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VOL. XII · NO. 117Established MMXIV · George Town, Grand CaymanAtlantic Edition · $4.50

The Cayman Journal

Finance · Business · Technology · Caribbean & Global Affairs
13F HOLDINGS REPORT

MADISON ASSET MANAGEMENT, LLC

Quarter ended Q3 2023 · Filed August 1, 2023 · Accession 0001299351-23-000017

Total Value
$6.85B
Positions
314
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (314)

#IssuerTicker / CUSIPSharesValue% of Filing
1Arch Capital Group LtdG0450A1053,364,538$251.8M3.67%
2Alphabet IncGOOG1,367,294$165.4M2.41%
3PACCAR IncPCAR1,926,647$161.2M2.35%
4Copart IncCPRT1,688,914$154.0M2.25%
5Dollar Tree IncDLTR1,068,611$153.3M2.24%
6Gartner IncIT331,568$116.2M1.69%
7Progressive Corp743315103864,565$114.4M1.67%
8Ross Stores IncROST956,665$107.3M1.57%
9Lowe's Cos Inc548661107474,093$107.0M1.56%
10Analog Devices IncADI547,178$106.6M1.56%
11iShares Treasury Floating Rate46434V8602,019,010$102.3M1.49%
12Liberty Broadband CorpLBRDP1,243,787$99.6M1.45%
13Carlisle Cos Inc142339100384,635$98.7M1.44%
14iShares 7-10 Year Treasury Bon464287440991,690$95.8M1.40%
15Brown & Brown IncBRO1,313,098$90.4M1.32%
16Visa IncV366,050$86.9M1.27%
17Becton Dickinson and CoBDX328,903$86.8M1.27%
18CarMax IncKMX1,028,131$86.1M1.26%
19Berkshire Hathaway IncBRK-A250,729$85.5M1.25%
20SPDR S&P 500 ETF TrustSPY188,740$83.7M1.22%
21Fiserv IncFISV646,976$81.6M1.19%
22Amazon.com IncAMZN623,711$81.3M1.19%
23Arista Networks IncANET501,246$81.2M1.19%
24U.S. BancorpUSB-PS2,380,709$78.7M1.15%
25Jacobs Solutions IncJ657,006$78.1M1.14%
26TJX Cos Inc872540109910,548$77.2M1.13%
27Brookfield Corp11271J1072,229,297$75.0M1.09%
28Alcon IncALC913,556$75.0M1.09%
29Accenture PLCACN242,887$75.0M1.09%
30Laboratory Corp of America Hol50540R409286,200$69.1M1.01%
31CDW Corp/DECDW359,756$66.0M0.96%
32Floor & Decor Holdings IncFND634,564$66.0M0.96%
33Danaher Corp235851102267,515$64.2M0.94%
34Amphenol Corp032095101752,591$63.9M0.93%
35Parker-Hannifin CorpPH159,956$62.4M0.91%
36MKS Instruments IncMKSI571,366$61.8M0.90%
37TE Connectivity LtdTEL437,318$61.3M0.89%
38NextEra Energy IncNEE-PW819,835$60.8M0.89%
39Moelis & CoMC1,320,955$59.9M0.87%
40iShares Core S&P Mid-Cap ETF464287507216,217$56.5M0.82%
41iShares Core S&P Small-Cap ETF464287804559,251$55.7M0.81%
42Markel CorpMKL38,958$53.9M0.79%
43Vanguard Information Technolog92204A702120,949$53.5M0.78%
44Vanguard FTSE All-World ex-US922042775928,752$50.5M0.74%
45Home Depot IncHD161,794$50.3M0.73%
46Marsh & McLennan Cos Inc571748102263,287$49.5M0.72%
47Cisco Systems IncCSCO929,043$48.1M0.70%
48Microsoft CorpMSFT140,947$48.0M0.70%
49Adobe IncADBE97,417$47.6M0.70%
50American Tower Corp03027X100242,604$47.1M0.69%
51Apple IncAAPL240,322$46.6M0.68%
52JPMorgan Chase & CoVYLD319,330$46.4M0.68%
53Distillate US Fundamental Stab26922A3211,014,206$45.9M0.67%
54BlackRock IncBLK66,324$45.8M0.67%
55Medtronic PLCMDT519,490$45.8M0.67%
56WR Berkley CorpWRB-PH736,069$43.8M0.64%
57Elevance Health IncELV93,926$41.7M0.61%
58Janus Henderson Mortgage-Backe47103U852911,376$41.7M0.61%
59Charles Schwab Corp/TheSCHW-PJ725,370$41.1M0.60%
60Expeditors International of Wa302130109335,432$40.6M0.59%
61CME Group IncCME217,628$40.3M0.59%
62Thor Industries Inc885160101389,553$40.3M0.59%
63Baker Hughes CoBKR1,260,916$39.9M0.58%
64Target CorpTGT296,152$39.1M0.57%
65Johnson & JohnsonJNJ233,367$38.6M0.56%
66Waters Corp941848103144,676$38.6M0.56%
67Fastenal CoFAST647,331$38.2M0.56%
68Chevron CorpCVX228,797$36.0M0.53%
69Bristol-Myers Squibb CoCELG-RI537,743$34.4M0.50%
70VanEck Gold Miners ETF/USA92189F1061,130,715$34.0M0.50%
71Caterpillar IncCAT136,624$33.6M0.49%
72Comcast CorpCCZ804,205$33.4M0.49%
73Glacier Bancorp IncGBCI1,051,121$32.8M0.48%
74Ferguson PLCG3421J106205,391$32.3M0.47%
75Air Products & Chemicals IncAIIR106,481$31.9M0.47%
76Pfizer IncPFE845,919$31.0M0.45%
77iShares 3-7 Year Treasury Bond464288661264,026$30.4M0.44%
78Take-Two Interactive SoftwareTTWO201,459$29.6M0.43%
79Armstrong World Industries Inc04247X102386,163$28.4M0.41%
80Morgan StanleyMS-PQ330,596$28.2M0.41%
81Archer-Daniels-Midland CoADM371,605$28.1M0.41%
82EOG Resources IncEOG244,184$27.9M0.41%
83Texas Instruments Inc882508104151,103$27.2M0.40%
84Costco Wholesale Corp22160K10549,351$26.6M0.39%
85PepsiCo IncPEP142,822$26.5M0.39%
86Microchip Technology IncMCHPP288,426$25.8M0.38%
87Honeywell International Inc438516106123,217$25.6M0.37%
88NIKE IncNKE227,402$25.1M0.37%
89Eli Lilly & CoLLY53,405$25.0M0.37%
90United Parcel Service IncUPS138,202$24.8M0.36%
91Newmont CorpNEMCL577,248$24.6M0.36%
92iShares Core U.S. Aggregate Bo464287226237,937$23.3M0.34%
93Invesco S&P 500 Quality ETFIVZ457,550$23.1M0.34%
94Kinder Morgan Inc/DEEP-PC1,294,390$22.3M0.33%
95Procter & Gamble Co742718109144,580$21.9M0.32%
96Union Pacific CorpUNP104,557$21.4M0.31%
97Schwab Intermediate-Term U.S.808524854428,552$21.1M0.31%
98McDonald's CorpMCD68,400$20.4M0.30%
99iShares 20 Year Treasury Bond464287432190,365$19.6M0.29%
100Brown-Forman CorpBF-B275,460$18.4M0.27%
101Brookfield Asset Management Lt113004105558,461$18.2M0.27%
102Aflac IncAFL252,621$17.6M0.26%
103UnitedHealth Group IncUNH36,472$17.5M0.26%
104Linde PLCLIN42,248$16.1M0.23%
105Oracle CorpORCL-PD133,355$15.9M0.23%
106Coca-Cola CoKO258,853$15.6M0.23%
107Transocean LtdRIG2,140,000$15.0M0.22%
108Starbucks CorpSBUX148,448$14.7M0.21%
109Schwab US Dividend Equity ETF808524797196,385$14.3M0.21%
110iShares MSCI International Qua46434V456399,965$14.2M0.21%
111Travelers Cos IncTRV81,786$14.2M0.21%
112Liberty Media Corp-Liberty ForFWONB186,800$14.1M0.21%
113Las Vegas Sands CorpLVS239,900$13.9M0.20%
114QUALCOMM IncQCOM116,706$13.9M0.20%
115Energy Select Sector SPDR Fund81369Y506166,450$13.5M0.20%
116iShares MSCI China ETF46429B671301,322$13.5M0.20%
117SPDR S&P Dividend ETF78464A763107,687$13.2M0.19%
118Automatic Data Processing IncADP57,442$12.6M0.18%
119Ciena CorpCIEN295,866$12.6M0.18%
120Walt Disney Co254687106140,741$12.6M0.18%
121Vanguard Extended Duration Tre921910709143,454$12.5M0.18%
122Northern Trust CorpNTRSO159,609$11.8M0.17%
123T-Mobile US IncTMUSZ84,400$11.7M0.17%
124Invesco Optimum Yield DiversifIVZ854,243$11.6M0.17%
125PayPal Holdings IncPYPL169,738$11.3M0.17%
126Emerson Electric CoEMR117,939$10.7M0.16%
127Vanguard Large-Cap ETF92290863752,123$10.6M0.15%
128AES Corp/VAAES497,000$10.3M0.15%
129Ecolab IncECL54,715$10.2M0.15%
130Nestle SA - Spons ADR64106940682,609$9.9M0.15%
131Paychex IncPAYX88,422$9.9M0.14%
132WillScot Mobile Mini HoldingsWSC206,643$9.9M0.14%
133Barrick Gold Corp067901108546,500$9.3M0.13%
134Liberty Media Corp-Liberty ForFWONB136,704$9.2M0.13%
135OneSpaWorld Holdings LtdOSW752,925$9.1M0.13%
136APA CorpAPA262,300$9.0M0.13%
137Encompass Health CorpEHC127,922$8.7M0.13%
138Intuit IncINTU18,746$8.6M0.13%
139Estee Lauder Cos Inc/The51843910442,740$8.4M0.12%
140CVS Health CorpCVS117,850$8.1M0.12%
141Franklin FTSE Japan ETFFGDL285,441$7.7M0.11%
142PTC IncPTC53,722$7.6M0.11%
143iShares MBS ETF46428858878,723$7.3M0.11%
144iShares Global Energy ETF464287341191,562$7.1M0.10%
145Exxon Mobil CorpXOM66,224$7.1M0.10%
146Entegris IncENTG59,917$6.6M0.10%
147Nordstrom Inc655664100324,000$6.6M0.10%
148Primo Water Corp74167P108528,283$6.6M0.10%
149AmerisourceBergen CorpCOR33,353$6.4M0.09%
150HDFC Bank Ltd - Spons ADRHDB91,755$6.4M0.09%
151Regeneron Pharmaceuticals IncREGN8,527$6.1M0.09%
152Summit Materials Inc86614U100161,259$6.1M0.09%
153Vanguard Dividend Appreciation92190884437,278$6.1M0.09%
154Diamondback Energy IncFANG45,500$6.0M0.09%
155Colgate-Palmolive CoCL74,118$5.7M0.08%
156Keurig Dr Pepper IncKDP180,000$5.6M0.08%
157Constellation Brands IncSTZ22,600$5.6M0.08%
158iShares Aaa - A Rated Corporat46429B291114,235$5.4M0.08%
159JPMorgan BetaBuilders Japan ET46641Q217104,131$5.4M0.08%
160Vertex Pharmaceuticals IncVRTX15,227$5.4M0.08%
161Radius Global Infrastructure I750481103358,059$5.3M0.08%
162First Trust TCW Unconstrained33740F888220,092$5.3M0.08%
163Gogo IncGOGO312,625$5.3M0.08%
164Axis Capital Holdings LtdG0692U10996,978$5.2M0.08%
165Illinois Tool Works Inc45230810920,605$5.2M0.08%
166Alibaba Group Holding Ltd - SpBBAAY60,678$5.1M0.07%
167Humana IncHUM11,136$5.0M0.07%
168Ollie's Bargain Outlet Holding68111610985,613$5.0M0.07%
169Cogent Communications HoldingsCCOI73,506$4.9M0.07%
170Simply Good Foods Co/TheSMPL134,586$4.9M0.07%
171CommVault Systems IncCVLT67,402$4.9M0.07%
172Shake Shack IncSHAK62,585$4.9M0.07%
173Duluth Holdings IncDLTH762,777$4.8M0.07%
174Edgewell Personal Care Co28035Q102115,390$4.8M0.07%
175Cameco CorpCCJ150,061$4.7M0.07%
176ASML Holding NV - Spons NY RegASMLF6,485$4.7M0.07%
177Magnite IncMGNI338,900$4.6M0.07%
178WW Grainger Inc3848021045,805$4.6M0.07%
179Globus Medical IncGMED76,204$4.5M0.07%
180NXP Semiconductors NVNXPI22,129$4.5M0.07%
181CTS CorpCTS106,129$4.5M0.07%
182SAP SE - Spons ADRSAPGF32,968$4.5M0.07%
183Alteryx Inc02156B10396,114$4.4M0.06%
184Wells Fargo & Co94974610199,568$4.2M0.06%
185Model N Inc607525102118,785$4.2M0.06%
186BRP Group Inc05589G102169,266$4.2M0.06%
187FormFactor IncFORM121,116$4.1M0.06%
188Hillman Solutions CorpHLMN452,850$4.1M0.06%
189Olin CorpOLN78,756$4.0M0.06%
190Ping An Insurance Group Co of72341E304313,999$4.0M0.06%
191Helios Technologies IncHLIO58,741$3.9M0.06%
192Deutsche Telekom AG - Spons ADDTEGF175,934$3.8M0.06%
193AstraZeneca PLC - Spons ADRAZN53,325$3.8M0.06%
194Robert Half IncRHI50,688$3.8M0.06%
195Merck & Co IncMRK31,988$3.7M0.05%
196Power Integrations IncPOWI38,952$3.7M0.05%
197Canadian Pacific Kansas City LCP45,180$3.6M0.05%
198Box IncBXCAP123,595$3.6M0.05%
199Manulife Financial Corp56501R106185,094$3.5M0.05%
200iShares Short Treasury Bond ET46428867931,491$3.5M0.05%
201Vanguard Health Care ETF92204A50414,205$3.5M0.05%
202Taiwan Semiconductor Mfg Co Lt87403910034,420$3.5M0.05%
203New Relic Inc64829B10053,046$3.5M0.05%
204First Trust Natural Gas ETF33733E807148,837$3.5M0.05%
205Saia IncSAIA10,088$3.5M0.05%
206KION Group AG - Unspons ADR497216101342,326$3.4M0.05%
207Airbus SE - Unspons ADRAIIR94,165$3.4M0.05%
208Core & Main IncCNM107,131$3.4M0.05%
209Tencent Holdings Ltd - UnsponsXHLD78,716$3.3M0.05%
210Crane CoCR36,784$3.3M0.05%
211adidas AG - Spons ADR00687A10733,306$3.2M0.05%
212Toray Industries Inc - Unspons890880206291,688$3.2M0.05%
213Infosys Ltd - Spons ADRINFY198,251$3.2M0.05%
214iShares MSCI Global Gold Miner46434G855134,603$3.1M0.05%
215Siemens AG - Spons ADR82619750137,123$3.1M0.05%
216Garmin LtdGRMN29,632$3.1M0.05%
217Fomento Economico Mexicano SAB34441910627,868$3.1M0.05%
218Sony Group Corp - Spons ADRSNEJF34,254$3.1M0.04%
219Prudential PLC - Spons ADRPUKPF108,240$3.1M0.04%
220Shell PLC - Spons ADRRYDAF50,136$3.0M0.04%
221SPDR S&P MidCap 400 ETF TrustMDY6,268$3.0M0.04%
222Kerry Group PLC - Spons ADRBEKE30,521$3.0M0.04%
223iShares Core S&P 500 ETF4642872006,459$2.9M0.04%
224STMicroelectronics NV - SponsSTMEF57,493$2.9M0.04%
225Southern Copper CorpSCCO38,850$2.8M0.04%
226CyberArk Software LtdM2682V10817,728$2.8M0.04%
227Western Alliance BancorpWAL-PA75,064$2.7M0.04%
228Pan Pacific International Hold69807K105150,244$2.7M0.04%
229Itau Unibanco Holding SA - Spo465562106454,176$2.7M0.04%
230Wal-Mart de Mexico SAB de CV -93114W10766,604$2.6M0.04%
231Diageo PLC - Spons ADRDGEAF15,068$2.6M0.04%
232London Stock Exchange Group PL54211N10197,496$2.6M0.04%
233Ferrari NVRACE8,016$2.6M0.04%
234Lonza Group AG - Unspons ADR54338V10143,652$2.6M0.04%
235Crane NXT CoCXT45,918$2.6M0.04%
236Shin-Etsu Chemical Co Ltd - Un824551105153,912$2.6M0.04%
237Xometry IncXMTR121,301$2.6M0.04%
238Genmab A/S - Spons ADRGNMSF66,697$2.5M0.04%
239iShares MSCI Emerging Markets46428642637,477$2.5M0.04%
240AIA Group Ltd - Spons ADR00131720557,971$2.4M0.03%
241Sika AG - Unspons ADR82674R10381,939$2.3M0.03%
242LVMH Moet Hennessy Louis Vuitt50244130612,362$2.3M0.03%
243Revolve Group IncRVLV141,006$2.3M0.03%
244Lasertec Corp - Unspons ADR51809L10975,896$2.3M0.03%
245Pagseguro Digital LtdPAGS239,048$2.3M0.03%
246Worldline SA/France - Unspons98161H101122,275$2.2M0.03%
247Hain Celestial Group Inc/TheHAIN176,996$2.2M0.03%
248Treasury Wine Estates Ltd - Sp89465J109293,094$2.2M0.03%
249Invesco BuyBack Achievers ETFIVZ23,993$2.1M0.03%
250Air Liquide SA - Unspons ADRAIIR58,994$2.1M0.03%
251Murata Manufacturing Co Ltd -626425102146,473$2.1M0.03%
252Huntsman CorpHUN74,153$2.0M0.03%
253Nidec Corp - Spons ADRNODK144,407$2.0M0.03%
2543M CoMMM19,500$2.0M0.03%
255Norsk Hydro ASA - Spons ADR656531605317,512$1.9M0.03%
256Symrise AG - Unspons ADR87155N10966,947$1.8M0.03%
257Iron Mountain Inc46284V10130,473$1.7M0.03%
258Leonardo DRS IncDRS98,281$1.7M0.02%
259Amgen IncAMGN7,602$1.7M0.02%
260EssilorLuxottica SA - Unspons29728420017,713$1.7M0.02%
261Scotts Miracle-Gro Co/TheSMG23,323$1.5M0.02%
262Shiseido Co Ltd - Spons ADR82484140730,057$1.4M0.02%
263SPDR S&P North American Natura78463X15225,391$1.3M0.02%
264Schwab Fundamental U.S. Large80852477121,760$1.3M0.02%
265Concrete Pumping Holdings IncBBCP151,233$1.2M0.02%
266International Business MachineINTR8,946$1.2M0.02%
267Chemours Co/TheCC32,046$1.2M0.02%
268iShares Edge MSCI USA Quality46432F3398,162$1.1M0.02%
269S&P Global IncSPGI2,608$1.0M0.02%
270iShares Russell 1000 Growth ET4642876143,691$1.0M0.01%
271MGE Energy IncMGEE11,095$877,7210.01%
272Alphabet IncGOOG7,192$860,8820.01%
273VICI Properties Inc92565210924,526$770,8520.01%
274iShares MSCI Switzerland ETF46428674916,572$765,7920.01%
275iShares MSCI ACWI ex US ETF46428824015,218$749,0300.01%
276iShares Core MSCI EAFE ETF46432F84210,975$740,8130.01%
277Nucor CorpNUE4,497$737,4180.01%
278WEC Energy Group IncWEC8,185$722,2440.01%
279Lumen Technologies IncLUMN313,000$707,3800.01%
280Duke Energy CorpDUKB7,792$699,2540.01%
281Allstate CorpALL-PJ6,349$692,2950.01%
282Philip Morris International In7181721096,704$654,4440.01%
283NVIDIA CorpNVDA1,477$624,8010.01%
284Global X MSCI Norway ETF37950E10127,007$624,2910.01%
285Mastercard IncMA1,570$617,4810.01%
286Mondelez International Inc6092071058,170$595,9200.01%
287Altria Group IncMO13,014$589,5340.01%
288Waste Management Inc94106L1093,381$586,3330.01%
289General Dynamics CorpGD2,630$565,8450.01%
290Vanguard Short-Term Corporate92206C4097,448$563,5270.01%
291Cheniere Energy IncLNG3,583$545,9060.01%
292Vanguard Short-Term Bond ETF9219378276,312$476,9980.01%
293iShares Core S&P U.S. Growth E4642876714,846$473,1630.01%
294iShares iBoxx High Yield Corpo4642885135,900$442,9130.01%
295Global X Copper Miners ETF37954Y83011,576$435,8360.01%
296iShares MSCI Japan Small-Cap E4642865826,221$425,3740.01%
297Alliant Energy CorpLNT6,730$353,2100.01%
298iShares Russell 2000 ETF4642876551,856$347,5730.01%
299iShares Intermediate Governmen4642886123,366$346,3610.01%
300Artisan Partners Asset Managem04316A1088,726$343,0190.01%
301RLI CorpRLI2,468$336,8080.00%
302Discover Financial Services2547091082,844$332,3210.00%
303Gilead Sciences IncGILD4,254$327,8560.00%
304Xcel Energy IncXELLL5,064$314,8290.00%
305Thermo Fisher Scientific IncTMO601$313,5720.00%
306iShares Russell Mid-Cap Growth4642874813,128$302,2590.00%
307Hershey Co/TheHSY1,168$291,6500.00%
308iShares Russell 2000 Growth ET4642876481,129$273,9630.00%
309Verisk Analytics IncVRSK1,210$273,4960.00%
310CSX CorpCSX6,888$234,8810.00%
311SPDR Gold SharesGLD1,301$231,8590.00%
312iShares S&P 100 ETF4642871011,044$216,1710.00%
313Deere & CoDE507$205,4310.00%
314CBRE Group IncCBRE2,513$202,8240.00%