MADISON INVESTMENT ADVISORS, LLC

PrivateCIK: 1507115

Location

MADISON, WI

335

Positions

$8.87B

Total AUM (reported)

103.41M

Total Shares

Allocation by class

COM$7.84B88.4%

ETF$1.03B11.6%

Portfolio Concentration

Top 3$922.44M10.4%

4–10$1.40B15.7%

11–25$1.74B19.6%

Rest$4.81B54.2%

Top 3 weight

10.4%

Top 10 weight

26.1%

Voting Authority Distribution

Total shares with voting rights: 103.41M

Sole

Full voting authority

101.30M

% of voting shares98.0%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

2.11M

% of voting shares2.0%

Investment Discretion (by position count)

Sole335

Shared0

Other0

Dominant voting typeSole · 98.0% of voting shares

Institutional Holdings335

Rows:

Arch Capital Group Ltd

SOLE

COM

Shares4.44M

TypeSH

Market value$410.01M

4.62%

Sole

4.26M

Shared

0.00

None

178.62K

Alphabet Inc

SOLE

COM

Shares1.35M

TypeSH

Market value$257.77M

2.91%

Sole

1.33M

Shared

0.00

None

27.31K

PACCAR Inc

SOLE

COM

Shares2.45M

TypeSH

Market value$254.65M

2.87%

Sole

2.35M

Shared

0.00

None

93.66K

Copart Inc

SOLE

COM

Shares4.42M

TypeSH

Market value$253.69M

2.86%

Sole

4.24M

Shared

0.00

None

175.76K

Gartner Inc

SOLE

COM

Shares505.29K

TypeSH

Market value$244.80M

2.76%

Sole

482.14K

Shared

0.00

None

23.15K

Ross Stores Inc

SOLE

COM

Shares1.52M

TypeSH

Market value$230.20M

2.60%

Sole

1.45M

Shared

0.00

None

67.14K

Brown & Brown Inc

SOLE

COM

Shares1.94M

TypeSH

Market value$198.03M

2.23%

Sole

1.85M

Shared

0.00

None

89.79K

Amazon.com Inc

SOLE

COM

Shares741.42K

TypeSH

Market value$162.66M

1.83%

Sole

726.64K

Shared

0.00

None

14.77K

Amphenol Corp

SOLE

COM

Shares2.27M

TypeSH

Market value$157.75M

1.78%

Sole

2.17M

Shared

0.00

None

103.04K

Carlisle Cos Inc

SOLE

COM

Shares401.82K

TypeSH

Market value$148.21M

1.67%

Sole

384.08K

Shared

0.00

None

17.75K

Fiserv Inc

SOLE

COM

Shares655.78K

TypeSH

Market value$134.71M

1.52%

Sole

640.24K

Shared

0.00

None

15.54K

Arista Networks Inc

SOLE

COM

Shares1.21M

TypeSH

Market value$133.57M

1.51%

Sole

1.15M

Shared

0.00

None

55.04K

CDW Corp/DE

SOLE

COM

Shares752.68K

TypeSH

Market value$131.00M

1.48%

Sole

719.12K

Shared

0.00

None

33.56K

Labcorp Holdings Inc Com Usd0.

SOLE

COM

Shares538.18K

TypeSH

Market value$123.42M

1.39%

Sole

514.91K

Shared

0.00

None

23.27K

Liberty Broadband Corp

SOLE

COM

Shares1.64M

TypeSH

Market value$122.71M

1.38%

Sole

1.57M

Shared

0.00

None

67.37K

Visa Inc

SOLE

COM

Shares376.46K

TypeSH

Market value$118.98M

1.34%

Sole

368.45K

Shared

0.00

None

8.01K

Texas Instruments Inc

SOLE

COM

Shares613.71K

TypeSH

Market value$115.08M

1.30%

Sole

603.55K

Shared

0.00

None

10.16K

Dollar Tree Inc

SOLE

COM

Shares1.51M

TypeSH

Market value$113.31M

1.28%

Sole

1.45M

Shared

0.00

None

61.17K

Analog Devices Inc

SOLE

COM

Shares524.66K

TypeSH

Market value$111.47M

1.26%

Sole

513.55K

Shared

0.00

None

11.12K

Berkshire Hathaway Inc

SOLE

COM

Shares245.48K

TypeSH

Market value$111.27M

1.26%

Sole

239.53K

Shared

0.00

None

5.95K

Lowe's Cos Inc

SOLE

COM

Shares448.84K

TypeSH

Market value$110.77M

1.25%

Sole

439.56K

Shared

0.00

None

9.28K

Accenture PLC

SOLE

COM

Shares305.09K

TypeSH

Market value$107.33M

1.21%

Sole

299.28K

Shared

0.00

None

5.81K

Waters Corp

SOLE

COM

Shares282.08K

TypeSH

Market value$104.64M

1.18%

Sole

269.01K

Shared

0.00

None

13.07K

Progressive Corp

SOLE

COM

Shares432.49K

TypeSH

Market value$103.63M

1.17%

Sole

422.89K

Shared

0.00

None

9.60K

WR Berkley Corp

SOLE

COM

Shares1.68M

TypeSH

Market value$98.45M

1.11%

Sole

1.61M

Shared

0.00

None

76.81K

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
Arch Capital Group LtdSOLE	COM	4.44M	SH	$410.01M 4.62%	4.26M	178.62K
Alphabet IncSOLE	COM	1.35M	SH	$257.77M 2.91%	1.33M	27.31K
PACCAR IncSOLE	COM	2.45M	SH	$254.65M 2.87%	2.35M	93.66K
Copart IncSOLE	COM	4.42M	SH	$253.69M 2.86%	4.24M	175.76K
Gartner IncSOLE	COM	505.29K	SH	$244.80M 2.76%	482.14K	23.15K
Ross Stores IncSOLE	COM	1.52M	SH	$230.20M 2.60%	1.45M	67.14K
Brown & Brown IncSOLE	COM	1.94M	SH	$198.03M 2.23%	1.85M	89.79K
Amazon.com IncSOLE	COM	741.42K	SH	$162.66M 1.83%	726.64K	14.77K
Amphenol CorpSOLE	COM	2.27M	SH	$157.75M 1.78%	2.17M	103.04K
Carlisle Cos IncSOLE	COM	401.82K	SH	$148.21M 1.67%	384.08K	17.75K
Fiserv IncSOLE	COM	655.78K	SH	$134.71M 1.52%	640.24K	15.54K
Arista Networks IncSOLE	COM	1.21M	SH	$133.57M 1.51%	1.15M	55.04K
CDW Corp/DESOLE	COM	752.68K	SH	$131.00M 1.48%	719.12K	33.56K
Labcorp Holdings Inc Com Usd0.SOLE	COM	538.18K	SH	$123.42M 1.39%	514.91K	23.27K
Liberty Broadband CorpSOLE	COM	1.64M	SH	$122.71M 1.38%	1.57M	67.37K
Visa IncSOLE	COM	376.46K	SH	$118.98M 1.34%	368.45K	8.01K
Texas Instruments IncSOLE	COM	613.71K	SH	$115.08M 1.30%	603.55K	10.16K
Dollar Tree IncSOLE	COM	1.51M	SH	$113.31M 1.28%	1.45M	61.17K
Analog Devices IncSOLE	COM	524.66K	SH	$111.47M 1.26%	513.55K	11.12K
Berkshire Hathaway IncSOLE	COM	245.48K	SH	$111.27M 1.26%	239.53K	5.95K
Lowe's Cos IncSOLE	COM	448.84K	SH	$110.77M 1.25%	439.56K	9.28K
Accenture PLCSOLE	COM	305.09K	SH	$107.33M 1.21%	299.28K	5.81K
Waters CorpSOLE	COM	282.08K	SH	$104.64M 1.18%	269.01K	13.07K
Progressive CorpSOLE	COM	432.49K	SH	$103.63M 1.17%	422.89K	9.60K
WR Berkley CorpSOLE	COM	1.68M	SH	$98.45M 1.11%	1.61M	76.81K

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