Madison Asset Management, LLC Q4 2020 Filing

Filed February 12, 2021

Portfolio Value

$6.8B

Holdings

297

Report Date

Q4 2020

Filing Type

13F-HR

All Holdings (297 positions)

#	Stock	Shares	Value	% Portfolio
1	LBRDKLiberty Broadband Corp	1,288,601	$204.1M	3.00%
2	PGRProgressive Corp	1,681,984	$166.3M	2.44%
3	DLTRDollar Tree Inc	1,406,293	$151.9M	2.23%
4	ACGLArch Capital Group Ltd	3,648,407	$131.6M	1.93%
5	VCSHVanguard Short-Term Corporate	1,543,476	$128.5M	1.89%
6	CPRTCopart Inc	970,045	$123.4M	1.81%
7	MBBiShares MBS ETF	1,096,843	$120.8M	1.78%
8	LOWLowe's Cos Inc	724,337	$116.3M	1.71%
9	ADIAnalog Devices Inc	775,782	$114.6M	1.68%
10	BAMBrookfield Asset Management In	2,562,699	$105.8M	1.55%
11	GOOGAlphabet Inc - Class C	55,080	$96.5M	1.42%
12	USBU.S. Bancorp	2,049,694	$95.5M	1.40%
13	BDXBecton Dickinson and Co	371,584	$93.0M	1.37%
14	LINLinde PLC	341,812	$90.1M	1.32%
15	BRK/BBerkshire Hathaway Inc	388,323	$90.0M	1.32%
16	SPYSPDR S&P 500 ETF Trust	240,708	$90.0M	1.32%
17	TELTE Connectivity Ltd	713,927	$86.4M	1.27%
18	VEUVanguard FTSE All-World ex-US	1,478,267	$86.3M	1.27%
19	VVisa Inc	392,915	$85.9M	1.26%
20	TLTiShares 20 Year Treasury Bond	532,516	$84.0M	1.23%
21	NVSNNovartis AG - Spons ADR	882,303	$83.3M	1.22%
22	—IHS Markit Ltd	926,271	$83.2M	1.22%
23	ITGartner Inc	491,382	$78.7M	1.16%
24	JECUSDJacobs Engineering Group Inc	680,370	$74.1M	1.09%
25	CTSHCognizant Technology Solutions	896,842	$73.5M	1.08%
26	ACNAccenture PLC	271,846	$71.0M	1.04%
27	CSLCarlisle Cos Inc	451,403	$70.5M	1.04%
28	BROBrown & Brown Inc	1,410,543	$66.9M	0.98%
29	—Laboratory Corp of America Hol	309,139	$62.9M	0.92%
30	MKLMarkel Corp	60,767	$62.8M	0.92%
31	PPGPPG Industries Inc	432,520	$62.4M	0.92%
32	TJXTJX Cos Inc	902,692	$61.6M	0.91%
33	MRSHMarsh & McLennan Cos Inc	521,213	$61.0M	0.90%
34	ANETEURArista Networks Inc	205,268	$59.6M	0.88%
35	ROSTRoss Stores Inc	482,762	$59.3M	0.87%
36	FASTFastenal Co	1,208,214	$59.0M	0.87%
37	KMXCarMax Inc	615,624	$58.2M	0.85%
38	CMCSAComcast Corp	1,107,498	$58.0M	0.85%
39	VNTVontier Corp	1,712,215	$57.2M	0.84%
40	BLKCHFBlackRock Inc	79,083	$57.1M	0.84%
41	DHRDanaher Corp	252,446	$56.1M	0.82%
42	ALCAlcon Inc	849,568	$56.1M	0.82%
43	BNDVanguard Total Bond Market ETF	628,891	$55.5M	0.82%
44	IJHiShares Core S&P Mid-Cap ETF	238,179	$54.7M	0.80%
45	PCARPACCAR Inc	626,313	$54.0M	0.79%
46	HDHome Depot Inc	203,056	$53.9M	0.79%
47	APHAmphenol Corp	404,395	$52.9M	0.78%
48	BACVerizon Communications Inc	877,392	$51.5M	0.76%
49	SCHPSchwab US TIPS ETF	821,620	$51.0M	0.75%
50	CDWCDW Corp/DE	384,778	$50.7M	0.75%
51	GDXVanEck Vectors Gold Miners ETF	1,377,819	$49.6M	0.73%
52	VGTVanguard Information Technolog	137,529	$48.7M	0.72%
53	JNJJohnson & Johnson	292,798	$46.1M	0.68%
54	BMYBristol-Myers Squibb Co	738,671	$45.8M	0.67%
55	METAFacebook Inc	166,721	$45.5M	0.67%
56	ADBEAdobe Inc	91,013	$45.5M	0.67%
57	AMTAmerican Tower Corp	201,496	$45.2M	0.66%
58	CSCOCisco Systems Inc	1,002,143	$44.8M	0.66%
59	IJRiShares Core S&P Small-Cap ETF	482,144	$44.3M	0.65%
60	JPMJPMorgan Chase & Co	345,813	$43.9M	0.65%
61	—JPMorgan BetaBuilders Japan ET	1,563,749	$43.8M	0.64%
62	MCMoelis & Co	914,666	$42.8M	0.63%
63	GMFSPDR S&P Emerging Asia Pacific	335,784	$42.7M	0.63%
64	PEPPepsiCo Inc	285,671	$42.4M	0.62%
65	WRBWR Berkley Corp	626,159	$41.6M	0.61%
66	CATCaterpillar Inc	223,313	$40.6M	0.60%
67	TRVTravelers Cos Inc	280,996	$39.4M	0.58%
68	NEENextEra Energy Inc	508,548	$39.2M	0.58%
69	PDBCInvesco Optimum Yield Diversif	2,471,396	$37.7M	0.55%
70	VVVanguard Large-Cap ETF	213,638	$37.5M	0.55%
71	TXNTexas Instruments Inc	227,672	$37.4M	0.55%
72	EMREmerson Electric Co	461,836	$37.1M	0.55%
73	NTRSNorthern Trust Corp	381,848	$35.6M	0.52%
74	MCDMcDonald's Corp	165,651	$35.5M	0.52%
75	EXPDExpeditors International of Wa	361,753	$34.4M	0.51%
76	AWIArmstrong World Industries Inc	460,748	$34.3M	0.50%
77	UI2Kemper Corp	428,641	$32.9M	0.48%
78	MMM3M Co	185,455	$32.4M	0.48%
79	GBCIGlacier Bancorp Inc	692,190	$31.8M	0.47%
80	PGProcter & Gamble Co	227,344	$31.6M	0.46%
81	VSSVanguard FTSE All World ex-US	257,548	$31.4M	0.46%
82	NSRGYNestle SA - Spons ADR	264,644	$31.2M	0.46%
83	MCHIiShares MSCI China ETF	377,089	$30.5M	0.45%
84	NEUNewMarket Corp	73,701	$29.4M	0.43%
85	MRKMerck & Co Inc	349,732	$28.6M	0.42%
86	UNPUnion Pacific Corp	137,124	$28.6M	0.42%
87	CLVTClarivate PLC	937,698	$27.9M	0.41%
88	MSFTMicrosoft Corp	119,380	$26.6M	0.39%
89	DDominion Energy Inc	352,264	$26.5M	0.39%
90	VUGVanguard Growth ETF	103,453	$26.2M	0.39%
91	PAYXPaychex Inc	253,973	$23.7M	0.35%
92	BF/BBrown-Forman Corp	294,640	$23.4M	0.34%
93	CMECME Group Inc	125,167	$22.8M	0.33%
94	SBUXStarbucks Corp	209,687	$22.4M	0.33%
95	AMGNAmgen Inc	97,154	$22.3M	0.33%
96	AAPLApple Inc	166,696	$22.1M	0.33%
97	DSTLDistillate US Fundamental Stab	591,647	$21.5M	0.32%
98	KOCoca-Cola Co	356,916	$19.6M	0.29%
99	ADPAutomatic Data Processing Inc	109,362	$19.3M	0.28%
100	MDTMedtronic PLC	163,067	$19.1M	0.28%

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