13F
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Madison Asset Management, LLC

13F equity value
$8.1B
Positions
349
Top 10 concentration
23.9%
Quarters / total new picks
24 / 295
13F equity value over time
$0M$5B$9B20192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 24 quarters, returned +3.3% per quarter — versus +3.9% per quarter from simply owning every 13F stock. It beat that baseline in only 37.5% of quarters (excess t = 0.09, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+0.2%
t-stat
0.09
Quarterly win rate
38%
Annualized excess
-2.6%
$1 → follow vs universe
$2.00 vs $2.29
Cumulative return: $1 invested in new picks vs universe
1.00 20200331: universe 1.20620200630: universe 1.33220200930: universe 1.63320201231: universe 1.70820210331: universe 1.72320210630: universe 1.86120210930: universe 1.67020211231: universe 1.42120220331: universe 1.52620220630: universe 1.41420220930: universe 1.51920221231: universe 1.41120230331: universe 1.48620230630: universe 1.43320230930: universe 1.62620231231: universe 1.69920240331: universe 1.73820240630: universe 1.89520240930: universe 1.87920241231: universe 1.75420250331: universe 1.91220250630: universe 1.97220250930: universe 2.21720251231: universe 2.294 20200331: follow 1.09820200630: follow 1.20520200930: follow 1.30020201231: follow 1.32020210331: follow 1.31520210630: follow 1.33620210930: follow 1.15220211231: follow 0.97820220331: follow 0.96320220630: follow 0.89920220930: follow 0.91220221231: follow 0.90420230331: follow 1.12620230630: follow 1.17120230930: follow 1.35220231231: follow 1.39720240331: follow 1.43220240630: follow 1.54620240930: follow 1.64520241231: follow 1.54320250331: follow 1.67520250630: follow 1.71320250930: follow 1.94720251231: follow 2.002 0.83 1.65 2.48 202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 349 · 2026 Q1

Ticker Value Weight QoQ
ACGL $391M
4.9%
TRIM
ROST $306M
3.8%
TRIM
PCAR $183M
2.3%
TRIM
GOOG $181M
2.2%
TRIM
APH $158M
2.0%
TRIM
CSL $151M
1.9%
TRIM
BRO $150M
1.9%
ADD
AMZN $139M
1.7%
TRIM
CDW $134M
1.7%
TRIM
LH $131M
1.6%
TRIM
CPRT $129M
1.6%
TRIM
MEDP $126M
1.6%
TRIM
TDY $120M
1.5%
TRIM
KEYS $119M
1.5%
TRIM
TXN $118M
1.5%
TRIM
V $118M
1.5%
ADD
ADI $107M
1.3%
TRIM
WRB $107M
1.3%
TRIM
MC $101M
1.3%
ADD
IT $97M
1.2%
TRIM

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

AVEMBABGBSYETNGLWGVIICUIMONEMNTRPANWPAVEPCORSITESNPSTYLWEC

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.