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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 Q4 2025 · Filed February 4, 2026 · Accession 0001954889-26-000008

Total Value
$8.70B
Positions
342
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (342)

#IssuerTicker / CUSIPSharesValue% of Filing
1Arch Capital Group LtdG0450A1054,332,431$415.6M4.78%
2Ross Stores IncROST1,507,387$271.5M3.12%
3PACCAR IncPCAR2,282,440$249.9M2.87%
4Alphabet IncGOOG769,985$241.6M2.78%
5Amphenol Corp0320951011,340,841$181.2M2.08%
6Gartner IncIT675,398$170.4M1.96%
7Amazon.com IncAMZN702,961$162.3M1.87%
8Copart IncCPRT4,072,359$159.4M1.83%
9Brown & Brown IncBRO1,987,110$158.4M1.82%
10CDW Corp/DECDW1,154,334$157.2M1.81%
11Medpace Holdings IncMEDP277,757$156.0M1.79%
12Carlisle Cos Inc142339100475,632$152.1M1.75%
13MKS IncMKSI921,450$147.2M1.69%
14Labcorp Holdings IncLH525,878$131.9M1.52%
15Danaher Corp235851102545,044$124.8M1.43%
16Visa IncV355,548$124.7M1.43%
17WR Berkley CorpWRB-PH1,724,598$120.9M1.39%
18Texas Instruments Inc882508104677,878$117.6M1.35%
19Waters Corp941848103293,164$111.4M1.28%
20Teledyne Technologies IncTDY210,832$107.7M1.24%
21Thor Industries Inc8851601011,043,703$107.2M1.23%
22Keysight Technologies IncKEYS519,312$105.5M1.21%
23Invesco S&P 500 Quality ETFIVZ1,362,392$102.2M1.18%
24Analog Devices IncADI367,468$99.7M1.15%
25Microsoft CorpMSFT196,935$95.2M1.10%
26Brookfield Asset Management Lt1130041051,801,474$94.4M1.09%
27Arista Networks IncANET712,155$93.3M1.07%
28MSA Safety IncMNESP568,244$91.0M1.05%
29Lowe's Cos Inc548661107375,532$90.6M1.04%
30Ferguson Enterprises IncFERG397,291$88.4M1.02%
31Lithia Motors Inc536797103266,043$88.4M1.02%
32Liberty Media Corp-Liberty ForFWONB892,786$87.9M1.01%
33Parker-Hannifin CorpPH98,952$87.0M1.00%
34Floor & Decor Holdings IncFND1,411,076$85.9M0.99%
35Moelis & CoMC1,218,178$83.7M0.96%
36Progressive Corp743315103367,175$83.6M0.96%
37Agilent Technologies IncA609,418$82.9M0.95%
38A O Smith CorpAOS1,209,405$80.9M0.93%
39Asbury Automotive Group IncABG346,280$80.5M0.93%
40Expeditors International of Wa302130109525,834$78.4M0.90%
41Charles Schwab Corp/TheSCHW-PJ761,350$76.1M0.87%
42Janus Henderson Mortgage-Backe47103U8521,532,028$70.0M0.80%
43Bio-Techne CorpTECH1,181,308$69.5M0.80%
44TJX Cos Inc872540109449,390$69.0M0.79%
45Brookfield Corp11271J1071,498,571$68.8M0.79%
46Honeywell International Inc438516106350,974$68.5M0.79%
47ServiceTitan IncTTAN638,075$68.0M0.78%
48Accenture PLCACN244,254$65.5M0.75%
49Eli Lilly & CoLLY60,914$65.5M0.75%
50Madison Short-Term Strategic I5574412012,820,994$57.8M0.67%
51Liberty Broadband CorpLBRDP1,181,920$57.4M0.66%
52Distillate US Fundamental Stab26922A321943,332$55.6M0.64%
53NextEra Energy IncNEE-PW686,878$55.1M0.63%
54Marsh & McLennan Cos Inc571748102290,337$53.9M0.62%
55Kinsale Capital Group Inc49714P108137,362$53.7M0.62%
56Madison Aggregate Bond ETF5574413002,606,897$53.5M0.61%
57Madison Dividend Value ETF5574415082,328,892$53.4M0.61%
58Apple IncAAPL195,520$53.2M0.61%
59SPDR S&P MidCap 400 ETF TrustMDY83,341$50.3M0.58%
60Airbnb IncABNB362,323$49.2M0.57%
61Deere & CoDE98,137$45.7M0.53%
62Cullen/Frost Bankers IncCFR-PB356,874$45.2M0.52%
63JPMorgan Chase & CoVYLD137,868$44.4M0.51%
64Vanguard Information Technolog92204A70258,121$43.8M0.50%
65SPDR S&P 500 ETF TrustSPY64,038$43.7M0.50%
66Glacier Bancorp IncGBCI987,362$43.5M0.50%
67Liberty Media Corp-Liberty ForFWONB454,863$40.7M0.47%
68Graco IncGGG473,849$38.8M0.45%
69iShares MSCI Emerging Markets464286426392,640$36.9M0.42%
70Vanguard FTSE All-World ex-US922042775497,130$36.6M0.42%
71Blackrock IncBLK33,693$36.1M0.41%
72Madison Covered Call ETF5574414091,885,000$34.7M0.40%
73QUALCOMM IncQCOM202,944$34.7M0.40%
74TE Connectivity PLCTEL152,050$34.6M0.40%
75Johnson & JohnsonJNJ157,184$32.5M0.37%
76Home Depot IncHD94,398$32.5M0.37%
77MSCI IncMSCI55,494$31.8M0.37%
78Starbucks CorpSBUX367,263$30.9M0.36%
79CME Group IncCME110,567$30.2M0.35%
80iShares Core S&P Small-Cap ETF464287804249,350$30.0M0.34%
81Schwab Intermediate-Term U.S.8085248541,132,088$28.4M0.33%
82Exxon Mobil CorpXOM222,970$26.8M0.31%
83State Street SPDR Portfolio Hi78468R6061,130,255$26.8M0.31%
84Oracle CorpORCL-PD133,071$25.9M0.30%
85Alcon IncALC320,900$25.3M0.29%
86PepsiCo IncPEP173,291$24.9M0.29%
87iShares Core U.S. Aggregate Bo464287226247,990$24.8M0.28%
88State Street SPDR S&P Bank ETF78464A797406,063$24.6M0.28%
89Chevron CorpCVX159,868$24.4M0.28%
90Costco Wholesale Corp22160K10527,581$23.8M0.27%
91JPMorgan International Researc46641Q134310,496$23.2M0.27%
92Vanguard FTSE Europe ETF922042874266,160$22.3M0.26%
93Illinois Tool Works Inc45230810986,961$21.4M0.25%
94Workday IncWDAY93,120$20.0M0.23%
95Linde PLCLIN46,772$19.9M0.23%
96iShares Core S&P Mid-Cap ETF464287507297,331$19.6M0.23%
97Medtronic PLCMDT195,216$18.8M0.22%
98Automatic Data Processing IncADP70,666$18.2M0.21%
99Morgan StanleyMS-PQ101,108$17.9M0.21%
100VictoryShares Free Cash Flow E92647X830437,966$17.2M0.20%
101ASML Holding NV - Spons NY RegASMLF15,672$16.8M0.19%
102Ecolab IncECL63,218$16.6M0.19%
103iShares 7-10 Year Treasury Bon464287440164,014$15.8M0.18%
104AES Corp/VAAES1,094,000$15.7M0.18%
105Vanguard Large-Cap ETF92290863749,754$15.7M0.18%
106Hershey Co/TheHSY85,914$15.6M0.18%
107Berkshire Hathaway IncBRK-A30,808$15.5M0.18%
108iShares MSCI Eurozone ETF464286608237,385$15.2M0.17%
109AbbVie IncABBV65,421$14.9M0.17%
110Union Pacific CorpUNP64,069$14.8M0.17%
111Fastenal CoFAST363,279$14.6M0.17%
112Bank of America Corp060505104254,087$14.0M0.16%
113iShares 5-10 Year Investment G464288638245,961$13.3M0.15%
114VanEck J. P. Morgan EM Local C92189H300511,961$13.2M0.15%
115NIKE IncNKE207,225$13.2M0.15%
116State Street SPDR Portfolio In78464A672454,171$13.1M0.15%
117McDonald's CorpMCD41,366$12.6M0.15%
118Transocean LtdRIG3,030,000$12.5M0.14%
119salesforce.com IncCRM46,599$12.3M0.14%
120Abbott LaboratoriesABLZF97,681$12.2M0.14%
121Adobe IncADBE34,887$12.2M0.14%
122Procter & Gamble Co74271810982,997$11.9M0.14%
123UnitedHealth Group IncUNH35,623$11.8M0.14%
124Schneider Electric SE - Unspon80687P106212,988$11.7M0.13%
125ConocoPhillipsCOP117,200$11.0M0.13%
126U.S. BancorpUSB-PS198,996$10.6M0.12%
127Microchip Technology IncMCHPP163,303$10.4M0.12%
128CVS Health CorpCVS126,650$10.1M0.12%
129Schwab US Dividend Equity ETF808524797365,292$10.0M0.12%
130TCW Flexible Income ETF29287L700249,639$9.9M0.11%
131Archer-Daniels-Midland CoADM170,500$9.8M0.11%
132Global X MLP ETF37954Y343196,210$9.5M0.11%
133Franklin FTSE Japan ETFFGDL273,154$9.4M0.11%
134Matador Resources CoMTDR221,000$9.4M0.11%
135EOG Resources IncEOG88,985$9.3M0.11%
136iShares Aaa - A Rated Corporat46429B291188,104$9.0M0.10%
137State Street SPDR Portfolio Sh78468R101306,015$9.0M0.10%
138Vanguard Short-Term Corporate92206C409111,584$8.9M0.10%
139T-Mobile US IncTMUSZ43,300$8.8M0.10%
140PayPal Holdings IncPYPL150,300$8.8M0.10%
141Vanguard Financials ETF92204A40565,237$8.7M0.10%
142Rockwell Automation IncROK21,477$8.4M0.10%
143APA CorpAPA338,700$8.3M0.10%
144Constellation Brands IncSTZ58,900$8.1M0.09%
145Encompass Health CorpEHC73,127$7.8M0.09%
146Vertex Pharmaceuticals IncVRTX16,435$7.5M0.09%
147Freeport-McMoRan IncFCX140,719$7.1M0.08%
148Equifax IncEFX32,760$7.1M0.08%
149GMO US Quality ETF90139K100183,547$7.1M0.08%
150Cummins IncCMI13,781$7.0M0.08%
151Air Products & Chemicals IncAIIR28,227$7.0M0.08%
152Honeywell International Inc43851610635,100$6.8M0.08%
153Scotts Miracle-Gro Co/TheSMG112,598$6.6M0.08%
154Hayward Holdings IncHAYW423,937$6.5M0.08%
155State Street SPDR Portfolio S&78464A85481,327$6.5M0.08%
156RLI CorpRLI94,929$6.1M0.07%
157Core & Main IncCNM116,796$6.1M0.07%
158Pfizer IncPFE242,132$6.0M0.07%
159Elevance Health IncELV16,054$5.6M0.06%
160HealthEquity IncHQY60,938$5.6M0.06%
161Colgate-Palmolive CoCL70,437$5.6M0.06%
162Texas Capital Bancshares Inc88224Q10760,996$5.5M0.06%
163Vanguard Growth ETF92290873610,964$5.3M0.06%
164Fiserv IncFISV79,500$5.3M0.06%
165FormFactor IncFORM95,562$5.3M0.06%
166Entegris IncENTG62,756$5.3M0.06%
167Option Care Health IncOPCH163,684$5.2M0.06%
168Las Vegas Sands CorpLVS78,000$5.1M0.06%
169American Tower Corp03027X10028,568$5.0M0.06%
170iShares Core S&P 500 ETF4642872007,178$4.9M0.06%
171Weyerhaeuser CoWY207,000$4.9M0.06%
172Box IncBXCAP162,911$4.9M0.06%
173Caterpillar IncCAT8,366$4.8M0.06%
174Shake Shack IncSHAK58,404$4.7M0.05%
175Knowles CorpKN219,777$4.7M0.05%
176Taiwan Semiconductor Manufactu87403910015,293$4.6M0.05%
177Regeneron Pharmaceuticals IncREGN5,969$4.6M0.05%
178Axis Capital Holdings LtdG0692U10942,881$4.6M0.05%
179Workiva IncWK53,138$4.6M0.05%
180Alphabet IncGOOG14,511$4.5M0.05%
181Vanguard S&P 500 ETF9229083637,163$4.5M0.05%
182iShares 3-7 Year Treasury Bond46428866137,151$4.4M0.05%
183VF CorpVFC236,287$4.3M0.05%
184NVIDIA CorpNVDA22,639$4.2M0.05%
185Crane CoCR22,296$4.1M0.05%
186Alibaba Group Holding Ltd - SpBBAAY27,444$4.0M0.05%
187Revolve Group IncRVLV129,686$3.9M0.05%
188iShares MSCI International Qua46434V45685,068$3.9M0.04%
189Ping An Insurance Group Co of72341E304222,664$3.7M0.04%
190DELISTED: AstraZeneca PLC - SpAZN40,584$3.7M0.04%
191Power Integrations IncPOWI103,843$3.7M0.04%
192Cameco CorpCCJ39,851$3.6M0.04%
193Comcast CorpCCZ120,521$3.6M0.04%
194Leonardo DRS IncDRS105,538$3.6M0.04%
195AIA Group Ltd - Spons ADR00131720586,499$3.5M0.04%
196Advanced Drainage Systems Inc00790R10423,292$3.4M0.04%
197Airbus SE - Unspons ADRAIIR57,958$3.4M0.04%
198HDFC Bank Ltd - Spons ADRHDB91,380$3.3M0.04%
199Prologis IncPLDGP25,655$3.3M0.04%
200Hanover Insurance Group Inc/Th41086710517,915$3.3M0.04%
201OneSpaWorld Holdings LtdOSW156,572$3.2M0.04%
202Broadcom IncAVGO9,361$3.2M0.04%
203WW Grainger Inc3848021043,182$3.2M0.04%
204Amgen IncAMGN9,797$3.2M0.04%
205CTS CorpCTS72,807$3.1M0.04%
206Charles River Laboratories Int15986410715,622$3.1M0.04%
207Viavi Solutions IncVIAV169,009$3.0M0.03%
208CommVault Systems IncCVLT23,947$3.0M0.03%
209State Street SPDR Portfolio S&78464A84751,395$3.0M0.03%
210Prudential PLC - Spons ADRPUKPF94,884$3.0M0.03%
211Simply Good Foods Co/TheSMPL144,519$2.9M0.03%
212KION Group AG - Unspons ADR497216101136,605$2.7M0.03%
213Wal-Mart de Mexico SAB de CV -93114W10784,515$2.6M0.03%
214Brandes International ETF90093420964,950$2.6M0.03%
215Itau Unibanco Holding SA - Spo465562106361,149$2.6M0.03%
216Ollie's Bargain Outlet Holding68111610923,222$2.5M0.03%
217Merck & Co IncMRK23,918$2.5M0.03%
218Baldwin Insurance Group Inc/Th05589G102104,282$2.5M0.03%
219Vanguard Dividend Appreciation92190884411,330$2.5M0.03%
220iShares Russell Mid-Cap ETF46428749925,602$2.5M0.03%
221Meta Platforms IncMETA3,730$2.5M0.03%
222Tencent Holdings Ltd - UnsponsXHLD31,859$2.4M0.03%
223Hexcel Corp42829110832,944$2.4M0.03%
224Mueller Water Products Inc624758108101,929$2.4M0.03%
225Mitsubishi UFJ Financial Group606822104149,570$2.4M0.03%
226Primo Brands CorpPRMB144,435$2.4M0.03%
227Chord Energy CorpCHRD24,950$2.3M0.03%
228Edgewell Personal Care Co28035Q102135,035$2.3M0.03%
229Deutsche Telekom AG - Spons ADDTEGF69,870$2.3M0.03%
230Gitlab IncGTLB60,354$2.3M0.03%
231Southern Copper CorpSCCO15,755$2.3M0.03%
232Kerry Group PLC - Spons ADRBEKE24,750$2.3M0.03%
233Daiichi Sankyo Co Ltd - Spons23381D102105,074$2.2M0.03%
234NU Holdings LtdNU133,218$2.2M0.03%
235Lasertec Corp - Unspons ADR51809L10958,717$2.2M0.03%
236adidas AG - Spons ADR00687A10722,543$2.2M0.03%
237Siemens AG - Spons ADR82619750115,813$2.2M0.03%
238Eagle Materials Inc26969P10810,544$2.2M0.03%
239SPDR S&P Dividend ETF78464A76315,638$2.2M0.03%
240Distillate Small/Mid Cash Flow26922B66760,500$2.1M0.02%
241Crane NXT CoCXT45,289$2.1M0.02%
242Invesco BuyBack Achievers ETFIVZ15,839$2.1M0.02%
243Infosys Ltd - Spons ADRINFY117,830$2.1M0.02%
244Pan Pacific International Hold69807K105176,268$2.1M0.02%
245Genmab A/S - Spons ADRGNMSF66,491$2.0M0.02%
246Olin CorpOLN97,616$2.0M0.02%
247Sezzle IncSEZL31,165$2.0M0.02%
248Toray Industries Inc - Unspons890880206152,471$2.0M0.02%
249Energy Select Sector SPDR Fund81369Y50644,160$2.0M0.02%
250Sony Group Corp - Spons ADRSNEJF74,432$1.9M0.02%
251Norsk Hydro ASA - Spons ADR656531605237,919$1.8M0.02%
252Murata Manufacturing Co Ltd -626425102177,556$1.8M0.02%
253Vericel CorpVCEL50,518$1.8M0.02%
254Canadian Pacific Kansas City LCP24,579$1.8M0.02%
255S&P Global IncSPGI3,379$1.8M0.02%
256WillScot Holdings CorpWSC92,834$1.7M0.02%
257Sony Financial Group Inc - Uns83571B100333,536$1.7M0.02%
258Standard Chartered PLC - Unspo85325410034,846$1.7M0.02%
259Coca-Cola CoKO24,388$1.7M0.02%
260Carlsberg AS - Spons ADR14279520264,748$1.7M0.02%
261SAP SE - Spons ADRSAPGF6,810$1.7M0.02%
262Schwab Fundamental U.S. Large80852477160,771$1.7M0.02%
263AAON IncAAON21,363$1.6M0.02%
264Fomento Economico Mexicano SAB34441910615,822$1.6M0.02%
265NXP Semiconductors NVNXPI7,334$1.6M0.02%
266Duluth Holdings IncDLTH762,777$1.6M0.02%
267Nice Ltd - Spons ADRNCSYF13,988$1.6M0.02%
268Yum China Holdings IncYUMC32,276$1.5M0.02%
269Invesco S&P SmallCap Quality EIVZ36,338$1.5M0.02%
270Sika AG - Unspons ADR82674R10373,238$1.5M0.02%
271Ferrari NVRACE3,867$1.4M0.02%
272Iron Mountain Inc46284V10117,052$1.4M0.02%
273Lonza Group AG - Unspons ADR54338V10120,934$1.4M0.02%
274iShares Russell 2000 ETF4642876555,686$1.4M0.02%
275State Street CorpSTT-PG10,684$1.4M0.02%
276PRADA SpA - Unspons ADR73942H100119,045$1.4M0.02%
277SLB LtdSLB34,649$1.3M0.02%
278Mirion Technologies IncMIR56,644$1.3M0.02%
279Globus Medical IncGMED15,151$1.3M0.02%
280Tokyo Electron Ltd - Unspons A88911010211,885$1.3M0.02%
281Agnico Eagle Mines LtdAEM7,603$1.3M0.01%
282Wise PLC - Spons ADR97725Q102103,503$1.3M0.01%
283Symrise AG - Unspons ADR87155N10962,100$1.2M0.01%
284Shin-Etsu Chemical Co Ltd - Un82455110579,785$1.2M0.01%
285Allstate CorpALL-PJ5,909$1.2M0.01%
286iShares Russell 1000 Growth ET4642876142,440$1.2M0.01%
287Air Liquide SA - Unspons ADRAIIR30,512$1.1M0.01%
288Hermes International SCA - Uns42751Q1054,547$1.1M0.01%
289Shell PLC - Spons ADRRYDAF14,929$1.1M0.01%
290Wells Fargo & Co94974610111,621$1.1M0.01%
291Lumen Technologies IncLUMN124,000$963,4800.01%
292Vanguard Mid-Cap ETF9229086293,118$904,9790.01%
293Amplitude IncAMPL78,000$903,2400.01%
294Garmin LtdGRMN4,384$889,2940.01%
295General Dynamics CorpGD2,630$885,4160.01%
296Invesco S&P 500 Equal Weight EIVZ4,477$857,6140.01%
297iShares Core MSCI EAFE ETF46432F8429,246$827,1470.01%
298Mastercard IncMA1,447$826,0630.01%
299iShares Russell 1000 ETF4642876222,205$823,2780.01%
300Intuit IncINTU1,200$794,9040.01%
301Vanguard Small-Cap ETF9229087512,945$759,6630.01%
302Waste Management Inc94106L1093,275$719,5500.01%
303Capital One Financial Corp14040H1052,897$702,1170.01%
304abrdn Bloomberg All Commodity00326120321,646$670,1600.01%
305iShares MSCI ACWI ex US ETF4642882409,887$663,7140.01%
306Prudential Financial IncPUKPF5,686$641,8360.01%
307ATI IncATI5,500$631,1800.01%
308Cisco Systems IncCSCO8,097$623,7120.01%
309Travelers Cos IncTRV2,126$616,6680.01%
310Schwab International Equity ET80852480525,380$610,1350.01%
311Markel CorpMKL279$599,7520.01%
312JPMorgan BetaBuilders Japan ET46641Q2178,411$554,3690.01%
313iShares Core MSCI Emerging Mar46434G1037,898$530,9040.01%
314Verizon Communications IncVZ12,826$522,4030.01%
315iShares Core S&P U.S. Growth E4642876712,967$498,2780.01%
316Gilead Sciences IncGILD4,000$490,9600.01%
317iShares MSCI USA Quality Facto46432F3392,309$458,6140.01%
318iShares Russell Mid-Cap Growth4642874813,078$421,5010.00%
319Alliant Energy CorpLNT6,431$418,1040.00%
320Global X Artificial Intelligen37954Y6328,173$415,6790.00%
321Aflac IncAFL3,326$366,7580.00%
322Nestle SA - Spons ADR6410694063,640$359,5590.00%
323Walmart IncWMT3,176$353,8380.00%
324iShares MBS ETF4642885883,519$335,0790.00%
325iShares Russell 2000 Growth ET4642876481,032$333,3460.00%
326iShares Treasury Floating Rate46434V8606,579$331,9760.00%
327Vanguard FTSE Emerging Markets9220428585,851$314,5500.00%
328Target CorpTGT3,117$304,6870.00%
329Goldman Sachs JUST US Large CaNVGLF2,916$281,9640.00%
330Nucor CorpNUE1,723$281,0390.00%
331iShares Bitcoin Trust ETFIBIT5,375$266,8690.00%
332Blackstone Group Inc/TheBX1,721$265,2750.00%
333Jacobs Solutions IncJ1,885$249,6580.00%
334MGE Energy IncMGEE3,138$246,0780.00%
335Invesco QQQ Trust Series 1IVZ400$245,7240.00%
336CSX CorpCSX6,188$224,3150.00%
337Philip Morris International In7181721091,393$223,4370.00%
338Bank of Montreal0636711011,702$220,9030.00%
339Raytheon Technologies CorpRTX1,139$208,8930.00%
340Armstrong World Industries Inc04247X1021,091$208,5700.00%
341American Express CoAXP556$205,6920.00%
342Bristol-Myers Squibb CoCELG-RI3,712$200,2250.00%