Madison Asset Management, LLC

Long Only Manager

Madison Asset Management, LLC is a Long Only Manager based in Chicago, IL led by Steven Allan Carl, managing $9.0B across 312 long positions as of Q3 2025 with ACGL as the largest holding (5% allocation).

ChairmanSteven Allan Carl

Portfolio Value: $9.0B
Positions: 312
Top Holding: ACGL at 4.74%
Last Reported: Q3 2025

Address444 W. Lake St, Suite 4400, Chicago, IL, 60606, United States

Top Holdings

Largest long holdings in Madison Asset Management, LLC's portfolio (26.3% of total portfolio)

See all holdings

GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Arch Capital Group ACGL	Insurance - Diversified Financial Services	$427.2M	4.74%	-$10.6M Sold	1.26% 4.7M shares	Q4 2019 Held for 5y 11m
2 Amphenol APH	Hardware, Equipment & Parts Technology	$302.3M	3.35%	-$4.4M Sold	0.20% 2.4M shares	Q4 2019 Held for 5y 11m
3 Ross Stores ROST	Apparel - Retail Consumer Cyclical	$242.8M	2.69%	-$10.1M Sold	0.49% 1.6M shares	Q4 2019 Held for 5y 11m
4 Paccar PCAR	Agricultural - Machinery Industrials	$242.0M	2.68%	-$5.5M Sold	0.47% 2.5M shares	Q4 2019 Held for 5y 11m
5 CDW CDW	Information Technology Services Technology	$206.5M	2.29%	-$4.5M Sold	0.99% 1.3M shares	Q4 2019 Held for 5y 11m
6 Alphabet Inc. GOOG	Internet Content & Information Communication Services	$204.7M	2.27%	-$25.0M Sold	0.01% 840.6K shares	Q4 2019 Held for 5y 11m
7 Copart CPRT	Auto - Dealerships Consumer Cyclical	$202.8M	2.25%	-$3.6M Sold	0.47% 4.5M shares	Q4 2019 Held for 5y 11m
8 Brown & Brown BRO	Insurance - Brokers Financial Services	$188.4M	2.09%	-$3.1M Sold	0.61% 2.0M shares	Q4 2019 Held for 5y 11m
9 Gartner IT	Information Technology Services Technology	$188.2M	2.09%	+$3.4M Bought	0.95% 715.8K shares	Q4 2019 Held for 5y 11m
10 Carlisle Companies CSL	Construction Industrials	$167.4M	1.86%	-$2.5M Sold	1.19% 509.0K shares	Q4 2019 Held for 5y 11m

See all holdings

GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Madison Asset Management, LLC's latest filing

See all changes

GthenC

Market Value

$9.0B

Prior: $9.2B

Q/Q Change

-2.08%

-$191.6M

Net Flows % of MV

-3.84%

Turnover Ratio

5.19%

New Purchases

13 stocks

$123.1M

Added To

89 stocks

+$169.9M

Sold Out Of

20 stocks

$58.6M

Reduced Holdings

170 stocks

-$580.4M

Increased Positions

Position	Shares Δ	Change
1 Bio-Techne TECH	New	0 → 744.7K +$41.4M
2 MSCI MSCI	New	0 → 70.7K +$40.1M
3 JIRE JPMorgan International Research Enhanced Equity JIRE	New	0 → 310.9K +$22.9M
4 Weyerhaeuser WY	New	0 → 207.0K +$5.1M
5 BINV Brandes International BINV	New	0 → 69.2K +$2.7M

Decreased Positions

Position	Shares Δ	Change
1 SPDR Portfolio Long Term Treasury SPTL	Sold	558.9K → 0 −$14.9M
2 Barnes Group B	Sold	629.5K → 0 −$13.1M
3 Advanced Micro Devices AMD	Sold	58.7K → 0 −$8.3M
4 Paychex PAYX	Sold	54.6K → 0 −$7.9M
5 Hewlett Packard Enterprise HPE	Sold	217.0K → 0 −$4.4M