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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 17 of 18  ·  342 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
321 AFL Aflac Inc Financial Services 3,326.0 $367K 0.00% -6K -65.0% $110.27 +4.5%
322 Nestle SA - Spons ADR 3,640.0 $360K 0.00% -393.0 -9.7% $98.78
323 WMT Walmart Inc Consumer Defensive 3,176.0 $354K 0.00% $111.41 +6.7%
324 MBB iShares MBS ETF 3,519.0 $335K 0.00% $95.22 -1.6%
325 IWO iShares Russell 2000 Growth ET 1,032.0 $333K 0.00% $323.01 +14.4%
326 TFLO iShares Treasury Floating Rate 6,579.0 $332K 0.00% -3K -30.5% $50.46 +0.1%
327 VWO Vanguard FTSE Emerging Markets 5,851.0 $315K 0.00% $53.76 +8.5%
328 TGT Target Corp Consumer Defensive 3,117.0 $305K 0.00% -278.0 -8.2% $97.75 +26.8%
329 JUST Goldman Sachs JUST US Large Ca 2,916.0 $282K 0.00% NEW $96.70 +9.3%
330 NUE Nucor Corp Basic Materials 1,723.0 $281K 0.00% -39.0 -2.2% $163.11 +55.4%
331 IBIT iShares Bitcoin Trust ETF Financial Services 5,375.0 $267K 0.00% +2K +46.3% $49.65 -27.7%
332 BX Blackstone Group Inc/The Financial Services 1,721.0 $265K 0.00% $154.14 -25.9%
333 J Jacobs Solutions Inc Industrials 1,885.0 $250K 0.00% $132.44 -9.4%
334 MGEE MGE Energy Inc Utilities 3,138.0 $246K 0.00% $78.42 -3.1%
335 QQQ Invesco QQQ Trust Series 1 Financial Services 400.0 $246K 0.00% +2.0 +0.5% $614.31 +16.6%
336 CSX CSX Corp Industrials 6,188.0 $224K 0.00% -700.0 -10.2% $36.25 +30.0%
337 PM Philip Morris International In Consumer Defensive 1,393.0 $223K 0.00% $160.40 +9.8%
338 BMO Bank of Montreal Financial Services 1,702.0 $221K 0.00% $129.79 +26.8%
339 RTX Raytheon Technologies Corp Industrials 1,139.0 $209K 0.00% -315.0 -21.7% $183.40 -2.6%
340 AWI Armstrong World Industries Inc Industrials 1,091.0 $209K 0.00% -86.0 -7.3% $191.17 -20.4%
Page 17 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%