$3.6m	136.0K	−0.5% Reduced
EPCEdgewell Personal Care Co	0.04%	$3.6m	134.0K	+0.1%

Company	Bought (value)	Shares
VRSKVerisk Analytics, Inc.	$71.5m	398.5K
HONAHoneywell Aerospace	$49.7m	225.0K
HONHoneywell Technologies	$44.5m	198.9K
ICEIntercontinental Exchange	$39.8m	323.6K
XOMExxonMobil	$28.4m	207.4K
AOSA. O. Smith	$20.3m	324.3K
AJGArthur J. Gallagher & Co.	$16.6m	72.4K
GGGGraco Inc	$13.2m	174.0K
MSAMSA Safety Inc	$12.6m	72.0K
SCHWCharles Schwab Corporation	$11.6m	126.0K
BSYBentley Systems Inc	$11.5m	383.9K
GBCIGlacier Bancorp, Inc.	$11.1m	214.3K
CFRCullen/frost Bankers, Inc.	$10.4m	67.5K
WSTWest Pharmaceutical Services	$9.9m	27.6K
EMREmerson Electric	$5.3m	36.9K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

Company	Sold (value)	Shares
ROSTRoss Stores	−$112.0m	−526.3K
ANETArista Networks	−$85.9m	−505.7K
ACGLArch Capital Group	−$26.9m	−276.7K
APHAmphenol	−$13.2m	−74.9K
PCARPaccar	−$12.8m	−106.7K
EFXEquifax	−$12.6m	−70.2K
CSLCarlisle Companies Inc	−$11.8m	−32.4K
INTUIntuit	−$10.9m	−25.3K
FWONKLiberty Media Corp	−$10.1m	−106.0K
MEDPMedpace Holdings, Inc.	−$10.0m	−18.8K
TDYTeledyne Technologies	−$9.8m	−14.7K
TXNTexas Instruments	−$9.7m	−32.6K
MKSIMKS Inc	−$9.6m	−21.6K
ADIAnalog Devices	−$9.6m	−24.2K
MCHPMicrochip Technology Inc	−$9.5m	−147.8K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

Company	Value last quarter	Shares
EFXEquifax	$12.6m	70.2K
INTUIntuit	$10.9m	25.3K
MCHPMicrochip Technology Inc	$9.5m	147.8K
OPCHOption Care Health, Inc.	$4.4m	162.2K
BABAAlibaba Group Holding Ltd	$3.6m	29.0K
SMPLSimply Good Foods Co	$2.1m	143.2K
OSWOnespaworld Holdings Ltd	$1.9m	84.7K
RACEFerrari N.V.	$1.7m	5.1K
AEMAgnico Eagle Mines LTD	$1.4m	7.0K
NTRNutrien Ltd.	$986,790	13.1K
WECWEC Energy Group	$634,998	5.5K
BMYBristol Myers Squibb	$225,133	3.7K
JJacobs Solutions	$223,548	1.8K
SBUXStarbucks	$213,290	2.4K

Technology24.5%
Financials22.7%
Industrials18.6%
Health Care12.9%
Consumer Discretionary12.7%
Communication Services2.2%
Consumer Staples1.9%
Energy1.9%
Materials1.3%
Utilities1.0%
Real Estate0.2%

Share of the value held in companies we cover, by sector.

Period	Copy, a year	S&P 500	Sharpe	S&P 500	Biggest drop	Beta
Whole backtestFebruary 14, 2020 to November 2, 2026	+10.7%	+14.4%	0.46	0.65	−35.1%	0.97
Last three yearsNovember 3, 2023 to November 2, 2026	+13.8%	+21.8%	0.67	1.16	−17.6%	0.82
Last yearNovember 7, 2025 to November 2, 2026	+18.6%	+14.2%	1.17	0.84	−9.8%	0.61

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.