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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 Q1 2025 · Filed May 6, 2025 · Accession 0001954889-25-000019

Total Value
$8.98B
Positions
349
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (349)

#IssuerTicker / CUSIPSharesValue% of Filing
1Arch Capital Group LtdG0450A1054,837,602$465.3M5.18%
2Copart IncCPRT4,651,616$263.2M2.93%
3Brown & Brown IncBRO2,060,954$256.4M2.86%
4PACCAR IncPCAR2,569,851$250.2M2.79%
5Gartner IncIT552,190$231.8M2.58%
6Ross Stores IncROST1,607,872$205.5M2.29%
7Alphabet IncGOOG1,313,830$205.3M2.29%
8Carlisle Cos Inc142339100515,134$175.4M1.95%
9Amphenol Corp0320951012,546,347$167.0M1.86%
10Liberty Broadband CorpLBRDP1,781,745$151.5M1.69%
11Amazon.com IncAMZN758,621$144.3M1.61%
12Fiserv IncFISV633,173$139.8M1.56%
13CDW Corp/DECDW836,530$134.1M1.49%
14WR Berkley CorpWRB-PH1,842,275$131.1M1.46%
15Labcorp Holdings Inc Com Usd0.LH556,683$129.6M1.44%
16Berkshire Hathaway IncBRK-A241,649$128.7M1.43%
17Dollar Tree IncDLTR1,709,331$128.3M1.43%
18Visa IncV365,051$127.9M1.43%
19Progressive Corp743315103424,830$120.2M1.34%
20Texas Instruments Inc882508104659,008$118.4M1.32%
21MKS Instruments IncMKSI1,428,143$114.5M1.28%
22Waters Corp941848103309,319$114.0M1.27%
23Teledyne Technologies IncTDY222,515$110.7M1.23%
24Trex Co IncTREX1,890,732$109.9M1.22%
25Analog Devices IncADI521,033$105.1M1.17%
26Lowe's Cos Inc548661107439,630$102.5M1.14%
27Accenture PLCACN305,935$95.5M1.06%
28Invesco S&P 500 Quality ETFIVZ1,427,903$94.7M1.06%
29Danaher Corp Com Usd0.01235851102452,263$92.7M1.03%
30Brookfield Asset Management Lt1130041051,901,985$92.2M1.03%
31Liberty Media Corp-Liberty ForFWONB971,418$87.4M0.97%
32Alcon IncALC915,229$86.9M0.97%
33Floor & Decor Holdings IncFND1,063,511$85.6M0.95%
34Janus Henderson Mortgage-Backe47103U8521,848,438$83.5M0.93%
35Asbury Automotive Group IncABG373,320$82.4M0.92%
36Lithia Motors Inc536797103280,456$82.3M0.92%
37Agilent Technologies IncA695,411$81.3M0.91%
38Keysight Technologies IncKEYS540,801$81.0M0.90%
39Thor Industries Inc8851601011,065,299$80.8M0.90%
40Marsh & McLennan Cos Inc571748102314,949$76.9M0.86%
41Microchip Technology IncMCHPP1,579,949$76.5M0.85%
42Kinsale Capital Group Inc49714P108156,634$76.2M0.85%
43Ferguson Enterprises IncFERG472,848$75.8M0.84%
44Charles Schwab Corp/TheSCHW-PJ957,641$75.0M0.84%
45Parker-Hannifin CorpPH123,118$74.8M0.83%
46Moelis & CoMC1,264,200$73.8M0.82%
47Distillate US Fundamental Stab26922A3211,345,696$73.0M0.81%
48Expeditors International of Wa302130109548,284$65.9M0.73%
49Elevance Health IncELV149,572$65.1M0.72%
50Brown-Forman CorpBF-B1,886,816$64.0M0.71%
51Madison Short-Term Strategic I5574412013,068,537$62.9M0.70%
52Brookfield Corp11271J1071,195,621$62.7M0.70%
53TJX Cos Inc872540109507,201$61.8M0.69%
54Microsoft CorpMSFT162,642$61.1M0.68%
55Madison Aggregate Bond ETF5574413002,796,158$56.8M0.63%
56Madison Dividend Value ETF5574415082,484,841$54.4M0.61%
57Deere & CoDE114,958$54.0M0.60%
58Arista Networks IncANET668,516$51.8M0.58%
59Starbucks CorpSBUX507,950$49.8M0.56%
60NextEra Energy IncNEE-PW688,093$48.8M0.54%
61Cullen/Frost Bankers IncCFR-PB376,784$47.2M0.53%
62Madison Covered Call ETF5574414092,668,145$47.0M0.52%
63Glacier Bancorp IncGBCI1,041,736$46.1M0.51%
64Apple IncAAPL189,400$42.1M0.47%
65Graco IncGGG497,585$41.6M0.46%
66Schwab Intermediate-Term U.S.8085248541,670,536$41.5M0.46%
67Eli Lilly & CoLLY49,495$40.9M0.46%
68Home Depot IncHD104,048$38.1M0.42%
69JPMorgan Chase & CoVYLD153,654$37.7M0.42%
70Blackrock IncBLK39,531$37.4M0.42%
71Liberty Media Corp-Liberty ForFWONB454,863$37.1M0.41%
72Honeywell International Inc438516106164,123$34.8M0.39%
73American Tower Corp03027X100159,006$34.6M0.39%
74iShares MSCI Emerging Markets464286426464,630$34.4M0.38%
75Medtronic PLCMDT368,569$33.1M0.37%
76Johnson & JohnsonJNJ194,894$32.3M0.36%
77Vanguard Information Technolog92204A70259,296$32.2M0.36%
78Automatic Data Processing IncADP98,041$30.0M0.33%
79Costco Wholesale Corp22160K10530,955$29.3M0.33%
80NIKE IncNKE453,617$28.8M0.32%
81PepsiCo IncPEP177,225$26.6M0.30%
82Oracle CorpORCL-PD185,722$26.0M0.29%
83ConocoPhillipsCOP244,527$25.7M0.29%
84CME Group IncCME90,279$24.0M0.27%
85iShares Core U.S. Aggregate Bo464287226237,051$23.4M0.26%
86SPDR S&P 500 ETF TrustSPY40,939$22.9M0.26%
87Adobe IncADBE59,142$22.7M0.25%
88iShares Core S&P Small-Cap ETF464287804214,597$22.4M0.25%
89SPDR Portfolio High Yield Bond78468R606944,127$22.1M0.25%
90Union Pacific CorpUNP92,811$21.9M0.24%
91Chevron CorpCVX131,058$21.9M0.24%
92SPDR S&P Bank ETF78464A797397,809$21.1M0.23%
93Comcast CorpCCZ540,662$20.0M0.22%
94Franklin FTSE Japan ETFFGDL670,993$19.7M0.22%
95UnitedHealth Group IncUNH37,352$19.6M0.22%
96Janus Henderson AAA CLO ETF47103U845385,218$19.5M0.22%
97Exxon Mobil CorpXOM158,218$18.8M0.21%
98TE Connectivity PLCTEL132,258$18.7M0.21%
99iShares Core S&P Mid-Cap ETF464287507319,386$18.6M0.21%
100SPDR S&P MidCap 400 ETF TrustMDY34,904$18.6M0.21%
101Morgan StanleyMS-PQ155,334$18.1M0.20%
102Linde PLCLIN37,890$17.6M0.20%
103EOG Resources IncEOG134,581$17.3M0.19%
104iShares 3-7 Year Treasury Bond464288661143,739$17.0M0.19%
105U.S. BancorpUSB-PS395,490$16.7M0.19%
106AbbVie IncABBV79,270$16.6M0.19%
107iShares 7-10 Year Treasury Bon464287440173,999$16.6M0.18%
108Hershey Co/TheHSY94,505$16.2M0.18%
109iShares MSCI International Qua46434V456404,125$16.0M0.18%
110Fastenal CoFAST206,477$16.0M0.18%
111Vanguard FTSE Europe ETF922042874217,323$15.3M0.17%
112Las Vegas Sands CorpLVS392,600$15.2M0.17%
113ASML Holding NV - Spons NY RegASMLF21,620$14.3M0.16%
114QUALCOMM IncQCOM91,137$14.0M0.16%
115AES Corp/VAAES1,093,000$13.6M0.15%
116Rockwell Automation IncROK52,514$13.6M0.15%
117Abbott LaboratoriesABLZF99,145$13.2M0.15%
118Ecolab IncECL50,427$12.8M0.14%
119Vanguard FTSE All-World ex-US922042775208,218$12.6M0.14%
120Vanguard Large-Cap ETF92290863748,639$12.5M0.14%
121Energy Select Sector SPDR Fund81369Y506132,514$12.4M0.14%
122Bank of America Corp060505104294,901$12.3M0.14%
123Barrick Gold Corp067901108629,500$12.2M0.14%
124Global X MLP ETF37954Y343217,710$11.6M0.13%
125Matador Resources CoMTDR221,000$11.3M0.13%
126Equifax IncEFX45,294$11.0M0.12%
127Air Products & Chemicals IncAIIR35,368$10.4M0.12%
128SPDR Portfolio Short Term Trea78468R101354,843$10.4M0.12%
129PayPal Holdings IncPYPL157,300$10.3M0.11%
130Invesco S&P SmallCap Quality EIVZ255,241$10.1M0.11%
131McDonald's CorpMCD31,870$10.0M0.11%
132Procter & Gamble Co74271810956,787$9.7M0.11%
133Vanguard Short-Term Corporate92206C409122,248$9.7M0.11%
134Paychex IncPAYX61,681$9.5M0.11%
135Transocean LtdRIG2,975,000$9.4M0.11%
136CVS Health CorpCVS138,850$9.4M0.10%
137iShares MSCI Eurozone ETF464286608172,657$9.2M0.10%
138Colgate-Palmolive CoCL95,434$8.9M0.10%
139Encompass Health CorpEHC82,974$8.4M0.09%
140T-Mobile US IncTMUSZ31,000$8.3M0.09%
141Constellation Brands IncSTZ43,400$8.0M0.09%
142Archer-Daniels-Midland CoADM162,900$7.8M0.09%
143iShares Aaa - A Rated Corporat46429B291164,426$7.8M0.09%
144Schwab US Dividend Equity ETF808524797270,502$7.6M0.08%
145Caterpillar IncCAT22,176$7.3M0.08%
146APA CorpAPA338,700$7.1M0.08%
147Vertex Pharmaceuticals IncVRTX14,396$7.0M0.08%
148Core & Main IncCNM139,648$6.7M0.08%
149Simply Good Foods Co/TheSMPL182,787$6.3M0.07%
150Vanguard Financials ETF92204A40551,746$6.2M0.07%
151Axis Capital Holdings LtdG0692U10961,613$6.2M0.07%
152Option Care Health IncOPCH176,295$6.2M0.07%
153HealthEquity IncHQY69,364$6.1M0.07%
154Scotts Miracle-Gro Co/TheSMG111,385$6.1M0.07%
155Advanced Micro Devices IncAMD58,687$6.0M0.07%
156Cummins IncCMI19,170$6.0M0.07%
157Primo Brands CorpPRMB168,884$6.0M0.07%
158Box IncBXCAP191,805$5.9M0.07%
159Vanguard Dividend Appreciation92190884429,558$5.7M0.06%
160RLI CorpRLI68,275$5.5M0.06%
161SPDR Portfolio Long Term Treas78464A664194,390$5.3M0.06%
162Power Integrations IncPOWI102,726$5.2M0.06%
163Pfizer IncPFE201,486$5.1M0.06%
164Cogent Communications HoldingsCCOI81,264$5.0M0.06%
165Alibaba Group Holding Ltd - SpBBAAY37,056$4.9M0.05%
166WillScot Holdings CorpWSC171,528$4.8M0.05%
167OneSpaWorld Holdings LtdOSW273,985$4.6M0.05%
168Illinois Tool Works Inc45230810918,383$4.6M0.05%
169Hayward Holdings IncHAYW326,579$4.5M0.05%
170Shake Shack IncSHAK51,251$4.5M0.05%
171Workiva IncWK58,261$4.4M0.05%
172SPDR Portfolio S&P 500 ETF78464A85464,788$4.3M0.05%
173FormFactor IncFORM148,979$4.2M0.05%
174Cameco CorpCCJ102,202$4.2M0.05%
175Chord Energy CorpCHRD36,907$4.2M0.05%
176Baldwin Insurance Group Inc/Th05589G10293,024$4.2M0.05%
177Texas Capital Bancshares Inc88224Q10755,536$4.1M0.05%
178Regeneron Pharmaceuticals IncREGN6,420$4.1M0.05%
179iShares Core S&P 500 ETF4642872007,215$4.1M0.05%
180Entegris IncENTG45,953$4.0M0.04%
181HDFC Bank Ltd - Spons ADRHDB59,818$4.0M0.04%
182Confluent Inc20717M103169,061$4.0M0.04%
183Globus Medical IncGMED53,392$3.9M0.04%
184Crane CoCR25,358$3.9M0.04%
185Leonardo DRS IncDRS116,183$3.8M0.04%
186CommVault Systems IncCVLT23,695$3.7M0.04%
187Western Alliance BancorpWAL-PA47,044$3.6M0.04%
188WW Grainger Inc3848021043,629$3.6M0.04%
189Freeport-McMoRan IncFCX94,628$3.6M0.04%
190Edgewell Personal Care Co28035Q102113,698$3.5M0.04%
191AstraZeneca PLC - Spons ADRAZN47,863$3.5M0.04%
192Taiwan Semiconductor Mfg Co Lt87403910020,250$3.4M0.04%
193Hewlett Packard Enterprise CoHPE-PC212,000$3.3M0.04%
194Wal-Mart de Mexico SAB de CV -93114W107113,524$3.1M0.03%
195Ollie's Bargain Outlet Holding68111610926,563$3.1M0.03%
196Deutsche Telekom AG - Spons ADDTEGF83,311$3.1M0.03%
197Airbus SE - Unspons ADRAIIR68,433$3.0M0.03%
198Saia IncSAIA8,557$3.0M0.03%
199Vanguard Growth ETF9229087368,031$3.0M0.03%
200CTS CorpCTS71,135$3.0M0.03%
201Medpace Holdings IncMEDP9,683$3.0M0.03%
202Crane NXT CoCXT57,333$2.9M0.03%
203Tencent Holdings Ltd - UnsponsXHLD45,722$2.9M0.03%
204Kerry Group PLC - Spons ADRBEKE27,480$2.9M0.03%
205Ping An Insurance Group Co of72341E304240,404$2.9M0.03%
206Prudential PLC - Spons ADRPUKPF130,531$2.8M0.03%
207Knowles CorpKN184,094$2.8M0.03%
208Revolve Group IncRVLV128,660$2.8M0.03%
209Sony Group Corp - Spons ADRSNEJF108,524$2.8M0.03%
210NVIDIA CorpNVDA24,143$2.6M0.03%
211Mueller Water Products Inc624758108100,857$2.6M0.03%
212Ciena CorpCIEN41,102$2.5M0.03%
213SPDR Portfolio S&P 400 Mid Cap78464A84748,524$2.5M0.03%
214Alphabet IncGOOG15,891$2.5M0.03%
215Merck & Co IncMRK26,986$2.4M0.03%
216JPMorgan BetaBuilders Japan ET46641Q21742,928$2.4M0.03%
217AIA Group Ltd - Spons ADR00131720579,079$2.4M0.03%
218SAP SE - Spons ADRSAPGF8,908$2.4M0.03%
219Hain Celestial Group Inc/TheHAIN576,039$2.4M0.03%
220Olin CorpOLN96,793$2.3M0.03%
221CyberArk Software LtdM2682V1086,911$2.3M0.03%
222Amgen IncAMGN7,408$2.3M0.03%
223Pan Pacific International Hold69807K10583,967$2.3M0.03%
224Lonza Group AG - Unspons ADR54338V10136,865$2.3M0.03%
225VF CorpVFC146,046$2.3M0.03%
226Toray Industries Inc - Unspons890880206166,329$2.3M0.03%
227KION Group AG - Unspons ADR497216101215,477$2.3M0.03%
228Infosys Ltd - Spons ADRINFY122,955$2.2M0.03%
229Mitsubishi UFJ Financial Group606822104162,038$2.2M0.02%
230adidas AG - Spons ADR00687A10718,683$2.2M0.02%
231Fomento Economico Mexicano SAB34441910622,310$2.2M0.02%
232Humana IncHUM8,225$2.2M0.02%
233SPDR S&P Dividend ETF78464A76315,793$2.1M0.02%
234Canadian Pacific Kansas City LCP30,234$2.1M0.02%
235Daiichi Sankyo Co Ltd - Spons23381D10286,013$2.1M0.02%
236Itau Unibanco Holding SA - Spo465562106371,738$2.0M0.02%
237Distillate Small/Mid Cash Flow26922B66764,509$2.0M0.02%
238S&P Global IncSPGI3,987$2.0M0.02%
239Invesco BuyBack Achievers ETFIVZ17,558$2.0M0.02%
240Siemens AG - Spons ADR82619750117,103$2.0M0.02%
241Hillman Solutions CorpHLMN221,922$2.0M0.02%
242Southern Copper CorpSCCO19,647$1.8M0.02%
243McCormick & Co Inc/MDMKC-V21,978$1.8M0.02%
244Shell PLC - Spons ADRRYDAF24,285$1.8M0.02%
245Meta Platforms IncMETA3,076$1.8M0.02%
246Carlsberg AS - Spons ADR14279520268,024$1.7M0.02%
247Quest Diagnostics IncDGX10,022$1.7M0.02%
248Sika AG - Unspons ADR82674R10369,263$1.7M0.02%
249Treasury Wine Estates Ltd - Sp89465J109273,264$1.7M0.02%
250iShares Treasury Floating Rate46434V86032,748$1.7M0.02%
251Legalzoom.com IncLZ190,695$1.6M0.02%
252Ferrari NVRACE3,817$1.6M0.02%
253VictoryShares Free Cash Flow E92647X83047,198$1.6M0.02%
254Iron Mountain Inc46284V10118,531$1.6M0.02%
255Manulife Financial Corp56501R10648,849$1.5M0.02%
256Schwab Fundamental U.S. Large80852477162,853$1.5M0.02%
257Norsk Hydro ASA - Spons ADR656531605254,651$1.5M0.02%
258Murata Manufacturing Co Ltd -626425102189,445$1.5M0.02%
259Dominion Energy IncD24,521$1.4M0.02%
260NXP Semiconductors NVNXPI7,038$1.3M0.01%
261Duluth Holdings IncDLTH762,777$1.3M0.01%
262Agnico Eagle Mines LtdAEM11,914$1.3M0.01%
263Wells Fargo & Co94974610117,703$1.3M0.01%
264United Parcel Service IncUPS11,522$1.3M0.01%
265Air Liquide SA - Unspons ADRAIIR33,153$1.3M0.01%
266Shin-Etsu Chemical Co Ltd - Un82455110587,707$1.3M0.01%
267Allstate CorpALL-PJ5,969$1.2M0.01%
268LVMH Moet Hennessy Louis Vuitt5024413069,871$1.2M0.01%
269Genmab A/S - Spons ADRGNMSF62,363$1.2M0.01%
270Shiseido Co Ltd - Spons ADR82484140764,064$1.2M0.01%
271iShares Russell Mid-Cap ETF46428749914,270$1.2M0.01%
272Nidec Corp - Spons ADRNODK276,986$1.2M0.01%
273Symrise AG - Unspons ADR87155N10944,356$1.1M0.01%
274Lasertec Corp - Unspons ADR51809L10962,819$1.1M0.01%
275Intuit IncINTU1,737$1.1M0.01%
276Target CorpTGT10,212$1.1M0.01%
277Worldline SA/France - Unspons98161H101338,681$1.0M0.01%
278Garmin LtdGRMN4,384$951,8980.01%
279Mondelez International Inc60920710513,861$940,4690.01%
280iShares Russell 1000 Growth ET4642876142,440$881,0600.01%
281Mastercard IncMA1,537$842,4600.01%
282Coca-Cola CoKO11,528$825,6350.01%
283Travelers Cos IncTRV2,882$762,1740.01%
284Waste Management Inc94106L1093,275$758,1950.01%
285Cisco Systems IncCSCO11,797$727,9930.01%
286General Dynamics CorpGD2,642$720,1560.01%
287Vanguard Small-Cap ETF9229087513,106$688,7560.01%
288GMO US Quality ETF90139K10020,887$652,9280.01%
289iShares Core S&P U.S. Growth E4642876714,657$591,8120.01%
290Energy Transfer LPET-PI30,500$566,9950.01%
291iShares Short Treasury Bond ET4642886794,939$545,5620.01%
292Gilead Sciences IncGILD4,800$537,8400.01%
293Markel CorpMKL285$533,6580.01%
294iShares MSCI ACWI ex US ETF4642882409,005$499,3270.01%
295Schwab International Equity ET80852480525,140$497,2690.01%
296Lumen Technologies IncLUMN124,000$486,0800.01%
297Discover Financial Services2547091082,844$485,4710.01%
298Aflac IncAFL4,245$472,0020.01%
299iShares iBoxx High Yield Corpo4642885135,900$465,4510.01%
300iShares Edge MSCI USA Quality46432F3392,561$437,6490.00%
301Broadcom IncAVGO2,548$426,6120.00%
302Alliant Energy CorpLNT6,431$413,8590.00%
303iShares Russell 1000 ETF4642876221,335$409,4270.00%
304Nestle SA - Spons ADR6410694063,896$394,1580.00%
305iShares Russell Mid-Cap Growth4642874813,078$361,6340.00%
306Armstrong World Industries Inc04247X1022,467$347,5180.00%
307iShares Core MSCI EAFE ETF46432F8424,581$346,5530.00%
308CarMax IncKMX4,277$333,2390.00%
309iShares MBS ETF4642885883,519$330,0120.00%
310American Electric Power Co Inc0255371012,850$311,4200.00%
311Global X Artificial Intelligen37954Y6328,173$297,3340.00%
312MGE Energy IncMGEE3,138$291,7040.00%
313Eagle Materials Inc26969P1081,300$288,5090.00%
314AutoZone IncAZO72$274,5200.00%
315Boston Scientific CorpBSX2,700$272,3760.00%
316Vanguard FTSE Emerging Markets9220428585,851$264,8160.00%
317International Business MachineINTR1,061$263,8280.00%
318iShares Russell 2000 Growth ET4642876481,032$263,7070.00%
319Vanguard Mid-Cap ETF9229086291,017$262,9280.00%
320Micron Technology IncMU3,000$260,6700.00%
321Nucor CorpNUE2,124$255,6020.00%
322Halozyme Therapeutics IncHALO4,000$255,2400.00%
323Commercial Metals CoCMC5,500$253,0550.00%
324Thermo Fisher Scientific IncTMO508$252,7810.00%
325Kirby CorpKEX2,500$252,5250.00%
326Citigroup IncC-PR3,500$248,4650.00%
327CRH PLCCRH2,800$246,3160.00%
328Expand Energy CorpEXE2,200$244,9040.00%
329FedEx CorpFDX1,000$243,7800.00%
330Blackstone Group Inc/TheBX1,731$241,9590.00%
331iShares Russell 2000 ETF4642876551,211$241,5820.00%
332Jacobs Solutions IncJ1,987$240,1540.00%
333Walmart IncWMT2,676$234,9260.00%
334Vistra CorpVST2,000$234,8800.00%
335Bristol-Myers Squibb CoCELG-RI3,768$229,8100.00%
336Group 1 Automotive IncGPI600$229,1700.00%
337Truist Financial Corp89832Q1095,500$226,3250.00%
338Cleveland-Cliffs IncCLF27,000$221,9400.00%
339Raytheon Technologies CorpRTX1,615$213,9230.00%
340Hilltop Holdings IncHTH7,000$213,1500.00%
341Xcel Energy IncXELLL3,000$212,3700.00%
342Permian Resources CorpPR15,000$207,7500.00%
343Uber Technologies IncUBER2,849$207,5780.00%
344Academy Sports & Outdoors IncASO4,500$205,2450.00%
345eBay IncEBAY3,000$203,1900.00%
346CSX CorpCSX6,888$202,7140.00%
347ONEOK IncOKE2,033$201,7140.00%
348Banc of California IncBANC-PF13,000$184,4700.00%
349Navigator Holdings LtdNVGS10,000$133,1000.00%