Baird Financial Group, Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Baird Financial Group, Inc. reported 1,788 stock positions worth $62.2 billion. Its top holding was Microsoft (MSFT) at 4.6% of the portfolio, followed by Apple (AAPL, 4.0%) and JPMorgan Chase (JPM, 3.3%). Compared with Q2 2025, it opened 106 new positions, sold out of 77, added to 816 and reduced 785. The biggest buy was Alphabet Class C (GOOG, shares +2%) and the biggest sale Costco Wholesale (COST, shares −1%).

Most Recent 13F
Q2 2026
Location
MILWAUKEE, WI
CIK
0001648711
Portfolio Value
$62.2B (Q3 2025)
SEC Filing
0001648711-25-000026 ↗ filed Nov 13, 2025

Holdings Value

0$20.0B$40.0B$60.0B$80.0B Q1 2024: $47.7B Q1 2024 Q2 2024: $48.2B Q2 2024 Q3 2024: $51.5B Q3 2024 Q4 2024: $52.3B Q4 2024 Q1 2025: $51.9B Q1 2025 Q2 2025: $57.0B Q2 2025 Q3 2025: $62.2B $62.2B Q3 2025 Q4 2025: $64.1B Q4 2025 Q1 2026: $64.0B Q1 2026 Q2 2026: $72.7B Q2 2026

Holdings 1,788 stocks · $62.2B

MSFT Microsoft Corp. 4.64% 5,572,019 $2.9B Add +1.5%
AAPL Apple Inc. 3.99% 9,742,126 $2.5B Add +1.3%
JPM JPMorgan Chase & Co. 3.26% 6,433,054 $2.0B Add +2.8%
GOOG Alphabet Inc. Class C 2.62% 6,695,667 $1.6B Add +1.9%
IWF iShares Russell 1000 Growth 2.08% 2,761,205 $1.3B Add +1.1%
BRK.B Berkshire Hathaway Inc. Class B 2.03% 2,506,270 $1.3B Add +2.9%
META Meta Platforms Inc. Class A 1.86% 1,572,167 $1.2B Add +3.0%
IWD iShares Russell 1000 Value E 1.84% 5,618,785 $1.1B Add +6.5%
HD Home Depot Inc. 1.80% 2,769,424 $1.1B Add +3.2%
VEA Vanguard Ftse Developed ETF 1.78% 18,502,945 $1.1B Add +7.6%
GE General Electric filed as GE AEROSPACE 1.65% 3,409,386 $1.0B Add +6.5%
GEV GE Vernova Inc. 1.63% 1,651,282 $1.0B Add +6.1%
PGR Progressive Corp. 1.49% 3,749,487 $925.9M Add +5.4%
AMZN Amazon.com Inc. 1.47% 4,156,679 $912.7M Add +2.8%
NVDA Nvidia Corp. 1.45% 4,843,847 $903.8M Reduce -1.1%
IWR iShares Russell Mid-Cap ETF 1.31% 8,458,447 $816.7M Add +3.0%
JNJ Johnson & Johnson 1.28% 4,276,766 $793.0M Add +2.8%
SCHW Schwab (charles) Corp. 1.18% 7,684,195 $733.6M Add +5.3%
FAST Fastenal Co. 1.15% 14,578,544 $714.9M Add +1.3%
PH Parker Hannifin Corp. 1.14% 932,104 $706.7M Add +4.7%
ORLY O'reilly Automotive Inc. 1.12% 6,432,548 $693.5M Add +8.0%
IJR iShares Core S&P Small-Cap E 1.10% 5,770,252 $685.7M Add +5.3%
AVGO Broadcom Inc. 1.04% 1,962,610 $647.5M Reduce -4.5%
TEL Te Connectivity PLC 1.01% 2,872,612 $630.6M Add +4.2%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.94% 4,023,733 $581.6M Add +3.5%
COST Costco Wholesale Corp. 0.88% 592,702 $548.6M Reduce -1.5%
IVV iShares Core S&P 500 ETF 0.86% 798,319 $534.3M Add +1.2%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.85% 4,624,003 $529.4M Add +4.0%
VOO Vanguard S&P 500 ETF 0.81% 823,101 $504.1M Reduce -0.8%
IEFA iShares Core MSCI Eafe ETF 0.79% 5,634,459 $491.9M Add +4.2%
GOOGL Alphabet Inc. Class A 0.77% 1,956,613 $475.7M Add +1.0%
ABBV Abbvie Inc. 0.74% 1,995,481 $462.0M Add +0.4%
UNP Union Pacific Corp. 0.74% 1,937,622 $458.0M Add +1.4%
SPY SS SPDR S&P 500 ETF Trust-US 0.66% 619,655 $412.8M Reduce -0.3%
VGSH Vanguard Short-Term Treasury 0.63% 6,698,032 $394.2M Add +16.5%
DHR Danaher Corp. 0.63% 1,960,212 $388.6M Add +6.1%
V Visa Inc. Class A 0.61% 1,108,876 $378.5M Reduce -0.5%
VCIT Vanguard Int-Term Corporate 0.61% 4,486,140 $377.3M Add +15.9%
OMC Omnicom Group 0.57% 4,364,655 $355.9M Add +5.6%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.55% 6,628,505 $342.0M Add +5.2%
WFC Wells Fargo & Co. 0.55% 4,074,294 $341.5M Add +3.9%
BIV Vanguard Intermediate-Term B 0.51% 4,078,011 $318.5M Add +14.5%
MA Mastercard Inc. Class A 0.50% 548,140 $311.8M Add +0.0%
VWO Vanguard Ftse Emerging Marke 0.50% 5,738,673 $310.9M Add +12.3%
VUG Vanguard Mrngstar GR ETF-Sui 0.46% 589,938 $282.9M Add +25.5%
VTV Vanguard Mrngstr Val ETF-Aui 0.44% 1,453,590 $271.1M Add +1.9%
ABT Abbott Laboratories 0.43% 2,008,202 $269.0M Add +0.8%
VTI VG Morningstar TS MKT ETF-US 0.43% 808,239 $265.2M Add +2.7%
IEF iShares 7-10 Year Treasury B 0.41% 2,669,292 $257.5M Add +1.3%
CVX Chevron Corp. 0.40% 1,591,796 $247.2M Reduce -0.7%
EXPD Expeditors Intl Wash Inc. 0.40% 2,014,331 $246.9M Add +4.0%
PG The Procter & Gamble Co. 0.39% 1,558,186 $239.4M Reduce -5.1%
WMT Walmart Inc. 0.38% 2,321,929 $239.3M Add +3.9%
TSM Taiwan Semiconductor-SP ADR 0.38% 845,643 $236.2M Reduce -1.2%
VEU Vanguard Ftse All-World Ex-U 0.37% 3,217,001 $229.6M Add +10.9%
IJH iShares Core S&P Midcap ETF 0.36% 3,452,453 $225.3M Reduce -0.6%
QQQ Invesco QQQ Trust Series 1 0.35% 358,153 $215.0M Add +1.2%
BLK BlackRock Inc. 0.34% 181,077 $211.1M Reduce -0.1%
LLY Eli Lilly & Co. 0.32% 256,939 $196.0M Reduce -3.6%
CSCO Cisco Systems Inc. 0.31% 2,809,756 $192.2M Reduce -3.6%
VB Vanguard Most SM-Cap ETF-Usd 0.31% 751,095 $191.0M Reduce -3.2%
EFV iShares MSCI Eafe Value ETF 0.29% 2,680,212 $181.8M Add +0.7%
DFAC Dimensional US Core Equity 2 0.28% 4,569,734 $176.3M Reduce -0.3%
MCD McDonald's Corp. 0.27% 557,990 $169.6M Add +3.6%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.26% 545,284 $160.2M Add +1.3%
ASML ASML Holding NV-NY Reg SHS 0.25% 158,557 $153.5M Add +0.5%
KMX Carmax Inc. 0.25% 3,414,489 $153.2M Add +3.5%
CAT Caterpillar Inc. 0.25% 319,703 $152.5M Add +1.3%
IEMG iShares Core MSCI Emerging 0.24% 2,289,026 $150.9M Add +2.4%
TSLA Tesla Inc. 0.24% 338,144 $150.4M Reduce -6.0%
XOM Exxon Mobil Corp. 0.24% 1,327,727 $149.7M Reduce -0.8%
IWM iShares Russell 2000 ETF 0.23% 601,495 $145.5M Reduce -2.4%
ADP Automatic Data Processing 0.23% 489,833 $143.8M Reduce -0.4%
SYK Stryker Corp. 0.23% 384,127 $142.0M Add +3.3%
SPGI S&P Global Inc. 0.23% 291,059 $141.7M Add +4.0%
APH Amphenol Corp. Class A 0.23% 1,139,500 $141.0M Add +8.3%
ETN Eaton Corp. PLC 0.23% 375,313 $140.5M Add +1.3%
VIG Vanguard Dividend Apprec ETF 0.22% 633,785 $136.8M Reduce -2.5%
PEP Pepsico Inc. 0.22% 956,653 $134.4M Add +0.5%
SPSB SS SPDR P St C Corp. ETF 0.21% 4,374,214 $132.5M Add +15.1%
EFA iShares MSCI Eafe ETF 0.21% 1,413,093 $131.9M Add +5.3%
ORCL Oracle Corp. 0.21% 466,545 $131.2M Reduce -7.9%
RTX RTX Corp. 0.20% 750,703 $125.6M Reduce -1.1%
ONC Beone Medicines Ltd.-ADR 0.19% 342,922 $116.8M Add +0.1%
SHW The Sherwin-Williams Co. 0.19% 334,467 $115.8M Reduce -7.3%
ADI Analog Devices Inc. 0.19% 470,326 $115.6M Reduce -0.2%
QCOM Qualcomm Inc. 0.18% 672,739 $111.9M Add +1.9%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.18% 394,123 $111.2M Reduce -1.1%
SBUX Starbucks Corp. 0.18% 1,302,822 $110.2M Add +3.7%
FISV Fiserv Inc. 0.18% 854,367 $110.2M Add +4.1%
PANW Palo Alto Networks Inc. 0.17% 523,992 $106.7M Add +1.4%
IVW iShares S&P 500 Growth ETF 0.17% 883,663 $106.7M Reduce -3.3%
MRK Merck & Co. Inc. 0.17% 1,266,795 $106.3M Add +1.6%
BABA Alibaba Group Holding-SP ADR 0.17% 594,550 $106.3M Add +3.0%
VZ Verizon Communications Inc. 0.17% 2,406,021 $105.7M Add +4.3%
SCHD Schwab US DVD Equity ETF 0.17% 3,845,298 $105.0M Reduce -17.0%
PAYX Paychex Inc. 0.17% 824,422 $104.5M Reduce -1.2%
TCAF T Rowe PRC Cap Appreciation 0.17% 2,765,851 $104.3M Add +1.5%
MDT Medtronic PLC 0.17% 1,080,819 $102.9M Reduce -0.7%
WCN Waste Connections Inc. 0.16% 577,005 $101.4M Add +0.3%

Show all 1,788 holdings

Other holdings (6): bonds, preferreds, convertibles and warrants · $8.0M (not counted above)
SecurityClassShares / PrincipalValueChange
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 5,378$6.6MAdd +2.0%
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 924$1.2MAdd +6.1%
FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 255,994$128KNo change
ISLWF Israel Acquisitions Corp.-28 *W EXP 99/99/999 500,000$91KNo change
COHEN & STEERS INFRASTRU RIGHT 10/16/2025 12,619$984Reduce -28.3%
BLACKROCK INCOME TR-RT RIGHT 10/20/2025 10,703$631New

Total filed on the 13F, all lines: $62.2B.

Portfolio Sells Q2 2025 → Q3 2025

COST Costco Wholesale Corp. Reduce -1.5% 0.88% −0.16
V Visa Inc. Class A Reduce -0.5% 0.61% −0.08
TXRH Texas Roadhouse Inc. Reduce -99.0% 0.00% −0.08
ZTS Zoetis Inc. Reduce -53.0% 0.05% −0.07
CMG Chipotle Mexican Grill Inc. Reduce -65.1% 0.02% −0.07
PG The Procter & Gamble Co. Reduce -5.1% 0.39% −0.07
FANG Diamondback Energy Inc. Reduce -96.9% 0.00% −0.07
CDW CDW Corp. Reduce -62.4% 0.03% −0.06
BR Broadridge Financial Solutio Reduce -24.1% 0.13% −0.06
HUBS HubSpot Inc. Sold out 0.00% −0.06
IT Gartner Inc. Reduce -85.9% 0.01% −0.06
JEPI JPMorgan Equity Premium Inco Reduce -31.1% 0.09% −0.05
LLY Eli Lilly & Co. Reduce -3.6% 0.32% −0.05
VONE Vanguard Russell 1000 Reduce -85.6% 0.01% −0.05
GTO Invesco Total Return Bond Et Reduce -86.7% 0.01% −0.05
SCHD Schwab US DVD Equity ETF Reduce -17.0% 0.17% −0.05
CSCO Cisco Systems Inc. Reduce -3.6% 0.31% −0.05
PAYX Paychex Inc. Reduce -1.2% 0.17% −0.04
TECH Bio-Techne Corp. Reduce -86.1% 0.01% −0.04
DXCM Dexcom Inc. Reduce -21.2% 0.05% −0.04
FOUR SHIFT4 Payments Inc. Class A Reduce -20.6% 0.05% −0.04
AAON Aaon Inc. Reduce -98.9% 0.00% −0.04
MKTX Marketaxess Holdings Inc. Reduce -24.3% 0.05% −0.04
LW Lamb Weston Holdings Inc. Reduce -91.5% 0.00% −0.04
GLOB Globant SA Sold out 0.00% −0.04
CHDN Churchill Downs Inc. Reduce -30.9% 0.06% −0.04
ISRG Intuitive Surgical Inc. Reduce -14.7% 0.07% −0.04
FIS Fidelity National Info Serv Reduce -14.0% 0.07% −0.04
ADP Automatic Data Processing Reduce -0.4% 0.23% −0.03
BRK.A Berkshire Hathaway Inc. Class A Reduce -27.6% 0.08% −0.03
CSGP Costar Group Inc. Reduce -23.2% 0.10% −0.03
UPS United Parcel Service Class B Reduce -9.4% 0.07% −0.03
TYL Tyler Technologies Inc. Reduce -20.2% 0.06% −0.03
PODD Insulet Corp. Reduce -23.7% 0.07% −0.03
DKNG Draftkings Inc. Class A Reduce -13.8% 0.07% −0.03
TEAM Atlassian Corp. Class A Reduce -0.1% 0.08% −0.03
SHW The Sherwin-Williams Co. Reduce -7.3% 0.19% −0.03
BURL Burlington Stores Inc. Reduce -37.5% 0.05% −0.03
BJ Bj's Wholesale Club Holdings Reduce -22.0% 0.05% −0.03
EQH Equitable Holdings Inc. Reduce -20.6% 0.06% −0.03
MSCI MSCI Inc. Reduce -11.2% 0.12% −0.03
BWXT BWX Technologies Inc. Reduce -37.3% 0.08% −0.03
BRBR Bellring Brands Inc. Reduce -1.0% 0.04% −0.03
PEN Penumbra Inc. Reduce -20.4% 0.07% −0.03
IBM Intl Business Machines Corp. Reduce -1.1% 0.18% −0.03
LII Lennox International Inc. Reduce -20.5% 0.05% −0.03
PTC PTC Inc. Reduce -38.4% 0.05% −0.03
HEI Heico Corp. Reduce -20.5% 0.06% −0.03
EFX Equifax Inc. Reduce -20.5% 0.06% −0.02
KO The Coca-Cola Co. Reduce -3.0% 0.12% −0.02

Portfolio Buys Q2 2025 → Q3 2025

GOOG Alphabet Inc. Class C Add +1.9% 2.62% +0.58
AAPL Apple Inc. Add +1.3% 3.99% +0.53
GE General Electric Add +6.5% 1.65% +0.20
TEL Te Connectivity PLC Add +4.2% 1.01% +0.20
GEV GE Vernova Inc. Add +6.1% 1.63% +0.19
ORLY O'reilly Automotive Inc. Add +8.0% 1.12% +0.17
GOOGL Alphabet Inc. Class A Add +1.0% 0.77% +0.17
JNJ Johnson & Johnson Add +2.8% 1.28% +0.16
ABBV Abbvie Inc. Add +0.4% 0.74% +0.10
VUG Vanguard Mrngstar GR ETF-Sui Add +25.5% 0.46% +0.09
TJX TJX Companies Inc. Add +3.5% 0.94% +0.09
RGLD Royal Gold Inc. Add +279.0% 0.12% +0.09
FAST Fastenal Co. Add +1.3% 1.15% +0.09
JPM JPMorgan Chase & Co. Add +2.8% 3.26% +0.08
HD Home Depot Inc. Add +3.2% 1.80% +0.08
VEA Vanguard Ftse Developed ETF Add +7.6% 1.78% +0.06
TKO Tko Group Holdings Inc. Add +7049.4% 0.06% +0.06
VWO Vanguard Ftse Emerging Marke Add +12.3% 0.50% +0.06
BABA Alibaba Group Holding-SP ADR Add +3.0% 0.17% +0.06
IJR iShares Core S&P Small-Cap E Add +5.3% 1.10% +0.05
UBER Uber Technologies Inc. Add +68.0% 0.14% +0.05
OMC Omnicom Group Add +5.6% 0.57% +0.05
TWLO Twilio Inc. Class A New 0.05% +0.05
IWF iShares Russell 1000 Growth Add +1.1% 2.08% +0.05
PH Parker Hannifin Corp. Add +4.7% 1.14% +0.05
VNOM Viper Energy Inc. Class A New 0.05% +0.05
APH Amphenol Corp. Class A Add +8.3% 0.23% +0.04
VCIT Vanguard Int-Term Corporate Add +15.9% 0.61% +0.04
IWD iShares Russell 1000 Value E Add +6.5% 1.84% +0.04
ONC Beone Medicines Ltd.-ADR Add +0.1% 0.19% +0.04
VGSH Vanguard Short-Term Treasury Add +16.5% 0.63% +0.04
BE Bloom Energy Corp. Class A Add +1.8% 0.05% +0.04
WING Wingstop Inc. Add +8721.2% 0.03% +0.03
SPYM Ste STR SPDR PT S&P 500 ETF Add +467.4% 0.04% +0.03
CAT Caterpillar Inc. Add +1.3% 0.25% +0.03
ANET Arista Networks Inc. Add +7.9% 0.10% +0.03
BIV Vanguard Intermediate-Term B Add +14.5% 0.51% +0.03
XT Ishar Fture Exp Tech ETF-Usd Add +83.2% 0.06% +0.03
BAC Bank of America Corp. Add +5.2% 0.55% +0.03
VEU Vanguard Ftse All-World Ex-U Add +10.9% 0.37% +0.03
MGV Vngrd Mrgstr MG CP VL ETF-Ui Add +62.6% 0.07% +0.03
MPWR Monolithic Power Systems Inc. Add +3.9% 0.16% +0.03
SAMT Strategas Macro Them Opps Add +136.3% 0.05% +0.03
LQD Ishr Ibx Usd Invgd CB ETF-Ui Add +152.0% 0.05% +0.03
XPO Xpo Inc. New 0.03% +0.03
ASML ASML Holding NV-NY Reg SHS Add +0.5% 0.25% +0.03
SPMB SS SPDR P Mort Back Bond ETF Add +224.0% 0.04% +0.02
FDL First Trust Morn DVD Lead Inc. Add +398.1% 0.03% +0.02
DELL Dell Technologies -C Add +48.3% 0.06% +0.02
FBND Fidelity Total Bond ETF Add +89.1% 0.05% +0.02

Notes & Other Activity Q2 2025 → Q3 2025

WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A Add +2.0% 5,378 $6.6M
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L Add +6.1% 924 $1.2M
ABLLW East Resources Acquis -CW27 *W EXP 06/30/202 Sold out 63,896 $72Kbefore exit
COHEN & STEERS INFRASTRU RIGHT 10/16/2025 Reduce -28.3% 12,619 $984
BLACKROCK INCOME TR-RT RIGHT 10/20/2025 New 10,703 $631

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 1,918$72.7BAAPL, JPM, GOOG, MSFT, GEV
Q1 2026 1,821$64.0BAAPL, MSFT, JPM, GOOG, VEA
Q4 2025 1,782$64.1BMSFT, AAPL, JPM, GOOG, BRK.B
Q3 2025 1,788$62.2BMSFT, AAPL, JPM, GOOG, IWF
Q2 2025 1,760$57.0BMSFT, AAPL, JPM, BRK.B, GOOG
Q1 2025 1,748$51.9BAAPL, MSFT, JPM, BRK.B, GOOG
Q4 2024 1,743$52.3BAAPL, MSFT, JPM, GOOG, BRK.B
Q3 2024 1,742$51.5BMSFT, AAPL, JPM, BRK.B, GOOG
Q2 2024 1,749$48.2BMSFT, AAPL, JPM, GOOG, BRK.B
Q1 2024 1,746$47.7BMSFT, AAPL, JPM, BRK.B, HD