DAVIDSON INVESTMENT ADVISORS
Reported holdings as of Q3 2026, from 32 quarterly filings.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| ISHARES TR | IXUS | $199.1M | 2,096,413 | +0.04pp | 26q | -1.2%-$2.5M | |
| MICROSOFT CORP | MSFT | $117.7M | 229,572 | +1.22pp | 32q | -5.4%-$6.8M | |
| APPLE INC | AAPL | $112.1M | 336,600 | +0.64pp | 32q | -1.5%-$1.7M | |
| ALPHABET INC | GOOG | $111.4M | 326,976 | -0.15pp | 32q | -1.6%-$1.8M | |
| AMAZON COM INC | AMZN | $109.7M | 440,391 | +0.22pp | 27q | -1.6%-$1.8M | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $90.0M | 197,382 | -0.15pp | 8q | -1.4%-$1.2M | |
| NVIDIA CORPORATION | NVDA | $87.5M | 383,124 | +0.47pp | 12q | -1.5%-$1.3M | |
| META PLATFORMS INC | META | $67.6M | 93,267 | +0.77pp | 8q | +4.7%+$3.0M | |
| EATON CORP PLC | ETN | $48.4M | 112,643 | +0.05pp | 32q | HELD | |
| HYATT HOTELS CORP | H | $44.4M | 279,859 | -0.40pp | 5q | -1.5%-$673.9K | |
| BROADCOM INC | AVGO | $44.1M | 125,483 | -0.15pp | 9q | -2.4%-$1.1M | |
| SEMPRA | SRE | $43.7M | 560,651 | +0.25pp | 32q | +35.2%+$11.4M | |
| LABCORP HOLDINGS INC | LH | $40.3M | 130,815 | +0.16pp | 10q | -1.6%-$641.8K | |
| VANGUARD WELLINGTON FD | VFMO | $39.6M | 174,188 | +0.06pp | 20q | +11.4%+$4.1M | |
| ARISTA NETWORKS INC | ANET | $37.7M | 185,274 | +0.27pp | 8q | -1.7%-$651.9K | |
| CITIGROUP INC | C | $36.7M | 283,385 | -0.19pp | 32q | -5.7%-$2.2M | |
| VISA INC | V | $36.1M | 100,581 | +0.08pp | 28q | -1.5%-$556.2K | |
| STANDARDAERO INC | SARO | $34.5M | 1,617,255 | +0.55pp | 4q | +121.1%+$18.9M | |
| ANALOG DEVICES INC | ADI | $33.0M | 83,170 | +0.02pp | 21q | HELD | |
| CISCO SYS INC | CSCO | $31.5M | 292,912 | -0.11pp | 32q | -1.2%-$380.4K | |
| PALO ALTO NETWORKS INC | PANW | $30.2M | 75,959 | +0.16pp | 3q | -3.8%-$1.2M | |
| AGNC INVT CORP | AGNC | $30.1M | 3,322,527 | -0.24pp | 14q | -1.4%-$440.3K | |
| ISHARES INC | EUSA | $29.6M | 265,991 | +0.06pp | 26q | +5.7%+$1.6M | |
| THERMO FISHER SCIENTIFIC INC | TMO | $25.8M | 38,232 | +0.29pp | 3q | -0.5%-$138.4K | |
| THE CIGNA GROUP | CI | $25.5M | 93,655 | -0.01pp | 32q | -1.8%-$460.2K | |
| CHEVRON CORPORATION | CVX | $25.4M | 124,480 | +0.21pp | 32q | -1.1%-$273.6K | |
| HONEYWELL AEROSPACE INC | HONA | $25.2M | 162,554 | +0.57pp | 2q | +204.5%+$16.9M | |
| VERTEX PHARMACEUTICALS INC | VRTX | $25.0M | 47,760 | +0.05pp | 22q | -2.0%-$496.7K | |
| DYNATRACE INC | DT | $24.2M | 419,723 | +0.26pp | 11q | +0.5%+$131.8K | |
| PROGRESSIVE CORP | PGR | $23.0M | 110,973 | -0.05pp | 30q | -1.7%-$393.9K | |
| GOLDMAN SACHS GROUP INC | GS | $21.8M | 24,251 | -0.11pp | 25q | -1.6%-$361.9K | |
| WALMART INC | WMT | $21.8M | 210,046 | -0.08pp | 32q | -1.9%-$419.0K | |
| QUALCOMM INC | QCOM | $21.8M | 118,527 | +0.01pp | 10q | -0.7%-$145.8K | |
| CAMDEN PPTY TR | CPT | $20.7M | 214,298 | -0.16pp | 27q | -2.1%-$449.4K | |
| BANK OF AMER CORP | BAC | $20.7M | 379,507 | -0.03pp | 32q | -1.0%-$203.5K | |
| VANGUARD MUN BD FDS | VTEB | $20.3M | 428,276 | flat | 15q | +4.0%+$783.0K | |
| EOG RES INC | EOG | $20.0M | 145,191 | -0.01pp | 28q | -8.8%-$1.9M | |
| CHARLES SCHWAB CORP (THE) | SCHW | $19.5M | 199,761 | -0.07pp | 32q | -15.0%-$3.4M | |
| TRIMBLE INC | TRMB | $19.0M | 332,627 | +0.10pp | 19q | HELD | |
| BOEING CO | BA | $18.9M | 101,719 | -0.11pp | 18q | -0.6%-$104.9K | |
| SALESFORCE INC | CRM | $18.9M | 82,168 | +0.28pp | 29q | +2.8%+$507.3K | |
| DANAHER CORP DEL | DHR | $18.4M | 83,159 | - | new | NEW | |
| INTERCONTINENTAL EXCHANGE IN | ICE | $18.0M | 118,152 | +0.15pp | 9q | -0.6%-$104.9K | |
| MEDTRONIC PLC | MDT | $17.6M | 204,506 | -0.38pp | 24q | -41.3%-$12.4M | |
| TERRENO RLTY CORP | TRNO | $17.6M | 273,245 | +0.01pp | 27q | -0.7%-$118.8K | |
| CORTEVA INC | CTVA | $17.6M | 226,080 | -0.06pp | 30q | -1.7%-$307.2K | |
| CVS HEALTH CORP | CVS | $17.5M | 204,568 | -0.30pp | 31q | -16.3%-$3.4M | |
| GILDAN ACTIVEWEAR INC | GIL | $17.4M | 408,307 | -0.15pp | 32q | -1.7%-$296.0K | |
| OTIS WORLDWIDE CORP | OTIS | $17.4M | 270,169 | -0.04pp | 26q | +2.9%+$486.1K | |
| ASTRAZENECA PLC | AZN | $17.3M | 106,918 | -0.12pp | 3q | -1.6%-$283.9K | |
| PHILIP MORRIS INTL INC | PM | $17.2M | 90,008 | -0.13pp | 32q | -21.7%-$4.8M | |
| NETFLIX INC. | NFLX | $17.1M | 246,311 | -0.01pp | 17q | -1.3%-$232.5K | |
| BRISTOL-MYERS SQUIBB CO | BMY | $17.0M | 272,726 | +0.06pp | 28q | -1.6%-$279.2K | |
| VANECK ETF TRUST | ITM | $17.0M | 385,676 | -0.08pp | 15q | -6.1%-$1.1M | |
| HOME DEPOT INC | HD | $16.9M | 59,559 | -0.17pp | 32q | -2.5%-$438.7K | |
| FEDEX FGHT HLDG CO INC | FDXF | $16.4M | 150,301 | -0.25pp | 2q | -1.4%-$226.7K | |
| PFIZER INC | PFE | $16.1M | 563,569 | +0.11pp | 32q | -1.2%-$193.3K | |
| CANADIAN PACIFIC KANSAS CITY | CP | $15.9M | 186,931 | flat | 3q | -0.7%-$107.7K | |
| ISHARES TR | MTUM | $15.3M | 48,233 | -0.05pp | 2q | -1.6%-$244.0K | |
| ELANCO ANIMAL HEALTH INC | ELAN | $14.9M | 665,802 | -0.05pp | 15q | HELD | |
| T MOBILE US INC | TMUS | $14.6M | 89,419 | -0.02pp | 28q | -2.6%-$393.5K | |
| LINDE PLC | LIN | $14.4M | 30,391 | +0.08pp | 6q | +22.4%+$2.6M | |
| CAPITAL ONE FINL CORP | COF | $13.8M | 71,256 | - | new | NEW | |
| EQT Corp | EQT | $12.0M | 246,521 | -0.04pp | 5q | -1.4%-$169.3K | |
| ZOETIS INC | ZTS | $11.9M | 170,700 | +0.17pp | 3q | +52.6%+$4.1M | |
| COMCAST CORP NEW | CMCSA | $11.6M | 532,389 | -0.06pp | 32q | -2.6%-$307.8K | |
| GLACIER BANCORP INC NEW | GBCI | $11.2M | 258,948 | -0.13pp | 3q | -8.5%-$1.0M | |
| BURLINGTON STORES INC | BURL | $11.1M | 41,699 | - | new | NEW | |
| ISHARES TR | DGRO | $11.1M | 147,109 | flat | 21q | -2.6%-$300.1K | |
| CONSTELLATION BRANDS INC | STZ | $10.9M | 96,226 | -0.20pp | 15q | -16.7%-$2.2M | |
| INTUIT | INTU | $10.6M | 38,560 | +0.04pp | 32q | +1.9%+$194.4K | |
| J P MORGAN EXCHANGE TRADED F | JMST | $10.6M | 209,046 | flat | 15q | HELD | |
| FULLER H B CO | FUL | $9.5M | 192,168 | -0.08pp | 23q | -3.6%-$357.3K | |
| ISHARES TR | ITOT | $8.3M | 49,953 | +0.01pp | 9q | +1.0%+$82.3K | |
| WAFD INC | WAFD | $8.3M | 277,398 | -0.10pp | 11q | -1.9%-$162.8K | |
| EXPAND ENERGY CORPORATION | EXE | $6.5M | 77,728 | -0.01pp | 3q | +2.8%+$177.2K | |
| BELLRING BRANDS INC | BRBR | $4.9M | 634,990 | -0.12pp | 6q | +4.0%+$185.6K | |
| ISHARES TR | MUB | $4.8M | 47,921 | -0.01pp | 15q | -1.0%-$47.9K | |
| VANGUARD INDEX FDS | VB | $4.3M | 14,980 | -0.07pp | 23q | -25.5%-$1.5M | |
| RTX CORPORATION | RTX | $2.1M | 11,270 | -1.18pp | 26q | -93.1%-$28.3M | |
| SPDR SERIES TRUST | SHM | $1.9M | 40,489 | -0.01pp | 15q | -6.6%-$133.8K | |
| JOHNSON & JOHNSON | JNJ | $1.9M | 7,108 | +0.01pp | 32q | +1.9%+$34.7K | |
| ALPHABET INC | GOOGL | $1.7M | 4,956 | flat | 32q | -2.7%-$48.2K | |
| VANGUARD INDEX FDS | VTI | $1.5M | 4,052 | flat | 16q | HELD | |
| ISHARES TR | CMF | $1.4M | 25,734 | flat | 15q | HELD | |
| JPMORGAN CHASE & CO | JPM | $1.4M | 4,102 | flat | 32q | +1.1%+$14.6K | |
| VANGUARD SCOTTSDALE FDS | VTHR | $1.3M | 4,021 | +0.01pp | 6q | +31.4%+$322.1K | |
| COSTCO WHOLESALE CORPORATION | COST | $1.2M | 1,283 | flat | 24q | +1.8%+$20.9K | |
| CATERPILLAR INC | CAT | $1.2M | 1,431 | -0.01pp | 32q | +3.0%+$34.1K | |
| ABBVIE INC | ABBV | $905.9K | 3,463 | flat | 32q | +2.5%+$22.5K | |
| ISHARES TR | IJH | $701.3K | 9,747 | flat | 8q | HELD | |
| MORGAN STANLEY | MS | $644.5K | 3,427 | flat | 32q | HELD | |
| VANGUARD INDEX FDS | VOO | $629.4K | 898 | flat | 14q | HELD | |
| SOUTHERN CO | SO | $605.1K | 7,300 | flat | 32q | HELD | |
| ISHARES TR | IDEV | $576.0K | 6,437 | flat | 23q | -9.6%-$60.9K | |
| ISHARES TR | IUSB | $545.2K | 12,365 | flat | 17q | +1.0%+$5.6K | |
| FIRST INTST BANCSYSTEM INC | FIBK | $501.4K | 14,030 | -0.73pp | 21q | -97.1%-$16.6M | |
| VANGUARD INDEX FDS | VUG | $476.5K | 5,288 | - | new | NEW | |
| LOWES COS INC | LOW | $461.3K | 2,503 | -0.60pp | 7q | -96.4%-$12.2M | |
| ISHARES TR | IWV | $453.2K | 1,050 | flat | 25q | HELD | |
| STATE STR SPDR S&P 500 ETF T | SPY | $445.4K | 584 | +0.01pp | 9q | +67.3%+$179.2K | |
| DIAMONDBACK ENERGY INC | FANG | $418.7K | 2,278 | -0.38pp | 15q | -95.9%-$9.8M | |
| VANGUARD STAR FDS | VXUS | $405.8K | 4,777 | flat | 5q | HELD | |
| DEERE CO | DE | $402.3K | 599 | flat | 9q | +0.5%+$2.0K | |
| ISHARES TR | IJR | $368.0K | 2,705 | flat | 8q | +2.6%+$9.3K | |
| VANGUARD WORLD FD | MGK | $361.3K | 3,900 | flat | 14q | HELD | |
| STRYKER CORPORATION | SYK | $356.9K | 1,296 | flat | 32q | HELD | |
| APOLLO GLOBAL MGMT INC | APO | $350.5K | 3,020 | flat | 7q | HELD | |
| EXELON CORP | EXC | $342.1K | 8,468 | -0.68pp | 26q | -97.7%-$14.5M | |
| VANGUARD WORLD FD | MGC | $339.9K | 1,204 | flat | 11q | HELD | |
| CUMMINS INC | CMI | $336.8K | 652 | -0.01pp | 3q | -16.4%-$66.1K | |
| TESLA INC | TSLA | $315.8K | 890 | flat | 9q | HELD | |
| LAM RESEARCH CORP | LRCX | $303.5K | 924 | flat | 3q | HELD | |
| ABBOTT LABORATORIES | ABT | $294.3K | 2,978 | flat | 32q | -3.4%-$10.5K | |
| ELI LILLY & CO | LLY | $273.1K | 236 | flat | 6q | +1.7%+$4.6K | |
| EXXONMOBIL HOLDINGS CORP | XOM | $260.6K | 1,601 | - | new | NEW | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $256.9K | 516 | flat | 8q | +13.7%+$30.9K | |
| SILICON LABORATORIES INC | SLAB | $251.1K | 1,133 | flat | 32q | -15.8%-$47.0K | |
| ORACLE CORP | ORCL | $236.8K | 1,725 | flat | 32q | HELD | |
| EQUINIX INC | EQIX | $225.6K | 223 | flat | 3q | HELD | |
| HONEYWELL INTL INC | HON | $217.5K | 1,031 | -0.48pp | 2q | -98.1%-$11.1M | |
| ISHARES TR | NYF | $200.1K | 3,960 | flat | 9q | -10.1%-$22.5K |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Software & IT Services | $352.5M | 14.7% |
| Semiconductors & Electronics | $294.0M | 12.3% |
| Computer Hardware | $211.5M | 8.8% |
| Retail & Consumer | $178.7M | 7.5% |
| Biotech & Pharma | $105.5M | 4.4% |
| Banks & Lending | $92.5M | 3.9% |
| Autos & Aerospace | $81.3M | 3.4% |
| Business Services | $80.5M | 3.4% |
| Real Estate | $68.7M | 2.9% |
| Energy | $64.6M | 2.7% |
| Instruments & Controls | $63.2M | 2.6% |
| Capital Markets | $60.3M | 2.5% |
| Other sectors | $370.3M | 15.5% |
| Not classified | $371.1M | 15.5% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2026 | +0.2% | +2.1% | -1.9% | 100% |
| Q2 2026 | +8.7% | +14.8% | -6.2% | 100% |
| Q1 2026 | -1.5% | -4.6% | +3.1% | 100% |
| Q4 2025 | +2.1% | +2.4% | -0.3% | 100% |
| Q3 2025 | +5.7% | +7.8% | -2.1% | 100% |
| Q2 2025 | +9.0% | +10.5% | -1.4% | 100% |
| Q1 2025 | -3.0% | -4.6% | +1.6% | 100% |
| Q4 2024 | +0.5% | +2.1% | -1.6% | 100% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q3 2026 | $2.4B | 122 | 5 | 28 | 68 | 6 | 41.3% | 20 |
| Q2 2026 | $2.4B | 123 | 5 | 25 | 66 | 8 | 38.6% | 21 |
| Q1 2026 | $2.3B | 126 | 13 | 41 | 61 | 6 | 36.1% | 38 |
| Q4 2025 | $2.4B | 119 | 3 | 43 | 44 | 6 | 36.3% | 27 |
| Q3 2025 | $2.4B | 122 | 4 | 43 | 39 | 3 | 35.2% | 21 |
| Q2 2025 | $2.2B | 121 | 5 | 68 | 23 | 4 | 32.4% | 28 |
| Q1 2025 | $2.0B | 120 | 3 | 55 | 35 | 5 | 31.2% | 30 |
| Q4 2024 | $2.1B | 122 | 9 | 47 | 49 | 5 | 33.7% | 31 |
| Q3 2024 | $2.1B | 118 | 8 | 73 | 20 | 6 | 32.8% | 44 |
| Q2 2024 | $1.9B | 116 | 6 | 52 | 46 | 5 | 33.9% | 31 |
| Q1 2024 | $1.9B | 115 | 6 | 69 | 23 | 5 | 32.0% | 43 |
| Q4 2023 | $1.7B | 114 | 3 | 45 | 44 | 18 | 31.7% | 40 |
| Q3 2023 | $1.6B | 129 | 21 | 70 | 15 | 4 | 31.7% | 40 |
| Q2 2023 | $1.6B | 112 | 6 | 22 | 24 | 4 | 31.6% | 42 |
| Q1 2023 | $1.5B | 110 | 18 | 63 | 19 | 7 | 30.1% | 145 |
| Q4 2022 | $1.3B | 99 | 3 | 42 | 42 | 4 | 29.7% | 33 |
| Q3 2022 | $1.2B | 100 | 8 | 70 | 19 | 4 | 31.0% | 38 |
| Q2 2022 | $1.2B | 96 | 4 | 42 | 31 | 10 | 31.0% | 27 |
| Q1 2022 | $1.4B | 102 | 4 | 63 | 21 | 4 | 32.5% | 42 |
| Q4 2021 | $1.4B | 102 | 8 | 37 | 42 | 7 | 31.5% | 28 |
| Q3 2021 | $1.3B | 101 | 4 | 58 | 25 | 7 | 30.4% | 34 |
| Q2 2021 | $1.2B | 104 | 7 | 9 | 80 | 1 | 29.8% | 41 |
| Q1 2021 | $1.2B | 98 | 7 | 44 | 39 | 6 | 29.8% | 37 |
| Q4 2020 | $1.1B | 97 | 5 | 27 | 55 | 1 | 30.8% | 41 |
| Q3 2020 | $939.5M | 93 | 2 | 22 | 55 | 5 | 32.5% | 33 |
| Q2 2020 | $904.7M | 96 | 9 | 10 | 70 | 7 | 33.4% | 41 |
| Q1 2020 | $773.6M | 94 | 7 | 14 | 67 | 14 | 33.6% | 37 |
| Q4 2019 | $1.0B | 101 | 7 | 16 | 58 | 10 | 33.6% | 45 |
| Q3 2019 | $962.7M | 104 | 6 | 14 | 47 | 3 | 33.4% | 37 |
| Q2 2019 | $959.8M | 101 | 8 | 10 | 78 | 4 | 32.9% | 44 |
| Q1 2019 | $954.4M | 97 | 3 | 26 | 58 | 6 | 33.7% | 43 |
| Q4 2018 | $862.0M | 100 | 0 | 0 | 0 | 0 | 33.9% | 29 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.