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Portfolio (Quarterly) Guide ↗

Madison Asset Management, LLC

· CIK 0001299351
13F Portfolio $8.7B AUM 342 positions Filed Feb 4, 2026 EDGAR ↗ ← All Funds
Q4 2025 Q3 2025 · All 27 New 85 Added 177 Reduced 21 Exited
Page 3 of 9  ·  177 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
41 ACN Accenture PLC Technology 244,254.0 $65.5M 0.75% -40K -14.1% $268.30 -35.0%
42 MSTI Madison Short-Term Strategic I 2,820,994.0 $57.8M 0.67% -217K -7.2% $20.51 -1.5%
43 LBRDK Liberty Broadband Corp Communication Services 1,181,920.0 $57.4M 0.66% -146K -11.0% $48.60 -36.2%
44 DSTL Distillate US Fundamental Stab 943,332.0 $55.6M 0.64% -147K -13.5% $58.90 +1.3%
45 MRSH Marsh & McLennan Cos Inc Financial Services 290,337.0 $53.9M 0.62% -29K -9.2% $185.52 -12.4%
46 KNSL Kinsale Capital Group Inc Financial Services 137,362.0 $53.7M 0.62% -19K -12.0% $391.12 -23.5%
47 MAGG Madison Aggregate Bond ETF 2,606,897.0 $53.5M 0.61% -55K -2.1% $20.51 -1.8%
48 DIVL Madison Dividend Value ETF 2,328,892.0 $53.4M 0.61% -39K -1.7% $22.91 +6.8%
49 ABNB Airbnb Inc Consumer Cyclical 362,323.0 $49.2M 0.56% -39K -9.8% $135.72 -1.0%
50 DE Deere & Co Industrials 98,137.0 $45.7M 0.53% -6K -5.3% $465.57 +23.2%
51 CFR Cullen/Frost Bankers Inc Financial Services 356,874.0 $45.2M 0.52% -20K -5.4% $126.63 +11.2%
52 VGT Vanguard Information Technolog 58,121.0 $43.8M 0.50% -2K -2.9% $753.78 -84.4%
53 SPY SPDR S&P 500 ETF Trust Financial Services 64,038.0 $43.7M 0.50% -2K -3.7% $681.92 +8.4%
54 GBCI Glacier Bancorp Inc Financial Services 987,362.0 $43.5M 0.50% -57K -5.5% $44.05 +7.0%
55 GGG Graco Inc Industrials 473,849.0 $38.8M 0.45% -25K -5.1% $81.97 -9.5%
56 EEMA iShares MSCI Emerging Markets 392,640.0 $36.9M 0.42% -4K -1.0% $94.02 +20.6%
57 CVRD Madison Covered Call ETF 1,885,000.0 $34.7M 0.40% -320K -14.5% $18.43 +0.6%
58 TEL TE Connectivity PLC Technology 152,050.0 $34.6M 0.40% -2K -1.3% $227.51 -9.6%
59 JNJ Johnson & Johnson Healthcare 157,184.0 $32.5M 0.37% -46K -22.8% $206.95 +12.2%
60 HD Home Depot Inc Consumer Cyclical 94,398.0 $32.5M 0.37% -1K -1.3% $344.10 -10.0%
Page 3 of 9  ·  177 positions

Period Price is the implied market price on the last day of the reporting period, calculated as reported value ÷ shares held. It is not the fund's purchase price or cost basis — the fund may have initiated or added to the position at any point during the quarter at a different price. Since Period shows the price change from that quarter-end snapshot to today's last price — it reflects stock movement after the report date, not the fund's actual return.

Sector Allocation
Technology 23.0%
Financial Services 22.5%
Industrials 17.3%
Consumer Cyclical 15.2%
Healthcare 12.5%
Communication Services 4.3%
Energy 1.5%
Consumer Defensive 1.5%
Utilities 1.0%
Basic Materials 0.9%