MADISON WEALTH MANAGEMENT

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CIK 1801857

13F portfolio (2023-Q3)

$476M

Positions

150

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2023-Q2. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2023-Q3)

Holdings

150

Top 5

23.2%

Top 10

34.6%

Effective N

51.1

HHI

0.020

This quarter

6 new · 0 exit →

By sector

Unclassified30.2%

Information Technology16.0%

Financials15.5%

Communication Services7.2%

Industrials6.8%

Consumer Discretionary6.1%

Health Care5.0%

Real Estate4.7%

Other8.5%

By market cap

Mega (>$200B)36.9%

Unknown34.2%

Large ($10–200B)28.1%

Mid ($2–10B)0.7%

Small ($300M–2B)0.1%

By region

North America69.1%

Other30.2%

Asia-Pacific0.7%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	34.14%	56
Software	7.96%	4
Software & IT Services	6.75%	4
Technology Hardware & Equipment	6.38%	4
Specialty Retail	5.94%	6
Commercial Services & Supplies	5.57%	7
Capital Markets	4.64%	6
Real Estate Management & Development	3.81%	2
Oil, Gas & Consumable Fuels	3.49%	4
Chemicals	3.47%	4
Insurance	2.77%	5
Health Care Equipment & Supplies	2.76%	3
Pharmaceuticals & Biotechnology	2.20%	8
Banks	1.39%	7
Professional Services	1.24%	1
Machinery	1.00%	3
Media & Entertainment	0.94%	3
Utilities	0.91%	4
Equity Real Estate Investment Trusts (REITs)	0.87%	3
Road & Rail	0.77%	2
Aerospace & Defense	0.69%	2
Semiconductors & Semiconductor Equipment	0.65%	2
Beverages	0.52%	2
Entertainment	0.46%	1
Construction & Engineering	0.30%	1
Hotels, Restaurants & Leisure	0.12%	2
Airlines	0.08%	1
Food & Staples Retailing	0.06%	1
Electrical Equipment & Components	0.06%	1
Textiles, Apparel & Luxury Goods	0.05%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	MSFT	MICROSOFT CORP	Information Technology	5.79%
2	AAPL	Apple Inc.	Information Technology	4.85%
3	USFR	WISDOMTREE TR	Unclassified	4.71%
4	GOOG	Alphabet Inc.	Communication Services	3.96%
5	BRK.B	BERKSHIRE HATHAWAY INC	Financials	3.94%
6	VOO	VANGUARD INDEX FDS	Unclassified	3.69%
7	CBRE	CBRE GROUP, INC.	Real Estate	2.13%
8	FNDF	SCHWAB STRATEGIC TR	Unclassified	1.99%
9	GOOGL	Alphabet Inc.	Communication Services	1.79%
10	FNDA	SCHWAB STRATEGIC TR	Unclassified	1.73%

95/150 names classified · sector 69.8% of weight · industry 65.9% · mkt cap 65.8%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 16 quarters

FinancialsBRK.B, PYPL, BAC, WFC, C · other

Information TechnologyMSFT, AAPL, ORCL, TMO, AMAT · other

Communication ServicesGOOG, CMCSA, GOOGL, META, DIS · other

Consumer DiscretionaryAMZN, LOW, TJX, WMT, SBUX · other

IndustrialsBKNG, IT, UPS, SPGI, BABA · other

Health CareSYK, ISRG, JNJ, BDX, REGN · other

Real EstateCBRE, BN, AMT, SPG, MAC · other

MaterialsNKE, PG, LIN, ECL, RIO · other

Consumer StaplesCVS, PEP, KO, PM, KR · other

EnergyCVX, XOM, ENB, EOG, OXY · other

UtilitiesEPD, D, ET, BIPC, XIFR · other

UnclassifiedBROOKFIELD ASSET MGMT INC, VOO, BIP, USFR, FNDF · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 69.8% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2023-Q3), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (85 classified)MADISON WEALTH MANAGEMENT centroid (Large Core)

Information TechnologyFinancialsCommunication ServicesIndustrialsConsumer DiscretionaryHealth CareEnergyMaterialsReal EstateConsumer StaplesUtilities

Style box summary for MADISON WEALTH MANAGEMENT: centroid Large Core. Heaviest cells: Large Growth 21.4%, Large Core 14.2%, Large Value 12.4%.

Classified: 61.0% of book weight (85/150 names) · unclassified 39.0%: USFR, BRK.B, VOO, FNDF, FNDA, BN, BAM, VB, VUSB, BIP +55 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 150 positions (2023-Q3) · largest first · Δ vs 2023-Q2

#	Security	Shares	Value	Weight	Δ QoQ
1	MSFTMICROSOFT CORP	87,269	$28M	5.8%	TRIM −4%
2	AAPLAPPLE INC	134,655	$23M	4.8%	HOLD
3	USFRWISDOMTREE TR	445,722	$22M	4.7%	ADD 3%
4	GOOGALPHABET INC	142,909	$19M	4.0%	HOLD
5	BRK.BBERKSHIRE HATHAWAY INC DEL	53,472	$19M	3.9%	HOLD
6	VOOVANGUARD INDEX FDS	44,720	$18M	3.7%	ADD 11%
7	CBRECBRE GROUP INC	137,406	$10M	2.1%	HOLD
8	FNDFSCHWAB STRATEGIC TR	298,608	$9M	2.0%	ADD 5%
9	GOOGLALPHABET INC	65,067	$9M	1.8%	HOLD
10	FNDASCHWAB STRATEGIC TR	169,417	$8M	1.7%	ADD 6%
11	BNBROOKFIELD CORP	255,858	$8M	1.7%	TRIM −17%
12	BAMBROOKFIELD ASSET MANAGMT LTD	229,898	$8M	1.6%	HOLD
13	LOWLOWES COS INC	35,164	$7M	1.5%	HOLD
14	MAMASTERCARD INCORPORATED	18,339	$7M	1.5%	TRIM −7%
15	UNHUNITEDHEALTH GROUP INC	13,938	$7M	1.5%	HOLD
16	XOMEXXON MOBIL CORP	59,637	$7M	1.5%	HOLD
17	VBVANGUARD INDEX FDS	36,066	$7M	1.4%	HOLD
18	AMZNAMAZON COM INC	53,056	$7M	1.4%	ADD 2%
19	SCHWSCHWAB CHARLES CORP	114,734	$6M	1.3%	HOLD
20	VUSBVANGUARD BD INDEX FDS	126,555	$6M	1.3%	TRIM −4%
21	CVXCHEVRON CORP NEW	36,506	$6M	1.3%	HOLD
22	BIPBROOKFIELD INFRAST PARTNERS	204,664	$6M	1.3%	TRIM −8%
23	ITGARTNER INC	17,148	$6M	1.2%	HOLD
24	VEAVANGUARD TAX-MANAGED FDS	128,916	$6M	1.2%	HOLD
25	ISRGINTUITIVE SURGICAL INC	18,870	$6M	1.2%	HOLD
26	NKENIKE INC	57,551	$6M	1.2%	HOLD
27	PGPROCTER AND GAMBLE CO	37,127	$5M	1.1%	TRIM −2%
28	TJXTJX COS INC NEW	59,836	$5M	1.1%	HOLD
29	FNDXSCHWAB STRATEGIC TR	93,513	$5M	1.1%	ADD 9%
30	WMTWALMART INC	31,551	$5M	1.1%	ADD 162%
31	SYKSTRYKER CORPORATION	17,159	$5M	1.0%	HOLD
32	VVISA INC	20,109	$5M	1.0%	HOLD
33	CMECME GROUP INC	22,106	$4M	0.9%	HOLD
34	CGGOCAPITAL GROUP GBL GROWTH EQT	192,103	$4M	0.9%	ADD 9%
35	VRSKVERISK ANALYTICS INC	18,329	$4M	0.9%	HOLD
36	SPGIS&P GLOBAL INC	11,115	$4M	0.9%	HOLD
37	TMOTHERMO FISHER SCIENTIFIC INC	7,570	$4M	0.8%	HOLD
38	VTVANGUARD INTL EQUITY INDEX F	40,836	$4M	0.8%	TRIM −3%
39	CMCSACOMCAST CORP NEW	82,287	$4M	0.8%	HOLD
40	INTUINTUIT	6,780	$3M	0.7%	HOLD
41	UPSUNITED PARCEL SERVICE INC	22,183	$3M	0.7%	HOLD
42	ORCLORACLE CORP	32,626	$3M	0.7%	HOLD
43	COSTCOSTCO WHSL CORP NEW	6,015	$3M	0.7%	ADD 2%
44	FISVFISERV INC	30,080	$3M	0.7%	TRIM −5%
45	ADSKAUTODESK INC	16,360	$3M	0.7%	ADD 2%
46	RSGREPUBLIC SVCS INC	23,681	$3M	0.7%	ADD 6%
47	IVVISHARES TR	7,657	$3M	0.7%	HOLD
48	VGTVANGUARD WORLD FD	7,564	$3M	0.7%	TRIM −2%
49	BDXBECTON DICKINSON & CO	11,292	$3M	0.6%	HOLD
50	LINLINDE PLC	7,819	$3M	0.6%	NEW
51	VNQVANGUARD INDEX FDS	37,975	$3M	0.6%	ADD 4%
52	FNDESCHWAB STRATEGIC TR	107,458	$3M	0.6%	ADD 5%
53	VTIVANGUARD INDEX FDS	13,255	$3M	0.6%	HOLD
54	SPYSTATE STR SPDR S&P 500 ETF T	6,517	$3M	0.6%	HOLD
55	JNJJOHNSON & JOHNSON	17,522	$3M	0.6%	HOLD
56	ECLECOLAB INC	15,925	$3M	0.6%	NEW
57	TSMTAIWAN SEMICONDUCTOR MFG LTD	30,938	$3M	0.6%	HOLD
58	DHRDANAHER CORP DEL	10,592	$3M	0.6%	ADD 2%
59	AONAON PLC	7,865	$3M	0.5%	HOLD
60	SCHKSCHWAB STRATEGIC TR	61,320	$3M	0.5%	HOLD
61	BALLBALL CORP	49,835	$2M	0.5%	TRIM −2%
62	LHXL3HARRIS TECHNOLOGIES INC	14,217	$2M	0.5%	TRIM −4%
63	ELVELEVANCE HEALTH INC FORMERLY	5,678	$2M	0.5%	ADD 8%
64	ACNACCENTURE PLC IRELAND	7,631	$2M	0.5%	ADD 4%
65	REGNREGENERON PHARMACEUTICALS	2,822	$2M	0.5%	HOLD
66	EOGEOG RES INC	17,980	$2M	0.5%	HOLD
67	OWLBLUE OWL CAPITAL INC	175,800	$2M	0.5%	ADD 138%
68	PEPPEPSICO INC	13,364	$2M	0.5%	ADD 3%
69	VWOVANGUARD INTL EQUITY INDEX F	56,488	$2M	0.5%	HOLD
70	BACBANK AMERICA CORP	80,293	$2M	0.5%	TRIM −31%
71	DISDISNEY WALT CO	27,010	$2M	0.5%	TRIM −52%
72	SCHBSCHWAB STRATEGIC TR	42,935	$2M	0.4%	HOLD
73	AXPAMERICAN EXPRESS CO	13,222	$2M	0.4%	HOLD
74	ACWIISHARES TR	19,752	$2M	0.4%	TRIM −13%
75	ETENERGY TRANSFER L P	129,410	$2M	0.4%	HOLD
76	CGGRCAPITAL GROUP GROWTH ETF	73,729	$2M	0.4%	ADD 42%
77	EPDENTERPRISE PRODS PARTNERS L	65,787	$2M	0.4%	HOLD
78	SPGSIMON PPTY GROUP INC NEW	15,720	$2M	0.4%	HOLD
79	AMGNAMGEN INC	6,256	$2M	0.4%	HOLD
80	LEN.BLENNAR CORP	15,978	$2M	0.3%	HOLD
81	FSKFS KKR CAP CORP	80,900	$2M	0.3%	ADD 20%
82	MRKMERCK & CO INC	14,714	$2M	0.3%	ADD 4%
83	PYPLPAYPAL HLDGS INC	24,870	$1M	0.3%	TRIM −50%
84	TOLTOLL BROTHERS INC	19,492	$1M	0.3%	NEW
85	AMTAMERICAN TOWER CORP	8,736	$1M	0.3%	ADD 2%
86	LRCXLAM RESEARCH	2,247	$1M	0.3%	HOLD
87	EFAISHARES TR	19,780	$1M	0.3%	HOLD
88	OBDCBLUE OWL CAPITAL CORPORATION	102,594	$1M	0.3%	TRIM −53%
89	PFEPFIZER INC	40,160	$1M	0.3%	TRIM −5%
90	OXYOCCIDENTAL PETE CORP	18,200	$1M	0.2%	HOLD
91	USBUS BANCORP	34,347	$1M	0.2%	TRIM −2%
92	VICIVICI PPTYS INC	35,300	$1M	0.2%	ADD 2%
93	APOAPOLLO GLOBAL MGMT INC	11,048	$991,669	0.2%	ADD 235%
94	IWBISHARES TR	4,010	$942,029	0.2%	HOLD
95	MKLMARKEL GROUP INC	619	$911,472	0.2%	TRIM −4%
96	VYMVANGUARD WHITEHALL FDS	8,656	$894,292	0.2%	HOLD
97	BXSLBLACKSTONE SECD LENDING FD	32,225	$881,676	0.2%	HOLD
98	IEFAISHARES TR	13,666	$879,408	0.2%	HOLD
99	SXISTANDEX INTL CORP	5,900	$859,571	0.2%	NEW
100	CSCOCISCO SYS INC	15,473	$831,847	0.2%	HOLD
101	JSCPJ P MORGAN EXCHANGE TRADED F	17,538	$795,524	0.2%	ADD 32%
102	RTXRTX CORPORATION	10,997	$791,458	0.2%	ADD 4%
103	VIGVANGUARD SPECIALIZED FUNDS	4,556	$707,940	0.1%	HOLD
104	VUGVANGUARD INDEX FDS	2,551	$694,590	0.1%	HOLD
105	VHTVANGUARD WORLD FD	2,585	$607,734	0.1%	HOLD
106	VTVVANGUARD INDEX FDS	4,009	$552,962	0.1%	HOLD
107	WFCWELLS FARGO CO NEW	13,432	$548,835	0.1%	HOLD
108	SCHCSCHWAB STRATEGIC TR	15,300	$493,425	0.1%	HOLD
109	AGGISHARES TR	5,048	$474,699	0.1%	TRIM −4%
110	SCHASCHWAB STRATEGIC TR	11,170	$462,662	0.1%	HOLD
111	SCHXSCHWAB U.S. LARGE-CAP ETF	9,135	$462,231	0.1%	HOLD
112	DDOMINION ENERGY INC	10,255	$458,091	0.1%	HOLD
113	HDHOME DEPOT INC	1,483	$448,155	0.1%	HOLD
114	LBRDKLIBERTY BROADBAND CORP	4,708	$429,935	0.1%	TRIM −3%
115	INFYINFOSYS LTD	24,350	$416,629	0.1%	TRIM −70%
116	CHTRCHARTER COMMUNICATIONS INC	942	$414,311	0.1%	HOLD
117	TROWPRICE T ROWE GROUP INC	3,915	$410,571	0.1%	TRIM −22%
118	ABBVABBVIE INC	2,745	$409,170	0.1%	TRIM −2%
119	NVDANVIDIA CORPORATION	938	$408,021	0.1%	HOLD
120	XLKSELECT SECTOR SPDR TR	2,474	$405,563	0.1%	HOLD
121	FDXFEDEX CORP	1,416	$375,127	0.1%	HOLD
122	IWMISHARES TR	2,028	$358,389	0.1%	HOLD
123	IWVISHARES TR	1,425	$349,211	0.1%	HOLD
124	PRFINVESCO EXCHANGE TRADED FD T	10,775	$342,861	0.1%	ADD 400%
125	VSSVANGUARD INTL EQUITY INDEX F	3,197	$339,524	0.1%	HOLD
126	FNDBSchwab Fundamental US Broad Market ETF	6,042	$332,883	0.1%	HOLD
127	PFFISHARES TR	10,745	$323,962	0.1%	NEW
128	JPMJPMORGAN CHASE & CO	2,202	$319,355	0.1%	TRIM −4%
129	IWDISHARES TR	2,091	$317,456	0.1%	HOLD
130	VOVANGUARD INDEX FDS	1,516	$315,731	0.1%	TRIM −3%
131	IEMGISHARES INC	6,486	$308,669	0.1%	ADD 3%
132	MARMARRIOTT INTL INC NEW	1,514	$297,592	0.1%	HOLD
133	KRKROGER CO	6,467	$289,399	0.1%	HOLD
134	GEGE AEROSPACE	2,607	$288,204	0.1%	HOLD
135	IJHISHARES TR	1,154	$287,750	0.1%	HOLD
136	CIONCION INVT CORP	26,070	$275,560	0.1%	ADD 35%
137	ABTABBOTT LABS	2,777	$268,985	0.1%	HOLD
138	IJRISHARES TR	2,847	$268,595	0.1%	HOLD
139	MCDMCDONALDS CORP	966	$254,518	0.1%	TRIM −8%
140	IVWISHARES TR	3,619	$247,612	0.1%	HOLD
141	CINFCINCINNATI FINL CORP	2,322	$237,518	0.0%	HOLD
142	BIPCBrookfield Infrastructure Corp	6,584	$232,679	0.0%	HOLD
143	KOCOCA COLA CO	4,027	$225,444	0.0%	HOLD
144	JMSBJOHN MARSHALL BANCORP INC	12,542	$223,875	0.0%	HOLD
145	TFCTRUIST FINL CORP	7,616	$217,894	0.0%	HOLD
146	CTASCINTAS CORP	450	$216,455	0.0%	HOLD
147	CNICANADIAN NATL RY CO	1,989	$215,469	0.0%	HOLD
148	IBBISHARES TR	1,722	$210,584	0.0%	TRIM −18%
149	PAHCPHIBRO ANIMAL HEALTH CORP	15,987	$204,154	0.0%	NEW
150	EEMISHARES TR	5,293	$200,870	0.0%	HOLD

☆MADISON WEALTH MANAGEMENT