Baird Financial Group, Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Baird Financial Group, Inc. reported 1,748 stock positions worth $51.9 billion. Its top holding was Apple (AAPL) at 4.1% of the portfolio, followed by Microsoft (MSFT, 4.0%) and JPMorgan Chase (JPM, 2.9%). Compared with Q4 2024, it opened 104 new positions, sold out of 100, added to 780 and reduced 778. The biggest buy was Danaher (DHR, shares +291%) and the biggest sale US Bancorp (USB, shares −55%).
- Most Recent 13F
- Q2 2026
- Location
- MILWAUKEE, WI
- CIK
- 0001648711
- Portfolio Value
- $51.9B (Q1 2025)
- SEC Filing
- 0001648711-25-000019 ↗ filed May 15, 2025
Holdings Value
Holdings 1,748 stocks · $51.9B
| AAPL Apple Inc. | 4.11% | 9,602,539 | $2.1B | Add +0.5% |
| MSFT Microsoft Corp. | 3.96% | 5,475,965 | $2.1B | Add +1.0% |
| JPM JPMorgan Chase & Co. | 2.88% | 6,106,370 | $1.5B | Add +2.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.51% | 2,444,997 | $1.3B | Add +0.4% |
| GOOG Alphabet Inc. Class C | 1.93% | 6,407,770 | $1.0B | Add +3.2% |
| PGR Progressive Corp. | 1.85% | 3,399,095 | $962.0M | Reduce -7.3% |
| HD Home Depot Inc. | 1.84% | 2,600,482 | $953.1M | Add +3.1% |
| VEA Vanguard Ftse Developed ETF | 1.70% | 17,409,909 | $884.9M | Add +0.7% |
| IWD iShares Russell 1000 Value E | 1.70% | 4,681,498 | $880.9M | Add +1.8% |
| IWF iShares Russell 1000 Growth | 1.64% | 2,357,714 | $851.3M | Add +0.1% |
| META Meta Platforms Inc. Class A | 1.55% | 1,399,983 | $806.9M | Add +8.0% |
| IWR iShares Russell Mid-Cap ETF | 1.35% | 8,218,663 | $699.2M | Add +1.8% |
| JNJ Johnson & Johnson | 1.31% | 4,094,430 | $679.0M | Add +4.2% |
| ORLY O'reilly Automotive Inc. | 1.27% | 461,130 | $660.6M | Add +5.7% |
| FAST Fastenal Co. | 1.26% | 8,418,765 | $652.9M | Add +1.7% |
| GE General Electric filed as GE AEROSPACE | 1.16% | 3,019,606 | $604.4M | Reduce -0.8% |
| IJR iShares Core S&P Small-Cap E | 1.14% | 5,665,131 | $592.4M | Add +16.5% |
| COST Costco Wholesale Corp. | 1.10% | 605,173 | $572.4M | Reduce -1.6% |
| SCHW Schwab (charles) Corp. | 1.04% | 6,904,327 | $540.5M | Add +6.0% |
| PH Parker Hannifin Corp. | 0.99% | 846,899 | $514.8M | Add +5.6% |
| GEV GE Vernova Inc. | 0.99% | 1,684,673 | $514.3M | Add +8.2% |
| NVDA Nvidia Corp. | 0.98% | 4,699,643 | $509.3M | Reduce -2.7% |
| AMZN Amazon.com Inc. | 0.95% | 2,593,694 | $493.5M | Add +0.5% |
| UNP Union Pacific Corp. | 0.90% | 1,984,957 | $468.9M | Add +3.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.88% | 3,741,794 | $455.8M | Add +3.1% |
| IVV iShares Core S&P 500 ETF | 0.86% | 792,729 | $445.4M | Add +3.6% |
| VOO Vanguard S&P 500 ETF | 0.85% | 860,550 | $442.2M | Reduce -2.1% |
| IEFA iShares Core MSCI Eafe ETF | 0.84% | 5,755,495 | $435.4M | Add +5.4% |
| ABBV Abbvie Inc. | 0.82% | 2,023,542 | $424.0M | Reduce -2.7% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.81% | 4,242,266 | $418.7M | Add +26.8% |
| V Visa Inc. Class A | 0.75% | 1,109,185 | $388.7M | Reduce -1.5% |
| TEL Te Connectivity PLC | 0.71% | 2,626,731 | $371.2M | Add +5.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.66% | 616,839 | $345.1M | Reduce -2.8% |
| AVGO Broadcom Inc. | 0.66% | 2,038,320 | $341.3M | Add +4.2% |
| OMC Omnicom Group | 0.62% | 3,896,270 | $323.0M | Add +44.5% |
| GOOGL Alphabet Inc. Class A | 0.61% | 2,058,300 | $318.3M | Reduce -0.2% |
| DHR Danaher Corp. | 0.57% | 1,441,706 | $295.5M | Add +290.6% |
| MA Mastercard Inc. Class A | 0.57% | 539,098 | $295.5M | Reduce -0.5% |
| PG The Procter & Gamble Co. | 0.56% | 1,702,004 | $290.1M | Add +1.7% |
| VGSH Vanguard Short-Term Treasury | 0.55% | 4,852,865 | $284.8M | Add +17.1% |
| CVX Chevron Corp. | 0.55% | 1,696,911 | $283.9M | Reduce -0.5% |
| WFC Wells Fargo & Co. | 0.52% | 3,759,194 | $269.9M | Add +4.9% |
| VCIT Vanguard Int-Term Corporate | 0.52% | 3,274,661 | $267.7M | Add +15.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.51% | 6,368,808 | $265.8M | Add +4.4% |
| ABT Abbott Laboratories | 0.51% | 1,979,286 | $262.6M | Add +2.9% |
| BIV Vanguard Intermediate-Term B | 0.50% | 3,375,737 | $258.5M | Add +5.4% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.47% | 1,414,704 | $244.4M | Add +1.7% |
| IEF iShares 7-10 Year Treasury B | 0.46% | 2,530,645 | $241.3M | Add +4.2% |
| KMX Carmax Inc. | 0.46% | 3,093,632 | $241.1M | Add +7.1% |
| UNH Unitedhealth Group Inc. | 0.44% | 437,977 | $229.4M | Add +5.2% |
| EXPD Expeditors Intl Wash Inc. | 0.43% | 1,845,102 | $221.9M | Add +4.8% |
| LLY Eli Lilly & Co. | 0.41% | 260,718 | $215.3M | Reduce -0.9% |
| VWO Vanguard Ftse Emerging Marke | 0.41% | 4,677,575 | $211.7M | Add +14.0% |
| VTI VG Morningstar TS MKT ETF-US | 0.40% | 759,147 | $208.6M | Add +10.5% |
| WMT Walmart Inc. | 0.38% | 2,274,229 | $199.7M | Add +4.7% |
| CSCO Cisco Systems Inc. | 0.38% | 3,231,117 | $199.4M | Reduce -9.6% |
| IJH iShares Core S&P Midcap ETF | 0.38% | 3,387,020 | $197.6M | Reduce -0.2% |
| FISV Fiserv Inc. | 0.35% | 812,169 | $179.4M | Reduce -5.8% |
| BLK BlackRock Inc. | 0.34% | 184,521 | $174.6M | Reduce -6.8% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.33% | 461,203 | $171.0M | Add +4.6% |
| QQQ Invesco QQQ Trust Series 1 | 0.33% | 363,812 | $170.6M | Add +11.1% |
| MCD McDonald's Corp. | 0.33% | 542,628 | $169.5M | Reduce -4.3% |
| VEU Vanguard Ftse All-World Ex-U | 0.31% | 2,682,452 | $162.7M | Add +7.9% |
| XOM Exxon Mobil Corp. | 0.31% | 1,365,891 | $162.4M | Reduce -1.9% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.30% | 697,258 | $154.6M | Reduce -5.1% |
| EFV iShares MSCI Eafe Value ETF | 0.29% | 2,579,401 | $152.0M | Add +1.3% |
| DFAC Dimensional US Core Equity 2 | 0.29% | 4,592,120 | $151.5M | Reduce -1.0% |
| ADP Automatic Data Processing | 0.29% | 491,434 | $150.1M | Reduce -0.5% |
| PEP Pepsico Inc. | 0.28% | 958,867 | $143.8M | Reduce -22.8% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.27% | 533,749 | $138.0M | Add +4.0% |
| SPGI S&P Global Inc. | 0.26% | 265,001 | $134.6M | Reduce -0.6% |
| CAT Caterpillar Inc. | 0.26% | 405,975 | $133.9M | Add +0.7% |
| SYK Stryker Corp. | 0.26% | 359,400 | $133.8M | Add +8.9% |
| PAYX Paychex Inc. | 0.25% | 857,665 | $132.3M | Reduce -8.0% |
| SBUX Starbucks Corp. | 0.25% | 1,348,463 | $132.3M | Reduce -6.7% |
| MRK Merck & Co. Inc. | 0.25% | 1,438,922 | $129.2M | Reduce -25.8% |
| SPSB SS SPDR P St C Corp. ETF | 0.24% | 4,125,700 | $124.2M | Add +6.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.24% | 497,048 | $123.6M | Reduce -6.4% |
| SHW The Sherwin-Williams Co. | 0.24% | 351,555 | $122.8M | Reduce -0.7% |
| SCHD Schwab US DVD Equity ETF | 0.24% | 4,388,473 | $122.7M | Reduce -0.1% |
| TSM Taiwan Semiconductor-SP ADR | 0.24% | 736,655 | $122.3M | Reduce -15.1% |
| USB US Bancorp | 0.23% | 2,877,579 | $121.5M | Reduce -55.2% |
| VIG Vanguard Dividend Apprec ETF | 0.23% | 609,741 | $118.3M | Reduce -7.5% |
| QCOM Qualcomm Inc. | 0.23% | 766,053 | $117.7M | Add +2.0% |
| IEMG iShares Core MSCI Emerging | 0.23% | 2,179,512 | $117.6M | Add +3.6% |
| IWM iShares Russell 2000 ETF | 0.22% | 578,874 | $115.5M | Reduce -0.7% |
| BR Broadridge Financial Solutio | 0.22% | 474,743 | $115.1M | Reduce -9.5% |
| ACN Accenture PLC Class A | 0.22% | 361,408 | $112.8M | Add +7.0% |
| ITW Illinois Tool Works | 0.21% | 447,189 | $110.9M | Reduce -1.7% |
| EFA iShares MSCI Eafe ETF | 0.21% | 1,334,869 | $109.1M | Add +1.1% |
| IAU iShares Gold Trust | 0.21% | 1,840,021 | $108.5M | Reduce -1.1% |
| CPRT Copart Inc. | 0.21% | 1,890,124 | $107.0M | Add +2.4% |
| VZ Verizon Communications Inc. | 0.21% | 2,349,606 | $106.6M | Add +9.0% |
| TMO Thermo Fisher Scientific Inc. | 0.20% | 212,811 | $105.9M | Reduce -0.5% |
| CRM Salesforce Inc. | 0.20% | 386,423 | $103.7M | Add +16.2% |
| RTX RTX Corp. | 0.20% | 767,675 | $101.7M | Add +3.5% |
| TSLA Tesla Inc. | 0.19% | 380,284 | $98.6M | Reduce -16.1% |
| MDT Medtronic PLC | 0.19% | 1,085,398 | $97.5M | Add +11.0% |
| PCAR Paccar Inc. | 0.19% | 997,988 | $97.2M | Reduce -2.7% |
| AMGN Amgen Inc. | 0.19% | 309,198 | $96.3M | Reduce -7.9% |
Other holdings (5): bonds, preferreds, convertibles and warrants · $8.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 5,135 | $6.2M | Add +3.6% |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 853 | $1.1M | Add +15.0% |
| ABLLW East Resources Acquis -CW27 | *W EXP 06/30/202 | 294,000 | $467K | No change |
| FLDDW Fold Holdings Inc. -23 | *W EXP 02/14/203 | 400,994 | $297K | New |
| ISLWF Israel Acquisitions Corp.-28 | *W EXP 99/99/999 | 500,000 | $55K | New |
Total filed on the 13F, all lines: $51.9B.
Portfolio Sells Q4 2024 → Q1 2025
| USB US Bancorp | Reduce -55.2% | 0.23% | −0.35 |
| NVDA Nvidia Corp. | Reduce -2.7% | 0.98% | −0.26 |
| TSLA Tesla Inc. | Reduce -16.1% | 0.19% | −0.16 |
| GOOGL Alphabet Inc. Class A | Reduce -0.2% | 0.61% | −0.13 |
| KNSL Kinsale Capital Group Inc. | Reduce -91.9% | 0.01% | −0.13 |
| MRK Merck & Co. Inc. | Reduce -25.8% | 0.25% | −0.12 |
| JKHY Jack Henry & Associates Inc. | Reduce -80.2% | 0.03% | −0.11 |
| IR Ingersoll-Rand Inc. | Reduce -95.9% | 0.00% | −0.10 |
| IEX Idex Corp. | Reduce -98.8% | 0.00% | −0.10 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -15.1% | 0.24% | −0.09 |
| ETN Eaton Corp. PLC | Reduce -19.6% | 0.18% | −0.09 |
| IDXX Idexx Laboratories Inc. | Reduce -69.8% | 0.04% | −0.09 |
| POOL Pool Corp. | Reduce -80.9% | 0.02% | −0.09 |
| PEP Pepsico Inc. | Reduce -22.8% | 0.28% | −0.08 |
| GLOB Globant SA | Reduce -15.4% | 0.07% | −0.08 |
| ZBRA Zebra Technologies Corp. Class A | Reduce -29.7% | 0.07% | −0.07 |
| ANET Arista Networks Inc. | Reduce -29.8% | 0.07% | −0.07 |
| ICLR Icon PLC | Reduce -89.0% | 0.01% | −0.07 |
| TGT Target Corp. | Reduce -20.3% | 0.10% | −0.06 |
| MPWR Monolithic Power Systems Inc. | Reduce -33.4% | 0.12% | −0.06 |
| VRT Vertiv Holdings Co. Class A | Reduce -38.4% | 0.04% | −0.06 |
| DT Dynatrace Inc. | Reduce -83.4% | 0.01% | −0.06 |
| AAON Aaon Inc. | Reduce -28.6% | 0.06% | −0.06 |
| DHI D.R. Horton Inc. | Reduce -86.0% | 0.01% | −0.06 |
| P Everpure Inc. Class A | Reduce -88.7% | 0.01% | −0.06 |
| MANH Manhattan Associates Inc. | Reduce -14.5% | 0.07% | −0.06 |
| VOO Vanguard S&P 500 ETF | Reduce -2.1% | 0.85% | −0.05 |
| VLO Valero Energy Corp. | Reduce -60.1% | 0.04% | −0.05 |
| BLK BlackRock Inc. | Reduce -6.8% | 0.34% | −0.05 |
| SYY Sysco Corp. | Reduce -46.3% | 0.05% | −0.05 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -2.8% | 0.66% | −0.05 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Reduce -85.5% | 0.01% | −0.05 |
| EPAM Epam Systems Inc. | Reduce -18.3% | 0.07% | −0.05 |
| DDOG Datadog Inc. Class A | Reduce -15.6% | 0.06% | −0.04 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -5.1% | 0.30% | −0.04 |
| BURL Burlington Stores Inc. | Reduce -14.0% | 0.10% | −0.04 |
| ORCL Oracle Corp. | Reduce -7.0% | 0.13% | −0.04 |
| XLE SS Energy Select Sector | Reduce -38.4% | 0.07% | −0.03 |
| PTC PTC Inc. | Reduce -15.4% | 0.08% | −0.03 |
| BROS Dutch Bros Inc. Class A | Reduce -37.6% | 0.09% | −0.03 |
| LMT Lockheed Martin Corp. | Reduce -20.3% | 0.09% | −0.03 |
| ADBE Adobe Inc. | Reduce -26.6% | 0.05% | −0.03 |
| CONSOL ENERGY INC | Sold out | 0.00% | −0.03 |
| DSGX The Descartes Systems Grp | Reduce -22.2% | 0.07% | −0.03 |
| LW Lamb Weston Holdings Inc. | Reduce -18.4% | 0.05% | −0.03 |
| TECH Bio-Techne Corp. | Reduce -13.2% | 0.07% | −0.03 |
| RJF Raymond James Financial Inc. | Reduce -16.4% | 0.08% | −0.03 |
| MSCI MSCI Inc. | Reduce -9.5% | 0.16% | −0.03 |
| BJ Bj's Wholesale Club Holdings | Reduce -37.7% | 0.10% | −0.03 |
| TREX Trex Company Inc. | Reduce -14.5% | 0.06% | −0.02 |
Portfolio Buys Q4 2024 → Q1 2025
| DHR Danaher Corp. | Add +290.6% | 0.57% | +0.41 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.4% | 2.51% | +0.40 |
| ORLY O'reilly Automotive Inc. | Add +5.7% | 1.27% | +0.28 |
| JNJ Johnson & Johnson | Add +4.2% | 1.31% | +0.22 |
| OMC Omnicom Group | Add +44.5% | 0.62% | +0.18 |
| JPM JPMorgan Chase & Co. | Add +2.3% | 2.88% | +0.15 |
| VEA Vanguard Ftse Developed ETF | Add +0.7% | 1.70% | +0.12 |
| FAST Fastenal Co. | Add +1.7% | 1.26% | +0.12 |
| SCHW Schwab (charles) Corp. | Add +6.0% | 1.04% | +0.12 |
| IEFA iShares Core MSCI Eafe ETF | Add +5.4% | 0.84% | +0.10 |
| META Meta Platforms Inc. Class A | Add +8.0% | 1.55% | +0.10 |
| DIS The Walt Disney Co. | Add +26.8% | 0.81% | +0.09 |
| DKNG Draftkings Inc. Class A | Add +12299.6% | 0.09% | +0.09 |
| ABT Abbott Laboratories | Add +2.9% | 0.51% | +0.09 |
| VGSH Vanguard Short-Term Treasury | Add +17.1% | 0.55% | +0.09 |
| VCIT Vanguard Int-Term Corporate | Add +15.7% | 0.52% | +0.08 |
| BRBR Bellring Brands Inc. | New | 0.07% | +0.07 |
| WST West Pharmaceutical Services | Add +7364.9% | 0.07% | +0.07 |
| EQH Equitable Holdings Inc. | New | 0.07% | +0.07 |
| IJR iShares Core S&P Small-Cap E | Add +16.5% | 1.14% | +0.07 |
| IWD iShares Russell 1000 Value E | Add +1.8% | 1.70% | +0.07 |
| BF.A Brown-Forman Corp. Class A | Add +633.5% | 0.08% | +0.06 |
| UNP Union Pacific Corp. | Add +3.2% | 0.90% | +0.06 |
| VWO Vanguard Ftse Emerging Marke | Add +14.0% | 0.41% | +0.06 |
| ILMN Illumina Inc. | Add +1324.9% | 0.06% | +0.06 |
| VONE Vanguard Russell 1000 | Add +776.6% | 0.06% | +0.06 |
| EXPD Expeditors Intl Wash Inc. | Add +4.8% | 0.43% | +0.05 |
| BABA Alibaba Group Holding-SP ADR | Add +17.0% | 0.12% | +0.05 |
| CP Canadian Pacific Kansas City | Add +386.8% | 0.06% | +0.05 |
| ECL Ecolab Inc. | Add +40.0% | 0.14% | +0.05 |
| DUK Duke Energy Corp. | Add +22.1% | 0.15% | +0.04 |
| IT Gartner Inc. | Add +333.7% | 0.06% | +0.04 |
| LYV Live Nation Entertainment Inc. | Add +6183.8% | 0.04% | +0.04 |
| CNR Core Natural Resources Inc. | New | 0.04% | +0.04 |
| VEU Vanguard Ftse All-World Ex-U | Add +7.9% | 0.31% | +0.04 |
| VZ Verizon Communications Inc. | Add +9.0% | 0.21% | +0.04 |
| BIV Vanguard Intermediate-Term B | Add +5.4% | 0.50% | +0.04 |
| UNH Unitedhealth Group Inc. | Add +5.2% | 0.44% | +0.04 |
| TJX TJX Companies Inc. | Add +3.1% | 0.88% | +0.04 |
| MDT Medtronic PLC | Add +11.0% | 0.19% | +0.04 |
| WFC Wells Fargo & Co. | Add +4.9% | 0.52% | +0.04 |
| EFV iShares MSCI Eafe Value ETF | Add +1.3% | 0.29% | +0.04 |
| IEF iShares 7-10 Year Treasury B | Add +4.2% | 0.46% | +0.04 |
| ISRG Intuitive Surgical Inc. | Add +85.8% | 0.08% | +0.03 |
| RTX RTX Corp. | Add +3.5% | 0.20% | +0.03 |
| TEL Te Connectivity PLC | Add +5.1% | 0.71% | +0.03 |
| DXCM Dexcom Inc. | Add +70.9% | 0.09% | +0.03 |
| SYK Stryker Corp. | Add +8.9% | 0.26% | +0.03 |
| APH Amphenol Corp. Class A | Add +36.0% | 0.12% | +0.03 |
| AEM Agnico Eagle Mines Ltd. | Add +157.6% | 0.04% | +0.03 |
Notes & Other Activity Q4 2024 → Q1 2025
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Add +3.6% | 5,135 | $6.2M |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Add +15.0% | 853 | $1.1M |
| FLDDW Fold Holdings Inc. -23 | *W EXP 02/14/203 | New | 400,994 | $297K |
| ISLWF Israel Acquisitions Corp.-28 | *W EXP 99/99/999 | New | 500,000 | $55K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,918 | $72.7B | AAPL, JPM, GOOG, MSFT, GEV |
| Q1 2026 | 1,821 | $64.0B | AAPL, MSFT, JPM, GOOG, VEA |
| Q4 2025 | 1,782 | $64.1B | MSFT, AAPL, JPM, GOOG, BRK.B |
| Q3 2025 | 1,788 | $62.2B | MSFT, AAPL, JPM, GOOG, IWF |
| Q2 2025 | 1,760 | $57.0B | MSFT, AAPL, JPM, BRK.B, GOOG |
| Q1 2025 | 1,748 | $51.9B | AAPL, MSFT, JPM, BRK.B, GOOG |
| Q4 2024 | 1,743 | $52.3B | AAPL, MSFT, JPM, GOOG, BRK.B |
| Q3 2024 | 1,742 | $51.5B | MSFT, AAPL, JPM, BRK.B, GOOG |
| Q2 2024 | 1,749 | $48.2B | MSFT, AAPL, JPM, GOOG, BRK.B |
| Q1 2024 | 1,746 | $47.7B | MSFT, AAPL, JPM, BRK.B, HD |