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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 16 of 18  ·  342 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
301 VB Vanguard Small-Cap ETF 2,945.0 $760K 0.01% -40.0 -1.3% $257.95 +12.2%
302 WM Waste Management Inc Industrials 3,275.0 $720K 0.01% $219.71 +0.3%
303 COF Capital One Financial Corp Financial Services 2,897.0 $702K 0.01% $242.36 -25.6%
304 BCD abrdn Bloomberg All Commodity 21,646.0 $670K 0.01% +10K +89.9% $30.96 +17.3%
305 ACWX iShares MSCI ACWI ex US ETF 9,887.0 $664K 0.01% NEW $67.13 +11.2%
306 PRU Prudential Financial Inc Financial Services 5,686.0 $642K 0.01% NEW $112.88 -8.1%
307 ATI ATI Inc Industrials 5,500.0 $631K 0.01% -3K -35.3% $114.76 +57.0%
308 CSCO Cisco Systems Inc Technology 8,097.0 $624K 0.01% $77.03 +61.2%
309 TRV Travelers Cos Inc Financial Services 2,126.0 $617K 0.01% -564.0 -21.0% $290.06 +2.3%
310 SCHF Schwab International Equity ET 25,380.0 $610K 0.01% +240.0 +0.9% $24.04 +12.6%
311 MKL Markel Corp Financial Services 279.0 $600K 0.01% $2149.65 -16.5%
312 BBJP JPMorgan BetaBuilders Japan ET 8,411.0 $554K 0.01% -3K -27.6% $65.91 +13.3%
313 IEMG iShares Core MSCI Emerging Mar 7,898.0 $531K 0.01% NEW $67.22 +19.0%
314 VZ Verizon Communications Inc Communication Services 12,826.0 $522K 0.01% NEW $40.73 +11.6%
315 IUSG iShares Core S&P U.S. Growth E 2,967.0 $498K 0.01% -848.0 -22.2% $167.94 +10.3%
316 GILD Gilead Sciences Inc Healthcare 4,000.0 $491K 0.01% $122.74 +4.4%
317 QUAL iShares MSCI USA Quality Facto 2,309.0 $459K 0.01% $198.62 +7.7%
318 IWP iShares Russell Mid-Cap Growth 3,078.0 $422K 0.01% $136.94 +1.6%
319 LNT Alliant Energy Corp Utilities 6,431.0 $418K 0.01% $65.01 +10.3%
320 AIQ Global X Artificial Intelligen 8,173.0 $416K 0.01% $50.86 +26.7%
Page 16 of 18  ·  342 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%