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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 2025 · Filed November 6, 2025 · Accession 0001954889-25-000033

Total Value
$9.07B
Positions
336
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (336)

#IssuerTicker / CUSIPSharesValue% of Filing
1Arch Capital Group LtdG0450A1054,707,947$427.2M4.71%
2Amphenol Corp0320951012,442,702$302.3M3.33%
3Ross Stores IncROST1,593,021$242.8M2.68%
4PACCAR IncPCAR2,461,080$242.0M2.67%
5CDW Corp/DECDW1,296,175$206.5M2.28%
6Alphabet IncGOOG840,616$204.7M2.26%
7Copart IncCPRT4,510,596$202.8M2.24%
8Brown & Brown IncBRO2,008,760$188.4M2.08%
9Gartner IncIT715,811$188.2M2.08%
10Carlisle Cos Inc142339100508,966$167.4M1.85%
11Amazon.com IncAMZN736,150$161.6M1.78%
12Labcorp Holdings IncLH556,122$159.6M1.76%
13Medpace Holdings IncMEDP292,629$150.5M1.66%
14WR Berkley CorpWRB-PH1,831,084$140.3M1.55%
15Texas Instruments Inc882508104725,279$133.3M1.47%
16Teledyne Technologies IncTDY222,575$130.4M1.44%
17Visa IncV366,257$125.0M1.38%
18Floor & Decor Holdings IncFND1,644,673$121.2M1.34%
19MKS IncMKSI976,091$120.8M1.33%
20Thor Industries Inc8851601011,102,188$114.3M1.26%
21Danaher Corp235851102553,187$109.7M1.21%
22Brookfield Asset Management Lt1130041051,908,051$108.6M1.20%
23Invesco S&P 500 Quality ETFIVZ1,448,969$106.2M1.17%
24Arista Networks IncANET728,558$106.2M1.17%
25Lowe's Cos Inc548661107407,815$102.5M1.13%
26Microchip Technology IncMCHPP1,588,932$102.0M1.13%
27Liberty Media Corp-Liberty ForFWONB970,479$101.4M1.12%
28Keysight Technologies IncKEYS571,222$99.9M1.10%
29Ferguson Enterprises IncFERG442,545$99.4M1.10%
30Progressive Corp743315103397,440$98.1M1.08%
31Trex Co IncTREX1,893,081$97.8M1.08%
32Analog Devices IncADI378,575$93.0M1.03%
33Waters Corp941848103307,693$92.2M1.02%
34Moelis & CoMC1,284,261$91.6M1.01%
35Asbury Automotive Group IncABG374,577$91.6M1.01%
36Lithia Motors Inc536797103283,015$89.4M0.99%
37Microsoft CorpMSFT169,700$87.9M0.97%
38Liberty Broadband CorpLBRDP1,328,182$84.4M0.93%
39Agilent Technologies IncA653,819$83.9M0.93%
40Parker-Hannifin CorpPH109,245$82.8M0.91%
41Charles Schwab Corp/TheSCHW-PJ809,610$77.3M0.85%
42Brookfield Corp11271J1071,120,935$76.9M0.85%
43Janus Henderson Mortgage-Backe47103U8521,641,120$74.9M0.83%
44Accenture PLCACN284,442$70.1M0.77%
45TJX Cos Inc872540109479,739$69.3M0.76%
46Fiserv IncFISV534,949$69.0M0.76%
47Expeditors International of Wa302130109547,050$67.1M0.74%
48Kinsale Capital Group Inc49714P108156,124$66.4M0.73%
49Marsh & McLennan Cos Inc571748102319,737$64.4M0.71%
50Distillate US Fundamental Stab26922A3211,090,137$63.2M0.70%
51Madison Short-Term Strategic I5574412013,038,297$62.7M0.69%
52Madison Dividend Value ETF5574415082,368,228$55.1M0.61%
53Madison Aggregate Bond ETF5574413002,661,903$54.7M0.60%
54NextEra Energy IncNEE-PW683,751$51.6M0.57%
55Glacier Bancorp IncGBCI1,044,445$50.8M0.56%
56Apple IncAAPL195,295$49.7M0.55%
57Airbnb IncABNB401,679$48.8M0.54%
58Oracle CorpORCL-PD171,356$48.2M0.53%
59Cullen/Frost Bankers IncCFR-PB377,226$47.8M0.53%
60Deere & CoDE103,660$47.4M0.52%
61Eli Lilly & CoLLY58,856$44.9M0.50%
62NIKE IncNKE640,623$44.7M0.49%
63Vanguard Information Technolog92204A70259,826$44.7M0.49%
64SPDR S&P 500 ETF TrustSPY66,496$44.3M0.49%
65Liberty Media Corp-Liberty ForFWONB454,863$43.3M0.48%
66Graco IncGGG499,241$42.4M0.47%
67JPMorgan Chase & CoVYLD132,583$41.8M0.46%
68Bio-Techne CorpTECH744,651$41.4M0.46%
69Madison Covered Call ETF5574414092,205,000$40.9M0.45%
70MSCI IncMSCI70,672$40.1M0.44%
71Blackrock IncBLK33,829$39.4M0.43%
72Starbucks CorpSBUX460,080$38.9M0.43%
73Home Depot IncHD95,607$38.7M0.43%
74Johnson & JohnsonJNJ203,470$37.7M0.42%
75iShares MSCI Emerging Markets464286426396,693$36.4M0.40%
76TE Connectivity PLCTEL154,023$33.8M0.37%
77Honeywell International Inc438516106156,974$33.0M0.36%
78Vanguard FTSE All-World ex-US922042775462,706$33.0M0.36%
79Schwab Intermediate-Term U.S.8085248541,139,355$28.6M0.32%
80CME Group IncCME105,373$28.5M0.31%
81SPDR Portfolio High Yield Bond78468R6061,130,255$27.1M0.30%
82Alcon IncALC360,135$26.8M0.30%
83Costco Wholesale Corp22160K10527,095$25.1M0.28%
84SPDR S&P Bank ETF78464A797420,694$25.0M0.28%
85PepsiCo IncPEP176,072$24.7M0.27%
86iShares Core U.S. Aggregate Bo464287226237,926$23.9M0.26%
87Illinois Tool Works Inc45230810987,875$22.9M0.25%
88JPMorgan International Researc46641Q134310,862$22.9M0.25%
89Vanguard FTSE Europe ETF922042874269,918$21.5M0.24%
90American Tower Corp03027X100110,199$21.2M0.23%
91Automatic Data Processing IncADP72,144$21.2M0.23%
92ConocoPhillipsCOP220,851$20.9M0.23%
93Linde PLCLIN43,601$20.7M0.23%
94Morgan StanleyMS-PQ123,193$19.6M0.22%
95iShares Core S&P Small-Cap ETF464287804160,260$19.0M0.21%
96Chevron CorpCVX120,842$18.8M0.21%
97QUALCOMM IncQCOM109,266$18.2M0.20%
98iShares Core S&P Mid-Cap ETF464287507276,110$18.0M0.20%
99Equifax IncEFX66,179$17.0M0.19%
100iShares 5-10 Year Investment G464288638309,483$16.7M0.18%
101iShares MSCI Eurozone ETF464286608264,809$16.4M0.18%
102iShares 7-10 Year Treasury Bon464287440169,739$16.4M0.18%
103Hershey Co/TheHSY87,066$16.3M0.18%
104Medtronic PLCMDT169,689$16.2M0.18%
105Berkshire Hathaway IncBRK-A31,891$16.0M0.18%
106Ecolab IncECL58,171$15.9M0.18%
107Union Pacific CorpUNP66,361$15.7M0.17%
108Exxon Mobil CorpXOM138,841$15.7M0.17%
109Comcast CorpCCZ497,237$15.6M0.17%
110AbbVie IncABBV67,401$15.6M0.17%
111Las Vegas Sands CorpLVS274,900$14.8M0.16%
112Vanguard Large-Cap ETF92290863747,968$14.8M0.16%
113AES Corp/VAAES1,094,000$14.4M0.16%
114SPDR S&P MidCap 400 ETF TrustMDY24,058$14.3M0.16%
115Bank of America Corp060505104263,601$13.6M0.15%
116SPDR Portfolio Intermediate Te78464A672451,307$13.0M0.14%
117ASML Holding NV - Spons NY RegASMLF12,955$12.5M0.14%
118EOG Resources IncEOG110,540$12.4M0.14%
119Fastenal CoFAST248,234$12.2M0.13%
120UnitedHealth Group IncUNH33,433$11.5M0.13%
121Invesco S&P SmallCap Quality EIVZ263,953$11.4M0.13%
122Abbott LaboratoriesABLZF83,833$11.2M0.12%
123PayPal Holdings IncPYPL157,300$10.5M0.12%
124Vanguard Short-Term Corporate92206C409131,045$10.5M0.12%
125T-Mobile US IncTMUSZ43,300$10.4M0.11%
126Archer-Daniels-Midland CoADM170,500$10.2M0.11%
127Schwab US Dividend Equity ETF808524797365,292$10.0M0.11%
128Matador Resources CoMTDR221,000$9.9M0.11%
129Global X MLP ETF37954Y343202,210$9.8M0.11%
130Franklin FTSE Japan ETFFGDL277,486$9.6M0.11%
131CVS Health CorpCVS126,650$9.5M0.11%
132Transocean LtdRIG3,030,000$9.5M0.10%
133TCW Flexible Income ETF29287L700235,967$9.4M0.10%
134Adobe IncADBE26,608$9.4M0.10%
135Procter & Gamble Co74271810960,659$9.3M0.10%
136iShares Aaa - A Rated Corporat46429B291191,538$9.3M0.10%
137Encompass Health CorpEHC72,853$9.3M0.10%
138Caterpillar IncCAT19,217$9.2M0.10%
139SPDR Portfolio Short Term Trea78468R101306,146$9.0M0.10%
140APA CorpAPA338,700$8.2M0.09%
141Vanguard Financials ETF92204A40562,208$8.2M0.09%
142U.S. BancorpUSB-PS166,584$8.1M0.09%
143Air Products & Chemicals IncAIIR29,384$8.0M0.09%
144Constellation Brands IncSTZ58,900$7.9M0.09%
145Rockwell Automation IncROK22,537$7.9M0.09%
146Cummins IncCMI18,233$7.7M0.08%
147State Street SPDR Portfolio S&78464A85497,674$7.7M0.08%
148McDonald's CorpMCD24,593$7.5M0.08%
149RLI CorpRLI100,479$6.6M0.07%
150Scotts Miracle-Gro Co/TheSMG111,868$6.4M0.07%
151Hayward Holdings IncHAYW421,221$6.4M0.07%
152Vertex Pharmaceuticals IncVRTX16,201$6.3M0.07%
153Vanguard Growth ETF92290873613,189$6.3M0.07%
154Core & Main IncCNM116,023$6.2M0.07%
155Pfizer IncPFE242,132$6.2M0.07%
156Colgate-Palmolive CoCL73,635$5.9M0.06%
157Entegris IncENTG62,353$5.8M0.06%
158HealthEquity IncHQY60,707$5.8M0.06%
159Freeport-McMoRan IncFCX142,941$5.6M0.06%
160FormFactor IncFORM149,619$5.4M0.06%
161Elevance Health IncELV16,600$5.4M0.06%
162Box IncBXCAP161,870$5.2M0.06%
163Energy Select Sector SPDR Fund81369Y50657,671$5.2M0.06%
164Weyerhaeuser CoWY207,000$5.1M0.06%
165Alibaba Group Holding Ltd - SpBBAAY28,558$5.1M0.06%
166Knowles CorpKN218,377$5.1M0.06%
167Taiwan Semiconductor Manufactu87403910017,794$5.0M0.05%
168Axis Capital Holdings LtdG0692U10951,565$4.9M0.05%
169Cameco CorpCCJ58,630$4.9M0.05%
170iShares Core S&P 500 ETF4642872007,186$4.8M0.05%
171Leonardo DRS IncDRS104,861$4.8M0.05%
172Texas Capital Bancshares Inc88224Q10755,771$4.7M0.05%
173NVIDIA CorpNVDA24,364$4.5M0.05%
174Workiva IncWK52,797$4.5M0.05%
175Option Care Health IncOPCH162,647$4.5M0.05%
176CommVault Systems IncCVLT23,794$4.5M0.05%
177iShares 3-7 Year Treasury Bond46428866137,337$4.5M0.05%
178WillScot Holdings CorpWSC211,208$4.5M0.05%
179Vanguard S&P 500 ETF9229083637,181$4.4M0.05%
180Confluent Inc20717M103218,345$4.3M0.05%
181Ciena CorpCIEN29,216$4.3M0.05%
182Power Integrations IncPOWI103,171$4.1M0.05%
183Western Alliance BancorpWAL-PA47,243$4.1M0.05%
184Crane CoCR22,154$4.1M0.04%
185Shake Shack IncSHAK42,552$4.0M0.04%
186OneSpaWorld Holdings LtdOSW187,118$4.0M0.04%
187VictoryShares Free Cash Flow E92647X830100,307$3.8M0.04%
188Alphabet IncGOOG14,835$3.6M0.04%
189Simply Good Foods Co/TheSMPL143,592$3.6M0.04%
190AIA Group Ltd - Spons ADR00131720590,594$3.5M0.04%
191Regeneron Pharmaceuticals IncREGN6,111$3.4M0.04%
192VF CorpVFC235,396$3.4M0.04%
193iShares MSCI International Qua46434V45674,040$3.3M0.04%
194HDFC Bank Ltd - Spons ADRHDB95,050$3.2M0.04%
195AstraZeneca PLC - Spons ADRAZN42,179$3.2M0.04%
196Hanover Insurance Group Inc/Th41086710517,800$3.2M0.04%
197Cogent Communications HoldingsCCOI83,719$3.2M0.04%
198Advanced Drainage Systems Inc00790R10423,143$3.2M0.04%
199Primo Brands CorpPRMB143,492$3.2M0.03%
200Ping An Insurance Group Co of72341E304232,910$3.2M0.03%
201Airbus SE - Unspons ADRAIIR54,405$3.2M0.03%
202WW Grainger Inc3848021043,287$3.1M0.03%
203SPDR Portfolio S&P 400 Mid Cap78464A84753,052$3.0M0.03%
204Sony Group Corp - Spons ADRSNEJF104,903$3.0M0.03%
205Crane NXT CoCXT44,999$3.0M0.03%
206Duluth Holdings IncDLTH762,777$3.0M0.03%
207Ollie's Bargain Outlet Holding68111610923,073$3.0M0.03%
208Baldwin Insurance Group Inc/Th05589G102104,951$3.0M0.03%
209Broadcom IncAVGO8,813$2.9M0.03%
210CTS CorpCTS72,341$2.9M0.03%
211Tencent Holdings Ltd - UnsponsXHLD33,412$2.8M0.03%
212Meta Platforms IncMETA3,822$2.8M0.03%
213Prudential PLC - Spons ADRPUKPF99,529$2.8M0.03%
214Revolve Group IncRVLV129,200$2.8M0.03%
215Wal-Mart de Mexico SAB de CV -93114W10788,995$2.7M0.03%
216Edgewell Personal Care Co28035Q102134,168$2.7M0.03%
217Itau Unibanco Holding SA - Spo465562106364,971$2.7M0.03%
218Brandes International ETF90093420969,155$2.7M0.03%
219Mueller Water Products Inc624758108101,282$2.6M0.03%
220Distillate Small/Mid Cash Flow26922B66771,111$2.6M0.03%
221Sezzle IncSEZL31,534$2.5M0.03%
222Mitsubishi UFJ Financial Group606822104156,965$2.5M0.03%
223Deutsche Telekom AG - Spons ADDTEGF73,240$2.5M0.03%
224Chord Energy CorpCHRD24,790$2.5M0.03%
225Vanguard Dividend Appreciation92190884411,375$2.5M0.03%
226Pan Pacific International Hold69807K10573,749$2.4M0.03%
227Olin CorpOLN97,061$2.4M0.03%
228KION Group AG - Unspons ADR497216101143,075$2.4M0.03%
229Kerry Group PLC - Spons ADRBEKE26,616$2.4M0.03%
230Daiichi Sankyo Co Ltd - Spons23381D102103,259$2.3M0.03%
231Invesco BuyBack Achievers ETFIVZ16,969$2.2M0.02%
232Siemens AG - Spons ADR82619750116,581$2.2M0.02%
233SPDR S&P Dividend ETF78464A76315,613$2.2M0.02%
234adidas AG - Spons ADR00687A10720,442$2.2M0.02%
235Merck & Co IncMRK25,514$2.1M0.02%
236Amgen IncAMGN7,375$2.1M0.02%
237Toray Industries Inc - Unspons890880206161,135$2.0M0.02%
238Infosys Ltd - Spons ADRINFY122,805$2.0M0.02%
239Southern Copper CorpSCCO16,424$2.0M0.02%
240Eagle Materials Inc26969P1088,478$2.0M0.02%
241Canadian Pacific Kansas City LCP26,029$1.9M0.02%
242Charles River Laboratories Int15986410712,366$1.9M0.02%
243Agnico Eagle Mines LtdAEM11,379$1.9M0.02%
244Genmab A/S - Spons ADRGNMSF61,492$1.9M0.02%
245Treasury Wine Estates Ltd - Sp89465J109406,872$1.9M0.02%
246S&P Global IncSPGI3,817$1.9M0.02%
247Iron Mountain Inc46284V10117,960$1.8M0.02%
248Murata Manufacturing Co Ltd -626425102185,714$1.7M0.02%
249NXP Semiconductors NVNXPI7,634$1.7M0.02%
250Norsk Hydro ASA - Spons ADR656531605247,680$1.7M0.02%
251Lasertec Corp - Unspons ADR51809L10961,622$1.7M0.02%
252Wise PLC - Spons ADR97725Q102114,245$1.6M0.02%
253Fomento Economico Mexicano SAB34441910616,411$1.6M0.02%
254Schwab Fundamental U.S. Large80852477160,771$1.6M0.02%
255Ferrari NVRACE3,275$1.6M0.02%
256Carlsberg AS - Spons ADR14279520267,809$1.6M0.02%
257CyberArk Software LtdM2682V1083,255$1.6M0.02%
258PRADA SpA - Unspons ADR73942H100129,807$1.6M0.02%
259SAP SE - Spons ADRSAPGF5,735$1.5M0.02%
260Globus Medical IncGMED26,750$1.5M0.02%
261Sysco CorpSYY18,529$1.5M0.02%
262Sika AG - Unspons ADR82674R10367,308$1.5M0.02%
263Advantest Corp - Spons ADRADTTF14,946$1.5M0.02%
264NU Holdings LtdNU92,245$1.5M0.02%
265Janus Henderson AAA CLO ETF47103U84528,845$1.5M0.02%
266Lonza Group AG - Unspons ADR54338V10121,926$1.5M0.02%
267Quest Diagnostics IncDGX7,562$1.4M0.02%
268Yum China Holdings IncYUMC33,534$1.4M0.02%
269Standard Chartered PLC - Unspo85325410036,496$1.4M0.02%
270Hexcel Corp42829110822,483$1.4M0.02%
271Mosaic Co/TheMOS40,574$1.4M0.02%
272Shin-Etsu Chemical Co Ltd - Un82455110585,165$1.4M0.02%
273Nice Ltd - Spons ADRNCSYF9,540$1.4M0.02%
274iShares Russell 2000 ETF4642876555,686$1.4M0.02%
275Air Liquide SA - Unspons ADRAIIR32,045$1.3M0.01%
276Allstate CorpALL-PJ5,969$1.3M0.01%
277Hermes International SCA - Uns42751Q1054,954$1.2M0.01%
278VICI Properties Inc92565210936,430$1.2M0.01%
279Nidec Corp - Spons ADRNODK271,549$1.2M0.01%
280iShares Russell 1000 Growth ET4642876142,440$1.1M0.01%
281Symrise AG - Unspons ADR87155N10951,485$1.1M0.01%
282Shell PLC - Spons ADRRYDAF15,563$1.1M0.01%
283Garmin LtdGRMN4,384$1.1M0.01%
284Aflac IncAFL9,516$1.1M0.01%
285Wells Fargo & Co94974610111,725$982,7900.01%
286United Parcel Service IncUPS11,160$932,1950.01%
287General Dynamics CorpGD2,630$896,8300.01%
288Mastercard IncMA1,537$874,2610.01%
289Intuit IncINTU1,200$819,4920.01%
290JPMorgan BetaBuilders Japan ET46641Q21711,615$770,3070.01%
291Vanguard Small-Cap ETF9229087512,985$759,0260.01%
292Lumen Technologies IncLUMN124,000$758,8800.01%
293iShares Core MSCI EAFE ETF46432F8428,648$755,0570.01%
294GMO US Quality ETF90139K10020,787$752,2820.01%
295Travelers Cos IncTRV2,690$751,1020.01%
296Waste Management Inc94106L1093,275$723,2180.01%
297ATI IncATI8,500$691,3900.01%
298Coca-Cola CoKO9,825$651,5940.01%
299iShares Core S&P U.S. Growth E4642876713,815$627,7200.01%
300iShares Russell 1000 ETF4642876221,701$621,7330.01%
301Capital One Financial Corp14040H1052,897$615,8440.01%
302iShares Russell Mid-Cap ETF4642874996,304$608,6250.01%
303Schwab International Equity ET80852480525,140$585,2590.01%
304Cisco Systems IncCSCO8,097$553,9970.01%
305Markel CorpMKL279$533,2690.01%
306Boeing Co/TheBA-PA2,350$507,2010.01%
307Micron Technology IncMU3,000$501,9600.01%
308iShares Treasury Floating Rate46434V8609,469$479,0370.01%
309iShares MSCI USA Quality Facto46432F3392,309$449,1010.00%
310Gilead Sciences IncGILD4,000$444,0000.00%
311iShares Russell Mid-Cap Growth4642874813,078$438,3380.00%
312Alliant Energy CorpLNT6,431$433,5390.00%
313iShares Short Treasury Bond ET4642886793,748$414,1170.00%
314Global X Artificial Intelligen37954Y6328,173$403,6640.00%
315abrdn Bloomberg All Commodity00326120311,400$391,7040.00%
316Nestle SA - Spons ADR6410694064,033$370,1080.00%
317iShares MBS ETF4642885883,519$334,8330.00%
318iShares Russell 2000 Growth ET4642876481,032$330,2810.00%
319Walmart IncWMT3,176$327,3190.00%
320Vanguard FTSE Emerging Markets9220428585,851$317,0070.00%
321Target CorpTGT3,395$304,5320.00%
322Blackstone Group Inc/TheBX1,721$294,0330.00%
323Jacobs Solutions IncJ1,886$282,5970.00%
324MGE Energy IncMGEE3,138$264,1520.00%
325CSX CorpCSX6,888$244,5930.00%
326Raytheon Technologies CorpRTX1,454$243,2980.00%
327Boston Scientific CorpBSX2,464$240,5600.00%
328Invesco QQQ Trust Series 1IVZ398$238,9470.00%
329iShares Bitcoin Trust ETFIBIT3,675$238,8750.00%
330Nucor CorpNUE1,762$238,6280.00%
331Armstrong World Industries Inc04247X1021,177$230,6470.00%
332Philip Morris International In7181721091,393$225,9450.00%
333Bank of Montreal0636711011,702$221,6860.00%
334Vanguard Mid-Cap ETF922908629742$218,0760.00%
335Altria Group IncMO3,230$213,3740.00%
336Novartis AG - Spons ADRNVSEF1,619$207,6210.00%