Madison Asset Management LLC expanded its stake in the JPMorgan International Research Enhanced Equity ETF (JIRE) by 8% in the first quarter, acquiring an additional 24,765 shares for a total of 335,261 shares. The same Q1 period saw other institutions also increase or initiate positions in JIRE alongside Madison, signaling broader investor interest in the fund. In contrast, Madison trimmed its position in the iShares MSCI Emerging Markets Asia ETF (EEMA) by about 6.3% during the first quarter, reducing its stake to roughly 367,824 shares. Additionally, Madison decreased its holdings in the Madison Short Term Strategic Income ETF (MSTI) by 11.0% in the first quarter, and cut its stake in the Madison Dividend Value ETF (DIVL) by 7.8%. The movements illustrate a pattern of selective adjustments across Madison’s ETF portfolio, with increases in some U.S. equity-oriented funds and reductions in fixed-income and international exposure.