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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 Q2 2025 · Filed August 11, 2025 · Accession 0001954889-25-000027

Total Value
$9.26B
Positions
338
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (338)

#IssuerTicker / CUSIPSharesValue% of Filing
1Arch Capital Group LtdG0450A1054,825,235$439.3M4.74%
2Gartner IncIT702,813$284.1M3.07%
3Amphenol Corp0320951012,478,319$244.7M2.64%
4PACCAR IncPCAR2,517,149$239.3M2.58%
5CDW Corp/DECDW1,324,521$236.5M2.55%
6Brown & Brown IncBRO2,042,286$226.4M2.45%
7Copart IncCPRT4,590,422$225.3M2.43%
8Ross Stores IncROST1,659,087$211.7M2.29%
9Carlisle Cos Inc142339100516,436$192.8M2.08%
10Liberty Broadband CorpLBRDP1,768,132$173.9M1.88%
11Alphabet IncGOOG943,146$167.3M1.81%
12Amazon.com IncAMZN746,067$163.7M1.77%
13Texas Instruments Inc882508104763,621$158.5M1.71%
14Labcorp Holdings Inc Com Usd0.LH570,807$149.8M1.62%
15MKS IncMKSI1,463,683$145.4M1.57%
16WR Berkley CorpWRB-PH1,853,872$136.2M1.47%
17Visa IncV360,027$127.8M1.38%
18Arista Networks IncANET1,222,347$125.1M1.35%
19Floor & Decor Holdings IncFND1,627,820$123.6M1.34%
20Teledyne Technologies IncTDY225,111$115.3M1.25%
21Danaher Corp Com Usd0.01235851102574,252$113.4M1.23%
22Microchip Technology IncMCHPP1,608,160$113.2M1.22%
23Progressive Corp743315103412,608$110.1M1.19%
24Waters Corp941848103312,259$109.0M1.18%
25Brookfield Asset Management Lt1130041051,926,784$106.5M1.15%
26Liberty Media Corp-Liberty ForFWONB985,188$103.0M1.11%
27Fiserv IncFISV595,345$102.6M1.11%
28Trex Co IncTREX1,871,054$101.7M1.10%
29Invesco S&P 500 Quality ETFIVZ1,407,188$100.3M1.08%
30Ferguson Enterprises IncFERG460,220$100.2M1.08%
31Thor Industries Inc8851601011,113,378$98.9M1.07%
32Analog Devices IncADI406,066$96.7M1.04%
33Lithia Motors Inc536797103284,804$96.2M1.04%
34Lowe's Cos Inc548661107431,683$95.8M1.03%
35Medpace Holdings IncMEDP297,048$93.2M1.01%
36Accenture PLCACN303,237$90.6M0.98%
37Asbury Automotive Group IncABG378,519$90.3M0.98%
38Keysight Technologies IncKEYS531,069$87.0M0.94%
39Parker-Hannifin CorpPH120,401$84.1M0.91%
40Moelis & CoMC1,295,284$80.7M0.87%
41Kinsale Capital Group Inc49714P108163,974$79.3M0.86%
42Agilent Technologies IncA667,908$78.8M0.85%
43Janus Henderson Mortgage-Backe47103U8521,726,547$77.8M0.84%
44Charles Schwab Corp/TheSCHW-PJ841,082$76.7M0.83%
45Alcon IncALC867,101$76.5M0.83%
46Microsoft CorpMSFT152,923$76.1M0.82%
47Brookfield Corp11271J1071,169,057$72.3M0.78%
48Marsh & McLennan Cos Inc571748102312,379$68.3M0.74%
49Madison Short-Term Strategic I5574412013,083,424$63.6M0.69%
50Expeditors International of Wa302130109553,722$63.3M0.68%
51Distillate US Fundamental Stab26922A3211,115,963$61.8M0.67%
52TJX Cos Inc872540109495,974$61.2M0.66%
53Madison Aggregate Bond ETF5574413002,811,220$57.3M0.62%
54Elevance Health IncELV143,353$55.8M0.60%
55Madison Dividend Value ETF5574415082,503,742$55.5M0.60%
56Deere & CoDE108,503$55.2M0.60%
57Cullen/Frost Bankers IncCFR-PB381,179$49.0M0.53%
58NextEra Energy IncNEE-PW688,473$47.8M0.52%
59Glacier Bancorp IncGBCI1,055,415$45.5M0.49%
60Starbucks CorpSBUX488,092$44.7M0.48%
61Eli Lilly & CoLLY55,688$43.4M0.47%
62Graco IncGGG504,339$43.4M0.47%
63Liberty Media Corp-Liberty ForFWONB454,863$43.2M0.47%
64Madison Covered Call ETF5574414092,298,594$42.7M0.46%
65JPMorgan Chase & CoVYLD143,220$41.5M0.45%
66Oracle CorpORCL-PD189,697$41.5M0.45%
67Vanguard Information Technolog92204A70258,846$39.0M0.42%
68Blackrock IncBLK37,146$39.0M0.42%
69Apple IncAAPL185,412$38.0M0.41%
70Home Depot IncHD97,549$35.8M0.39%
71Airbnb IncABNB259,096$34.3M0.37%
72Honeywell International Inc438516106146,526$34.1M0.37%
73American Tower Corp03027X100147,007$32.5M0.35%
74iShares MSCI Emerging Markets464286426373,592$30.8M0.33%
75Schwab Intermediate-Term U.S.8085248541,207,518$30.2M0.33%
76SPDR S&P 500 ETF TrustSPY48,909$30.2M0.33%
77NIKE IncNKE416,597$29.6M0.32%
78Johnson & JohnsonJNJ186,461$28.5M0.31%
79Costco Wholesale Corp22160K10527,932$27.7M0.30%
80SPDR Portfolio High Yield Bond78468R6061,151,255$27.4M0.30%
81TE Connectivity PLCTEL157,639$26.6M0.29%
82Automatic Data Processing IncADP82,348$25.4M0.27%
83Vanguard FTSE All-World ex-US922042775375,448$25.2M0.27%
84iShares Core U.S. Aggregate Bo464287226242,014$24.0M0.26%
85Medtronic PLCMDT262,800$22.9M0.25%
86Adobe IncADBE58,122$22.5M0.24%
87CME Group IncCME76,980$21.2M0.23%
88Vanguard FTSE Europe ETF922042874269,918$20.9M0.23%
89PepsiCo IncPEP157,263$20.8M0.22%
90Morgan StanleyMS-PQ146,288$20.6M0.22%
91ConocoPhillipsCOP228,467$20.5M0.22%
92SPDR S&P Bank ETF78464A797361,338$20.1M0.22%
93Linde PLCLIN42,769$20.1M0.22%
94iShares MSCI Eurozone ETF464286608331,826$19.7M0.21%
95iShares MSCI International Qua46434V456441,348$19.1M0.21%
96iShares Core S&P Small-Cap ETF464287804173,020$18.9M0.20%
97Berkshire Hathaway IncBRK-A38,756$18.8M0.20%
98Chevron CorpCVX126,708$18.1M0.20%
99iShares Core S&P Mid-Cap ETF464287507288,286$17.9M0.19%
100Comcast CorpCCZ489,973$17.5M0.19%
101ASML Holding NV - Spons NY RegASMLF21,086$16.9M0.18%
102SPDR S&P MidCap 400 ETF TrustMDY29,164$16.5M0.18%
103Rockwell Automation IncROK48,925$16.3M0.18%
104iShares 7-10 Year Treasury Bon464287440169,521$16.2M0.18%
105Ecolab IncECL59,269$16.0M0.17%
106QUALCOMM IncQCOM99,105$15.8M0.17%
107iShares 5-10 Year Investment G464288638294,042$15.7M0.17%
108Exxon Mobil CorpXOM144,524$15.6M0.17%
109Union Pacific CorpUNP67,659$15.6M0.17%
110Fastenal CoFAST368,792$15.5M0.17%
111SPDR Portfolio Long Term Treas78464A664558,914$14.9M0.16%
112Las Vegas Sands CorpLVS339,900$14.8M0.16%
113Hershey Co/TheHSY88,660$14.7M0.16%
114Vanguard Large-Cap ETF92290863749,514$14.1M0.15%
115EOG Resources IncEOG114,844$13.7M0.15%
116Barrick Mining Corp06849F108629,500$13.1M0.14%
117AbbVie IncABBV70,192$13.0M0.14%
118Franklin FTSE Japan ETFFGDL396,238$12.7M0.14%
119Equifax IncEFX49,009$12.7M0.14%
120Bank of America Corp060505104262,808$12.4M0.13%
121U.S. BancorpUSB-PS263,423$11.9M0.13%
122Abbott LaboratoriesABLZF87,436$11.9M0.13%
123Energy Select Sector SPDR Fund81369Y506138,508$11.7M0.13%
124PayPal Holdings IncPYPL157,300$11.7M0.13%
125AES Corp/VAAES1,093,000$11.5M0.12%
126SPDR Portfolio Intermediate Te78464A672395,287$11.4M0.12%
127Invesco S&P SmallCap Quality EIVZ269,057$11.0M0.12%
128Global X MLP ETF37954Y343217,710$10.9M0.12%
129Matador Resources CoMTDR221,000$10.5M0.11%
130T-Mobile US IncTMUSZ42,700$10.2M0.11%
131Procter & Gamble Co74271810963,633$10.1M0.11%
132Schwab US Dividend Equity ETF808524797374,351$9.9M0.11%
133Vanguard Short-Term Corporate92206C409120,148$9.6M0.10%
134SPDR Portfolio Short Term Trea78468R101319,537$9.4M0.10%
135Encompass Health CorpEHC72,799$8.9M0.10%
136Janus Henderson AAA CLO ETF47103U845175,548$8.9M0.10%
137CVS Health CorpCVS126,650$8.7M0.09%
138Air Products & Chemicals IncAIIR30,617$8.6M0.09%
139Archer-Daniels-Midland CoADM162,900$8.6M0.09%
140Advanced Micro Devices IncAMD58,687$8.3M0.09%
141iShares Aaa - A Rated Corporat46429B291170,455$8.2M0.09%
142McDonald's CorpMCD27,865$8.1M0.09%
143Paychex IncPAYX54,636$7.9M0.09%
144UnitedHealth Group IncUNH25,309$7.9M0.09%
145Colgate-Palmolive CoCL85,507$7.8M0.08%
146Caterpillar IncCAT20,008$7.8M0.08%
147Transocean LtdRIG2,975,000$7.7M0.08%
148RLI CorpRLI106,132$7.7M0.08%
149Core & Main IncCNM125,538$7.6M0.08%
150Scotts Miracle-Gro Co/TheSMG111,763$7.4M0.08%
151Vanguard Financials ETF92204A40552,625$6.7M0.07%
152Constellation Brands IncSTZ40,900$6.7M0.07%
153Axis Capital Holdings LtdG0692U10961,805$6.4M0.07%
154HealthEquity IncHQY60,661$6.4M0.07%
155Vertex Pharmaceuticals IncVRTX14,192$6.3M0.07%
156APA CorpAPA338,700$6.2M0.07%
157Shake Shack IncSHAK43,008$6.0M0.07%
158Hayward Holdings IncHAYW420,901$5.8M0.06%
159WillScot Holdings CorpWSC211,050$5.8M0.06%
160Power Integrations IncPOWI103,075$5.8M0.06%
161OneSpaWorld Holdings LtdOSW275,021$5.6M0.06%
162Box IncBXCAP161,748$5.5M0.06%
163Cummins IncCMI16,562$5.4M0.06%
164Baldwin Insurance Group Inc/Th05589G102125,782$5.4M0.06%
165Simply Good Foods Co/TheSMPL168,700$5.3M0.06%
166Option Care Health IncOPCH162,527$5.3M0.06%
167Cameco CorpCCJ69,441$5.2M0.06%
168FormFactor IncFORM149,482$5.1M0.06%
169Globus Medical IncGMED85,721$5.1M0.05%
170Vanguard S&P 500 ETF9229083638,858$5.0M0.05%
171Primo Brands CorpPRMB168,976$5.0M0.05%
172Pfizer IncPFE201,486$4.9M0.05%
173Leonardo DRS IncDRS104,782$4.9M0.05%
174SPDR Portfolio S&P 500 ETF78464A85463,900$4.6M0.05%
175Entegris IncENTG56,086$4.5M0.05%
176iShares Core S&P 500 ETF4642872007,236$4.5M0.05%
177Cogent Communications HoldingsCCOI92,256$4.4M0.05%
178Hewlett Packard Enterprise CoHPE-PC217,000$4.4M0.05%
179Texas Capital Bancshares Inc88224Q10755,721$4.4M0.05%
180iShares 3-7 Year Treasury Bond46428866136,782$4.4M0.05%
181Workiva IncWK63,739$4.4M0.05%
182Illinois Tool Works Inc45230810917,171$4.2M0.05%
183Confluent Inc20717M103169,579$4.2M0.05%
184Crane CoCR22,136$4.2M0.05%
185CommVault Systems IncCVLT23,773$4.1M0.04%
186Taiwan Semiconductor Manufactu87403910018,180$4.1M0.04%
187Freeport-McMoRan IncFCX89,243$3.9M0.04%
188NVIDIA CorpNVDA24,364$3.8M0.04%
189Knowles CorpKN218,213$3.8M0.04%
190HDFC Bank Ltd - Spons ADRHDB48,447$3.7M0.04%
191Vanguard Growth ETF9229087368,451$3.7M0.04%
192Western Alliance BancorpWAL-PA47,200$3.7M0.04%
193WW Grainger Inc3848021043,461$3.6M0.04%
194Airbus SE - Unspons ADRAIIR67,643$3.5M0.04%
195Ollie's Bargain Outlet Holding68111610926,652$3.5M0.04%
196Ciena CorpCIEN41,543$3.4M0.04%
197Regeneron Pharmaceuticals IncREGN6,401$3.4M0.04%
198Alibaba Group Holding Ltd - SpBBAAY29,233$3.3M0.04%
199AstraZeneca PLC - Spons ADRAZN47,087$3.3M0.04%
200AIA Group Ltd - Spons ADR00131720586,139$3.1M0.03%
201Ping An Insurance Group Co of72341E304238,442$3.1M0.03%
202Wal-Mart de Mexico SAB de CV -93114W10790,713$3.0M0.03%
203Hanover Insurance Group Inc/Th41086710517,786$3.0M0.03%
204Kerry Group PLC - Spons ADRBEKE27,245$3.0M0.03%
205Meta Platforms IncMETA3,902$2.9M0.03%
206Pan Pacific International Hold69807K10583,286$2.9M0.03%
207Sony Group Corp - Spons ADRSNEJF107,427$2.8M0.03%
208VF CorpVFC235,218$2.8M0.03%
209Alphabet IncGOOG15,653$2.8M0.03%
210Deutsche Telekom AG - Spons ADDTEGF74,932$2.7M0.03%
211Edgewell Personal Care Co28035Q102114,038$2.7M0.03%
212Advanced Drainage Systems Inc00790R10423,125$2.7M0.03%
213SPDR Portfolio S&P 400 Mid Cap78464A84748,524$2.6M0.03%
214Revolve Group IncRVLV129,092$2.6M0.03%
215KION Group AG - Unspons ADR497216101184,378$2.6M0.03%
216Prudential PLC - Spons ADRPUKPF101,849$2.5M0.03%
217Itau Unibanco Holding SA - Spo465562106372,210$2.5M0.03%
218CyberArk Software LtdM2682V1085,995$2.4M0.03%
219Mueller Water Products Inc624758108101,191$2.4M0.03%
220Crane NXT CoCXT44,966$2.4M0.03%
221Chord Energy CorpCHRD24,772$2.4M0.03%
222Broadcom IncAVGO8,599$2.4M0.03%
223Vanguard Dividend Appreciation92190884411,557$2.4M0.03%
224Toray Industries Inc - Unspons890880206164,948$2.2M0.02%
225Daiichi Sankyo Co Ltd - Spons23381D10295,724$2.2M0.02%
226Tencent Holdings Ltd - UnsponsXHLD34,191$2.2M0.02%
227Mitsubishi UFJ Financial Group606822104160,707$2.2M0.02%
228Siemens AG - Spons ADR82619750116,971$2.2M0.02%
229adidas AG - Spons ADR00687A10718,332$2.1M0.02%
230TCW Flexible Income ETF29287L70054,184$2.1M0.02%
231SPDR S&P Dividend ETF78464A76315,613$2.1M0.02%
232Canadian Pacific Kansas City LCP26,545$2.1M0.02%
233Invesco BuyBack Achievers ETFIVZ16,969$2.1M0.02%
234JPMorgan BetaBuilders Japan ET46641Q21733,707$2.1M0.02%
235Amgen IncAMGN7,400$2.1M0.02%
236Humana IncHUM8,445$2.1M0.02%
237Merck & Co IncMRK25,983$2.1M0.02%
238CTS CorpCTS47,782$2.0M0.02%
239S&P Global IncSPGI3,819$2.0M0.02%
240Infosys Ltd - Spons ADRINFY107,806$2.0M0.02%
241VictoryShares Free Cash Flow E92647X83056,236$2.0M0.02%
242Southern Copper CorpSCCO19,613$2.0M0.02%
243Distillate Small/Mid Cash Flow26922B66760,096$2.0M0.02%
244Olin CorpOLN97,071$2.0M0.02%
245Lonza Group AG - Unspons ADR54338V10127,272$1.9M0.02%
246Iron Mountain Inc46284V10118,531$1.9M0.02%
247Sika AG - Unspons ADR82674R10368,941$1.9M0.02%
248Treasury Wine Estates Ltd - Sp89465J109368,369$1.9M0.02%
249SAP SE - Spons ADRSAPGF5,850$1.8M0.02%
250Quest Diagnostics IncDGX9,842$1.8M0.02%
251Advantest Corp - Spons ADRADTTF23,647$1.7M0.02%
252Fomento Economico Mexicano SAB34441910616,729$1.7M0.02%
253Wise PLC - Spons ADR97725Q102116,899$1.7M0.02%
254NXP Semiconductors NVNXPI7,785$1.7M0.02%
255Lasertec Corp - Unspons ADR51809L10963,080$1.7M0.02%
256Carlsberg AS - Spons ADR14279520258,273$1.7M0.02%
257Duluth Holdings IncDLTH762,777$1.6M0.02%
258Mondelez International Inc60920710522,927$1.5M0.02%
259Mosaic Co/TheMOS41,720$1.5M0.02%
260Schwab Fundamental U.S. Large80852477160,771$1.5M0.02%
261Norsk Hydro ASA - Spons ADR656531605252,660$1.4M0.02%
262Shin-Etsu Chemical Co Ltd - Un82455110587,149$1.4M0.02%
263Murata Manufacturing Co Ltd -626425102190,162$1.4M0.02%
264Agnico Eagle Mines LtdAEM11,700$1.4M0.02%
265Symrise AG - Unspons ADR87155N10952,727$1.4M0.01%
266Manulife Financial Corp56501R10642,569$1.4M0.01%
267PRADA SpA - Unspons ADR73942H100109,850$1.4M0.01%
268Air Liquide SA - Unspons ADRAIIR32,823$1.4M0.01%
269Nidec Corp - Spons ADRNODK277,870$1.4M0.01%
270Shell PLC - Spons ADRRYDAF19,180$1.4M0.01%
271Intuit IncINTU1,690$1.3M0.01%
272Ferrari NVRACE2,700$1.3M0.01%
273Genmab A/S - Spons ADRGNMSF62,930$1.3M0.01%
274Allstate CorpALL-PJ5,969$1.2M0.01%
275Saia IncSAIA4,236$1.2M0.01%
276United Parcel Service IncUPS10,939$1.1M0.01%
277Hermes International SCA - Uns42751Q1053,987$1.1M0.01%
278ATI IncATI12,500$1.1M0.01%
279Wells Fargo & Co94974610113,295$1.1M0.01%
280iShares Russell 1000 Growth ET4642876142,440$1.0M0.01%
281LVMH Moet Hennessy Louis Vuitt5024413069,836$1.0M0.01%
282Garmin LtdGRMN4,384$915,0280.01%
283Mastercard IncMA1,537$863,7020.01%
284GMS Inc36251C1037,720$839,5500.01%
285Cisco Systems IncCSCO11,797$818,4760.01%
286Coca-Cola CoKO11,528$815,6060.01%
287General Dynamics CorpGD2,630$767,0660.01%
288Travelers Cos IncTRV2,840$759,8140.01%
289Waste Management Inc94106L1093,275$749,3860.01%
290Vanguard Small-Cap ETF9229087513,106$736,0600.01%
291GMO US Quality ETF90139K10020,389$698,5270.01%
292iShares Short Treasury Bond ET4642886796,170$681,2910.01%
293Target CorpTGT6,782$669,0440.01%
294iShares Russell Mid-Cap ETF4642874997,194$661,5890.01%
295iShares Core S&P U.S. Growth E4642876714,244$638,2980.01%
296Capital One Financial Corp14040H1052,897$616,3660.01%
297iShares Core MSCI EAFE ETF46432F8427,253$605,4800.01%
298VICI Properties Inc92565210918,447$601,3720.01%
299Markel CorpMKL285$570,1060.01%
300Schwab International Equity ET80852480525,140$555,5940.01%
301Lumen Technologies IncLUMN124,000$543,1200.01%
302iShares Russell 1000 ETF4642876221,551$526,7510.01%
303Boeing Co/TheBA-PA2,350$492,3960.01%
304Gilead Sciences IncGILD4,000$443,4800.00%
305Aflac IncAFL4,084$430,6990.00%
306iShares Russell Mid-Cap Growth4642874813,078$426,8570.00%
307iShares Edge MSCI USA Quality46432F3392,309$422,1310.00%
308Alliant Energy CorpLNT6,431$388,9050.00%
309Nestle SA - Spons ADR6410694063,896$386,9510.00%
310iShares Treasury Floating Rate46434V8607,547$382,2560.00%
311Micron Technology IncMU3,000$369,7500.00%
312Global X Artificial Intelligen37954Y6328,173$357,0780.00%
313Philip Morris International In7181721091,923$350,2360.00%
314iShares MBS ETF4642885883,519$330,3990.00%
315iShares Russell 2000 Growth ET4642876481,032$295,0080.00%
316Boston Scientific CorpBSX2,700$290,0070.00%
317Vanguard FTSE Emerging Markets9220428585,851$289,3900.00%
318MGE Energy IncMGEE3,138$277,5200.00%
319Walmart IncWMT2,676$261,6590.00%
320iShares Russell 2000 ETF4642876551,211$261,3220.00%
321Goodyear Tire & Rubber Co/The38255010125,000$259,2500.00%
322Blackstone Group Inc/TheBX1,721$257,4270.00%
323CRH PLCCRH2,800$257,0400.00%
324CarMax IncKMX3,771$253,4490.00%
325Jacobs Solutions IncJ1,886$247,8810.00%
326Nucor CorpNUE1,839$238,2240.00%
327Truist Financial Corp89832Q1095,500$236,4450.00%
328Raytheon Technologies CorpRTX1,615$235,8220.00%
329FedEx CorpFDX1,000$227,3100.00%
330Vanguard Mid-Cap ETF922908629811$226,8780.00%
331iShares Bitcoin Trust ETFIBIT3,675$224,9470.00%
332CSX CorpCSX6,888$224,7550.00%
333Invesco QQQ Trust Series 1IVZ398$219,5530.00%
334Armstrong World Industries Inc04247X1021,304$211,8690.00%
335Applied Materials Inc0382221051,147$209,9810.00%
336Academy Sports & Outdoors IncASO4,500$201,6450.00%
337Banc of California IncBANC-PF13,000$182,6500.00%
338Cleveland-Cliffs IncCLF17,100$129,9600.00%