SEC 13F Intelligence

Managers / Q3 2025 · view latest →

Madison Asset Management, LLC

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

Reported Value
$9.1B
Q3 2025
Positions
336
Filings on Record
26
2019–present window
Filed
Nov 6, 2025
original filing

Summary

Madison Asset Management, LLC reported $9.1B in U.S.-listed holdings across 336 positions for Q3 2025.

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

Compared with Q2 2025, the fund opened 18 new positions and exited 20.

Portfolio Metrics

Turnover
+7.3%
vs prior filed quarter
Top-10 Concentration
+26.2%
share of reported value
Largest Position
+4.7%
Arch Capital
New / Exited
18 / 20
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: 78.5%ETP: 11.6%Other: 7.0%Tracking Stk: 1.6%ADR: 1.1%Other: 0.3%
  • Common Stock · 78.5% · $7.1B
  • ETP · 11.6% · $1.1B
  • Other · 7.0% · $633M
  • Tracking Stk · 1.6% · $145M
  • ADR · 1.1% · $95M
  • Other · 0.3% · $29M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
TECHBio-Techne CorpNEW+744.7K744.7K+$41M$41M
MSCIMSCI IncNEW+70.7K70.7K+$40M$40M
JPMorgan International ResearcNEW+310.9K310.9K+$23M$23M
WYWeyerhaeuser CoNEW+207.0K207.0K+$5M$5M
Brandes International ETFNEW+69.2K69.2K+$3M$3M
SEZLSezzle IncNEW+31.5K31.5K+$3M$3M
EXPEagle Materials IncNEW+8.5K8.5K+$2M$2M
Charles River Laboratories IntNEW+12.4K12.4K+$2M$2M

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

Holdings — Q3 2025

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1Arch Capital Group LtdCOM4.71%$427M4.71M
2APHAmphenol Corphistory →COM3.33%$302M2.44M
3ROSTRoss Stores Inchistory →COM2.68%$243M1.59M
4PCARPACCAR Inchistory →COM2.67%$242M2.46M
5CDWCDW Corp/DEhistory →COM2.28%$206M1.30M
6GOOGAlphabet Inchistory →COM2.26%$205M840.6K
7CPRTCopart Inchistory →COM2.24%$203M4.51M
8BROBrown & Brown Inchistory →COM2.08%$188M2.01M
9ITGartner Inchistory →COM2.08%$188M715.8K
10CSLCarlisle Cos Inchistory →COM1.85%$167M509.0K
11AMZNAmazon.com Inchistory →COM1.78%$162M736.1K
12LHLabcorp Holdings Inchistory →COM1.76%$160M556.1K
13MEDPMedpace Holdings Inchistory →COM1.66%$150M292.6K
14WRBWR Berkley Corphistory →COM1.55%$140M1.83M
15TXNTexas Instruments Inchistory →COM1.47%$133M725.3K
16TDYTeledyne Technologies Inchistory →COM1.44%$130M222.6K
17VVisa Inchistory →COM1.38%$125M366.3K
18FNDFloor & Decor Holdings Inchistory →COM1.34%$121M1.64M
19MKSIMKS Inchistory →COM1.33%$121M976.1K
20THOThor Industries Inchistory →COM1.26%$114M1.10M
21DHRDanaher Corphistory →COM1.21%$110M553.2K
22BAMBrookfield Asset Management Lthistory →COM1.20%$109M1.91M
23Invesco S&P 500 Quality ETFETF1.17%$106M1.45M
24ANETArista Networks Inchistory →COM1.17%$106M728.6K
25LOWLowe's Cos Inchistory →COM1.13%$102M407.8K
26MCHPMicrochip Technology Inchistory →COM1.13%$102M1.59M
27FWONKLiberty Media Corp-Liberty Forhistory →COM1.12%$101M970.5K
28KEYSKeysight Technologies Inchistory →COM1.10%$100M571.2K
29FERGFerguson Enterprises Inchistory →COM1.10%$99M442.5K
30PGRProgressive Corphistory →COM1.08%$98M397.4K
31TREXTrex Co Inchistory →COM1.08%$98M1.89M
32ADIAnalog Devices Inchistory →COM1.03%$93M378.6K
33WATWaters Corphistory →COM1.02%$92M307.7K
34MCMoelis & Cohistory →COM1.01%$92M1.28M
35AWGAsbury Automotive Group Inchistory →COM1.01%$92M374.6K
36LADLithia Motors Inchistory →COM0.99%$89M283.0K
37MSFTMicrosoft Corphistory →COM0.97%$88M169.7K
38LBRDKLiberty Broadband Corphistory →COM0.93%$84M1.33M
39AG8Agilent Technologies Inchistory →COM0.93%$84M653.8K
40PHParker-Hannifin Corphistory →COM0.91%$83M109.2K
41SCHWCharles Schwab Corp/Thehistory →COM0.85%$77M809.6K
42BNBrookfield Corphistory →COM0.85%$77M1.12M
43Janus Henderson Mortgage-BackeETF0.83%$75M1.64M
44Accenture PLCCOM0.77%$70M284.4K
45TJXTJX Cos Inchistory →COM0.76%$69M479.7K
46FISVFiserv Inchistory →COM0.76%$69M534.9K
47EXPDExpeditors International of Wahistory →COM0.74%$67M547.0K
48KNSLKinsale Capital Group Inchistory →COM0.73%$66M156.1K
49MRSHMarsh & McLennan Cos Inchistory →COM0.71%$64M319.7K
50Distillate US Fundamental StabETF0.70%$63M1.09M

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 ↗.