SEC 13F Intelligence

Managers / Q2 2025 · view latest →

Madison Asset Management, LLC

CIK 0001299351 · 550 SCIENCE DRIVE, MADISON, WI, 53711 · 608-274-0300

Reported Value
$9.3B
Q2 2025
Positions
338
Filings on Record
26
2019–present window
Filed
Aug 11, 2025
original filing

Summary

Madison Asset Management, LLC reported $9.3B in U.S.-listed holdings across 338 positions for Q2 2025.

Its largest position, Arch Capital, represents 4.7% of the portfolio.

Compared with Q1 2025, the fund opened 23 new positions and exited 34.

Portfolio Metrics

Turnover
+8.8%
vs prior filed quarter
Top-10 Concentration
+26.7%
share of reported value
Largest Position
+4.7%
Arch Capital
New / Exited
23 / 34
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’19: $6.5BQ4 ’19Q1 ’20: $4.9BQ2 ’20: $5.7BQ3 ’20: $6.0BQ3 ’20Q4 ’20: $6.8BQ1 ’21: $7.2BQ2 ’21: $7.4BQ2 ’21Q3 ’21: $7.3BQ4 ’21: $7.6BQ1 ’22: $7.0BQ1 ’22Q2 ’22: $6.4BQ3 ’22: $5.9BQ2 ’23: $6.9BQ2 ’23Q3 ’23: $6.8BQ4 ’23: $7.4BQ1 ’24: $8.1BQ1 ’24Q2 ’24: $8.1BQ3 ’24: $8.9BQ4 ’24: $8.9BQ4 ’24Q1 ’25: $9.0BQ2 ’25: $9.3BQ3 ’25: $9.1BQ3 ’25Q4 ’25: $8.7BQ1 ’26: $8.1Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 78.3%ETP: 11.0%Other: 7.8%Tracking Stk: 1.6%ADR: 1.0%Other: 0.4%
  • Common Stock · 78.3% · $7.2B
  • ETP · 11.0% · $1.0B
  • Other · 7.8% · $719M
  • Tracking Stk · 1.6% · $146M
  • ADR · 1.0% · $92M
  • Other · 0.4% · $35M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ABNBAirbnb IncNEW+259.1K259.1K+$34M$34M
iShares 5-10 Year Investment GNEW+294.0K294.0K+$16M$16M
BBarrick Mining CorpNEW+629.5K629.5K+$13M$13M
SPDR Portfolio Intermediate TeNEW+395.3K395.3K+$11M$11M
Vanguard S&P 500 ETFNEW+8.9K8.9K+$5M$5M
THGHanover Insurance Group Inc/ThNEW+17.8K17.8K+$3M$3M
WMSAdvanced Drainage Systems IncNEW+23.1K23.1K+$3M$3M
TCW Flexible Income ETFNEW+54.2K54.2K+$2M$2M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q2 2025

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1Arch Capital Group LtdCOM4.74%$439M4.83M
2ITGartner Inchistory →COM3.07%$284M702.8K
3APHAmphenol Corphistory →COM2.64%$245M2.48M
4PCARPACCAR Inchistory →COM2.58%$239M2.52M
5CDWCDW Corp/DEhistory →COM2.55%$237M1.32M
6BROBrown & Brown Inchistory →COM2.45%$226M2.04M
7CPRTCopart Inchistory →COM2.43%$225M4.59M
8ROSTRoss Stores Inchistory →COM2.29%$212M1.66M
9CSLCarlisle Cos Inchistory →COM2.08%$193M516.4K
10LBRDKLiberty Broadband Corphistory →COM1.88%$174M1.77M
11GOOGAlphabet Inchistory →COM1.81%$167M943.1K
12AMZNAmazon.com Inchistory →COM1.77%$164M746.1K
13TXNTexas Instruments Inchistory →COM1.71%$159M763.6K
14LHLabcorp Holdings Inc Com Usd0.history →COM1.62%$150M570.8K
15MKSIMKS Inchistory →COM1.57%$145M1.46M
16WRBWR Berkley Corphistory →COM1.47%$136M1.85M
17VVisa Inchistory →COM1.38%$128M360.0K
18ANETArista Networks Inchistory →COM1.35%$125M1.22M
19FNDFloor & Decor Holdings Inchistory →COM1.34%$124M1.63M
20TDYTeledyne Technologies Inchistory →COM1.25%$115M225.1K
21DHRDanaher Corp Com Usd0.01history →COM1.23%$113M574.3K
22MCHPMicrochip Technology Inchistory →COM1.22%$113M1.61M
23PGRProgressive Corphistory →COM1.19%$110M412.6K
24WATWaters Corphistory →COM1.18%$109M312.3K
25BAMBrookfield Asset Management Lthistory →COM1.15%$107M1.93M
26FWONKLiberty Media Corp-Liberty Forhistory →COM1.11%$103M985.2K
27FISVFiserv Inchistory →COM1.11%$103M595.3K
28TREXTrex Co Inchistory →COM1.10%$102M1.87M
29Invesco S&P 500 Quality ETFETF1.08%$100M1.41M
30FERGFerguson Enterprises Inchistory →COM1.08%$100M460.2K
31THOThor Industries Inchistory →COM1.07%$99M1.11M
32ADIAnalog Devices Inchistory →COM1.04%$97M406.1K
33LADLithia Motors Inchistory →COM1.04%$96M284.8K
34LOWLowe's Cos Inchistory →COM1.03%$96M431.7K
35MEDPMedpace Holdings Inchistory →COM1.01%$93M297.0K
36Accenture PLCCOM0.98%$91M303.2K
37AWGAsbury Automotive Group Inchistory →COM0.98%$90M378.5K
38KEYSKeysight Technologies Inchistory →COM0.94%$87M531.1K
39PHParker-Hannifin Corphistory →COM0.91%$84M120.4K
40MCMoelis & Cohistory →COM0.87%$81M1.30M
41KNSLKinsale Capital Group Inchistory →COM0.86%$79M164.0K
42AG8Agilent Technologies Inchistory →COM0.85%$79M667.9K
43Janus Henderson Mortgage-BackeETF0.84%$78M1.73M
44SCHWCharles Schwab Corp/Thehistory →COM0.83%$77M841.1K
45Alcon IncCOM0.83%$77M867.1K
46MSFTMicrosoft Corphistory →COM0.82%$76M152.9K
47BNBrookfield Corphistory →COM0.78%$72M1.17M
48MRSHMarsh & McLennan Cos Inchistory →COM0.74%$68M312.4K
49Madison Short-Term Strategic IETF0.69%$64M3.08M
50EXPDExpeditors International of Wahistory →COM0.68%$63M553.7K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$8.1B349May 7, 202613F-HRchanges · EDGAR ↗
Q4 2025$8.7B342Feb 4, 202613F-HRchanges · EDGAR ↗
Q3 2025$9.1B336Nov 6, 202513F-HRchanges · EDGAR ↗
Q2 2025$9.3B338Aug 11, 202513F-HRchanges · EDGAR ↗
Q1 2025$9.0B349May 6, 202513F-HRchanges · EDGAR ↗
Q4 2024$8.9B335Feb 10, 202513F-HRchanges · EDGAR ↗
Q3 2024$8.9B328Nov 12, 202413F-HRchanges · EDGAR ↗
Q2 2024$8.1B330Aug 9, 202413F-HRchanges · EDGAR ↗
Q1 2024$8.1B330May 9, 202413F-HRchanges · EDGAR ↗
Q4 2023$7.4B321Feb 12, 202413F-HRchanges · EDGAR ↗
Q3 2023$6.8B321Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$6.9B314Aug 1, 202313F-HRchanges · EDGAR ↗
Q1 2023Under review299Apr 26, 202313F-HRchanges · EDGAR ↗
Q4 2022Under review317Feb 8, 202313F-HRchanges · EDGAR ↗
Q3 2022$5.9B337Nov 10, 202213F-HRchanges · EDGAR ↗
Q2 2022$6.4B362Aug 9, 202213F-HRchanges · EDGAR ↗
Q1 2022$7.0B313May 12, 202213F-HRchanges · EDGAR ↗
Q4 2021$7.6B315Feb 15, 202213F-HRchanges · EDGAR ↗
Q3 2021$7.3B309Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$7.4B313Aug 9, 202113F-HRchanges · EDGAR ↗
Q1 2021$7.2B310May 11, 202113F-HRchanges · EDGAR ↗
Q4 2020$6.8B297Feb 12, 202113F-HRchanges · EDGAR ↗
Q3 2020$6.0B266Nov 12, 202013F-HRchanges · EDGAR ↗
Q2 2020$5.7B262Aug 13, 202013F-HRchanges · EDGAR ↗
Q1 2020$4.9B269May 12, 202013F-HRchanges · EDGAR ↗
Q4 2019$6.5B292Feb 12, 202013F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.