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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 9 of 9  ·  177 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
161 Hermes International SCA - Uns 4,547.0 $1.1M 0.01% -407.0 -8.2% $248.00
162 SHEL Shell PLC - Spons ADR Energy 14,929.0 $1.1M 0.01% -634.0 -4.1% $73.48 +17.9%
163 WFC Wells Fargo & Co Financial Services 11,621.0 $1.1M 0.01% -104.0 -0.9% $93.20 -12.1%
164 MA Mastercard Inc Financial Services 1,447.0 $826K 0.01% -90.0 -5.9% $570.88 -14.9%
165 VB Vanguard Small-Cap ETF 2,945.0 $760K 0.01% -40.0 -1.3% $257.95 +12.2%
166 ATI ATI Inc Industrials 5,500.0 $631K 0.01% -3K -35.3% $114.76 +57.0%
167 TRV Travelers Cos Inc Financial Services 2,126.0 $617K 0.01% -564.0 -21.0% $290.06 +2.3%
168 BBJP JPMorgan BetaBuilders Japan ET 8,411.0 $554K 0.01% -3K -27.6% $65.91 +13.3%
169 IUSG iShares Core S&P U.S. Growth E 2,967.0 $498K 0.01% -848.0 -22.2% $167.94 +10.3%
170 AFL Aflac Inc Financial Services 3,326.0 $367K 0.00% -6K -65.0% $110.27 +4.5%
171 Nestle SA - Spons ADR 3,640.0 $360K 0.00% -393.0 -9.7% $98.78
172 TFLO iShares Treasury Floating Rate 6,579.0 $332K 0.00% -3K -30.5% $50.46 +0.1%
173 TGT Target Corp Consumer Defensive 3,117.0 $305K 0.00% -278.0 -8.2% $97.75 +26.8%
174 NUE Nucor Corp Basic Materials 1,723.0 $281K 0.00% -39.0 -2.2% $163.11 +55.4%
175 CSX CSX Corp Industrials 6,188.0 $224K 0.00% -700.0 -10.2% $36.25 +30.0%
176 RTX Raytheon Technologies Corp Industrials 1,139.0 $209K 0.00% -315.0 -21.7% $183.40 -2.6%
177 AWI Armstrong World Industries Inc Industrials 1,091.0 $209K 0.00% -86.0 -7.3% $191.17 -20.4%
Page 9 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%