Baird Financial Group, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Baird Financial Group, Inc. reported 1,782 stock positions worth $64.1 billion. Its top holding was Microsoft (MSFT) at 4.3% of the portfolio, followed by Apple (AAPL, 4.2%) and JPMorgan Chase (JPM, 3.3%). Compared with Q3 2025, it opened 79 new positions, sold out of 87, added to 820 and reduced 790. The biggest buy was Wells Fargo (WFC, shares +36%) and the biggest sale Fiserv (FISV, shares −50%).
- Most Recent 13F
- Q2 2026
- Location
- MILWAUKEE, WI
- CIK
- 0001648711
- Portfolio Value
- $64.1B (Q4 2025)
- SEC Filing
- 0001648711-26-000002 ↗ filed Feb 13, 2026
Holdings Value
Holdings 1,782 stocks · $64.1B
| MSFT Microsoft Corp. | 4.26% | 5,653,730 | $2.7B | Add +1.5% |
| AAPL Apple Inc. | 4.19% | 9,875,218 | $2.7B | Add +1.4% |
| JPM JPMorgan Chase & Co. | 3.30% | 6,576,161 | $2.1B | Add +2.2% |
| GOOG Alphabet Inc. Class C | 3.27% | 6,691,286 | $2.1B | Reduce -0.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.04% | 2,599,722 | $1.3B | Add +3.7% |
| IWF iShares Russell 1000 Growth | 2.00% | 2,717,137 | $1.3B | Reduce -1.6% |
| VEA Vanguard Ftse Developed ETF | 1.96% | 20,114,092 | $1.3B | Add +8.7% |
| IWD iShares Russell 1000 Value E | 1.92% | 5,848,639 | $1.2B | Add +4.1% |
| GE General Electric filed as GE AEROSPACE | 1.71% | 3,564,193 | $1.1B | Add +4.5% |
| META Meta Platforms Inc. Class A | 1.64% | 1,597,833 | $1.1B | Add +1.6% |
| GEV GE Vernova Inc. | 1.62% | 1,589,931 | $1.0B | Reduce -3.7% |
| AMZN Amazon.com Inc. | 1.54% | 4,290,765 | $990.4M | Add +3.2% |
| HD Home Depot Inc. | 1.51% | 2,808,649 | $966.5M | Add +1.4% |
| JNJ Johnson & Johnson | 1.41% | 4,370,180 | $904.4M | Add +2.2% |
| NVDA Nvidia Corp. | 1.40% | 4,807,519 | $896.6M | Reduce -0.8% |
| PGR Progressive Corp. | 1.38% | 3,877,430 | $883.0M | Add +3.4% |
| PH Parker Hannifin Corp. | 1.32% | 964,341 | $847.6M | Add +3.5% |
| IWR iShares Russell Mid-Cap ETF | 1.30% | 8,681,469 | $835.8M | Add +2.6% |
| SCHW Schwab (charles) Corp. | 1.24% | 7,975,675 | $796.8M | Add +3.8% |
| IJR iShares Core S&P Small-Cap E | 1.15% | 6,133,925 | $737.2M | Add +6.3% |
| TEL Te Connectivity PLC | 1.06% | 2,974,966 | $676.8M | Add +3.6% |
| AVGO Broadcom Inc. | 1.02% | 1,890,328 | $654.2M | Reduce -3.7% |
| IVV iShares Core S&P 500 ETF | 1.01% | 943,724 | $646.4M | Add +18.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.99% | 4,141,829 | $636.2M | Add +2.9% |
| GOOGL Alphabet Inc. Class A | 0.95% | 1,943,654 | $608.4M | Reduce -0.7% |
| ORLY O'reilly Automotive Inc. | 0.94% | 6,586,338 | $600.7M | Add +2.4% |
| FAST Fastenal Co. | 0.93% | 14,840,071 | $595.5M | Add +1.8% |
| VOO Vanguard S&P 500 ETF | 0.86% | 877,730 | $550.5M | Add +6.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.84% | 4,753,553 | $540.8M | Add +2.8% |
| VGSH Vanguard Short-Term Treasury | 0.82% | 8,958,632 | $526.1M | Add +33.8% |
| IEFA iShares Core MSCI Eafe ETF | 0.82% | 5,868,880 | $525.0M | Add +4.2% |
| WFC Wells Fargo & Co. | 0.81% | 5,556,902 | $517.9M | Add +36.4% |
| COST Costco Wholesale Corp. | 0.80% | 598,110 | $515.8M | Add +0.9% |
| VCIT Vanguard Int-Term Corporate | 0.78% | 5,958,038 | $499.0M | Add +32.8% |
| DHR Danaher Corp. | 0.73% | 2,032,830 | $465.4M | Add +3.7% |
| UNP Union Pacific Corp. | 0.72% | 1,993,741 | $461.2M | Add +2.9% |
| ABBV Abbvie Inc. | 0.70% | 1,973,385 | $450.9M | Reduce -1.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.69% | 647,158 | $441.3M | Add +4.4% |
| V Visa Inc. Class A | 0.60% | 1,105,681 | $387.8M | Reduce -0.3% |
| BIV Vanguard Intermediate-Term B | 0.58% | 4,774,764 | $371.9M | Add +17.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.57% | 6,672,301 | $367.0M | Add +0.7% |
| OMC Omnicom Group | 0.55% | 4,354,333 | $351.6M | Reduce -0.2% |
| VWO Vanguard Ftse Emerging Marke | 0.53% | 6,355,611 | $341.7M | Add +10.8% |
| EXPD Expeditors Intl Wash Inc. | 0.48% | 2,085,758 | $310.8M | Add +3.5% |
| MA Mastercard Inc. Class A | 0.48% | 535,643 | $305.8M | Reduce -2.3% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.48% | 625,110 | $305.0M | Add +6.0% |
| LLY Eli Lilly & Co. | 0.46% | 276,094 | $296.7M | Add +7.5% |
| VTI VG Morningstar TS MKT ETF-US | 0.46% | 876,258 | $293.8M | Add +8.4% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.44% | 1,486,260 | $283.9M | Add +2.3% |
| WMT Walmart Inc. | 0.42% | 2,437,540 | $271.6M | Add +5.0% |
| IEF iShares 7-10 Year Treasury B | 0.40% | 2,694,885 | $259.1M | Add +1.0% |
| VEU Vanguard Ftse All-World Ex-U | 0.39% | 3,438,614 | $252.9M | Add +6.9% |
| TSM Taiwan Semiconductor-SP ADR | 0.39% | 827,915 | $251.6M | Reduce -2.1% |
| ABT Abbott Laboratories | 0.39% | 1,995,983 | $250.1M | Reduce -0.6% |
| QQQ Invesco QQQ Trust Series 1 | 0.38% | 397,570 | $244.2M | Add +11.0% |
| CVX Chevron Corp. | 0.37% | 1,572,877 | $239.7M | Reduce -1.2% |
| IJH iShares Core S&P Midcap ETF | 0.36% | 3,465,910 | $228.8M | Add +0.4% |
| PG The Procter & Gamble Co. | 0.35% | 1,560,128 | $223.6M | Add +0.1% |
| CSCO Cisco Systems Inc. | 0.34% | 2,803,356 | $215.9M | Reduce -0.2% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.31% | 778,593 | $200.8M | Add +3.7% |
| EFV iShares MSCI Eafe Value ETF | 0.30% | 2,675,073 | $191.0M | Reduce -0.2% |
| BLK BlackRock Inc. | 0.30% | 177,553 | $190.0M | Reduce -1.9% |
| CAT Caterpillar Inc. | 0.29% | 321,502 | $184.2M | Add +0.6% |
| DFAC Dimensional US Core Equity 2 | 0.29% | 4,641,003 | $183.7M | Add +1.6% |
| MCD McDonald's Corp. | 0.27% | 576,873 | $176.3M | Add +3.4% |
| XOM Exxon Mobil Corp. | 0.26% | 1,379,140 | $166.0M | Add +3.9% |
| IEMG iShares Core MSCI Emerging | 0.25% | 2,413,373 | $162.2M | Add +5.4% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.25% | 552,805 | $160.4M | Add +1.4% |
| APH Amphenol Corp. Class A | 0.25% | 1,164,126 | $157.3M | Add +2.2% |
| SPSB SS SPDR P St C Corp. ETF | 0.24% | 5,176,270 | $156.3M | Add +18.3% |
| TSLA Tesla Inc. | 0.24% | 336,486 | $151.3M | Reduce -0.5% |
| ASML ASML Holding NV-NY Reg SHS | 0.24% | 141,158 | $151.0M | Reduce -11.0% |
| SPGI S&P Global Inc. | 0.23% | 288,478 | $150.8M | Reduce -0.9% |
| IWM iShares Russell 2000 ETF | 0.23% | 587,244 | $144.6M | Reduce -2.4% |
| VIG Vanguard Dividend Apprec ETF | 0.22% | 640,862 | $140.8M | Add +1.1% |
| MRK Merck & Co. Inc. | 0.21% | 1,296,021 | $136.4M | Add +2.3% |
| SYK Stryker Corp. | 0.21% | 386,803 | $135.9M | Add +0.7% |
| PEP Pepsico Inc. | 0.21% | 942,231 | $135.2M | Reduce -1.5% |
| EFA iShares MSCI Eafe ETF | 0.21% | 1,407,271 | $135.1M | Reduce -0.4% |
| RTX RTX Corp. | 0.21% | 733,057 | $134.4M | Reduce -2.4% |
| VYM Vanguard High DVD Yield ETF | 0.21% | 928,873 | $133.3M | Add +55.1% |
| TMO Thermo Fisher Scientific Inc. | 0.21% | 227,540 | $131.8M | Add +9.6% |
| ADI Analog Devices Inc. | 0.20% | 466,909 | $126.6M | Reduce -0.7% |
| ADP Automatic Data Processing | 0.20% | 490,924 | $126.3M | Add +0.2% |
| ETN Eaton Corp. PLC | 0.19% | 374,220 | $119.2M | Reduce -0.3% |
| QCOM Qualcomm Inc. | 0.18% | 685,800 | $117.3M | Add +1.9% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.18% | 391,278 | $115.9M | Reduce -0.7% |
| WCN Waste Connections Inc. | 0.17% | 637,323 | $111.8M | Add +10.4% |
| IAU iShares Gold Trust | 0.17% | 1,375,256 | $111.6M | Reduce -0.9% |
| IVW iShares S&P 500 Growth ETF | 0.17% | 882,286 | $108.8M | Reduce -0.2% |
| TCAF T Rowe PRC Cap Appreciation | 0.17% | 2,796,816 | $106.9M | Add +1.1% |
| LRCX Lam Research Corp. | 0.16% | 617,808 | $105.8M | Reduce -4.3% |
| USB US Bancorp | 0.16% | 1,975,433 | $105.4M | Reduce -1.9% |
| MDT Medtronic PLC | 0.16% | 1,093,175 | $105.0M | Add +1.1% |
| SBUX Starbucks Corp. | 0.16% | 1,244,715 | $104.8M | Reduce -4.5% |
| PCAR Paccar Inc. | 0.16% | 953,042 | $104.4M | Reduce -1.7% |
| KMX Carmax Inc. | 0.16% | 2,661,299 | $102.8M | Reduce -22.1% |
| GLD SPDR Gold Shares | 0.16% | 255,845 | $101.4M | Reduce -7.8% |
| VZ Verizon Communications Inc. | 0.16% | 2,449,735 | $99.8M | Add +1.8% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.15% | 1,927,532 | $98.1M | Add +7.4% |
Other holdings (4): bonds, preferreds, convertibles and warrants · $8.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 5,728 | $6.9M | Add +6.5% |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 948 | $1.2M | Add +2.6% |
| STRATEGY INC (MSTR 8 PERP) | SERIES A PERP PF | 9,300 | $732K | New |
| FLDDW Fold Holdings Inc. -23 | *W EXP 02/14/203 | 255,994 | $39K | No change |
Total filed on the 13F, all lines: $64.2B.
Portfolio Sells Q3 2025 → Q4 2025
| FISV Fiserv Inc. | Reduce -50.3% | 0.04% | −0.13 |
| CSGP Costar Group Inc. | Reduce -97.4% | 0.00% | −0.09 |
| KMX Carmax Inc. | Reduce -22.1% | 0.16% | −0.09 |
| SCHD Schwab US DVD Equity ETF | Reduce -45.0% | 0.09% | −0.08 |
| IWF iShares Russell 1000 Growth | Reduce -1.6% | 2.00% | −0.08 |
| RGLD Royal Gold Inc. | Reduce -62.9% | 0.05% | −0.08 |
| DKNG Draftkings Inc. Class A | Sold out | 0.00% | −0.07 |
| SHW The Sherwin-Williams Co. | Reduce -30.3% | 0.12% | −0.07 |
| NVDA Nvidia Corp. | Reduce -0.8% | 1.40% | −0.06 |
| CPRT Copart Inc. | Reduce -48.2% | 0.04% | −0.06 |
| EQH Equitable Holdings Inc. | Reduce -89.2% | 0.01% | −0.05 |
| FIS Fidelity National Info Serv | Reduce -77.1% | 0.01% | −0.05 |
| VICI Vici Properties Inc. | Reduce -36.6% | 0.05% | −0.05 |
| BURL Burlington Stores Inc. | Reduce -90.7% | 0.01% | −0.05 |
| LYV Live Nation Entertainment Inc. | Reduce -47.4% | 0.04% | −0.04 |
| ONC Beone Medicines Ltd.-ADR | Reduce -11.3% | 0.14% | −0.04 |
| BLK BlackRock Inc. | Reduce -1.9% | 0.30% | −0.04 |
| ABT Abbott Laboratories | Reduce -0.6% | 0.39% | −0.04 |
| MKTX Marketaxess Holdings Inc. | Reduce -88.7% | 0.01% | −0.04 |
| BABA Alibaba Group Holding-SP ADR | Reduce -4.9% | 0.13% | −0.04 |
| ABBV Abbvie Inc. | Reduce -1.1% | 0.70% | −0.04 |
| ETN Eaton Corp. PLC | Reduce -0.3% | 0.19% | −0.04 |
| SPOT Spotify Technology SA | Reduce -50.0% | 0.02% | −0.04 |
| UBER Uber Technologies Inc. | Reduce -8.6% | 0.10% | −0.04 |
| NOW ServiceNow Inc. | Reduce -6.4% | 0.11% | −0.03 |
| BRBR Bellring Brands Inc. | Reduce -89.4% | 0.00% | −0.03 |
| MET Metlife Inc. | Reduce -53.1% | 0.03% | −0.03 |
| PAYX Paychex Inc. | Reduce -7.0% | 0.13% | −0.03 |
| ESS Essex Property Trust Inc. | Reduce -95.2% | 0.00% | −0.03 |
| VEEV Veeva Systems Inc. Class A | Reduce -4.3% | 0.07% | −0.03 |
| FOUR SHIFT4 Payments Inc. Class A | Reduce -38.1% | 0.03% | −0.03 |
| PANW Palo Alto Networks Inc. | Reduce -4.2% | 0.14% | −0.03 |
| CMCSA Comcast Corp. Class A | Reduce -39.0% | 0.03% | −0.03 |
| MA Mastercard Inc. Class A | Reduce -2.3% | 0.48% | −0.02 |
| CASY Casey's General Stores Inc. | Reduce -13.5% | 0.11% | −0.02 |
| OMC Omnicom Group | Reduce -0.2% | 0.55% | −0.02 |
| BX Blackstone Inc. | Reduce -31.8% | 0.04% | −0.02 |
| BWXT BWX Technologies Inc. | Reduce -22.6% | 0.06% | −0.02 |
| CVX Chevron Corp. | Reduce -1.2% | 0.37% | −0.02 |
| TREX Trex Company Inc. | Reduce -30.4% | 0.02% | −0.02 |
| MPWR Monolithic Power Systems Inc. | Reduce -9.9% | 0.14% | −0.02 |
| APD Air Products & Chemicals Inc. | Reduce -29.2% | 0.04% | −0.02 |
| BF.B Brown-Forman Corp. Class B | Reduce -63.5% | 0.01% | −0.02 |
| MSI Motorola Solutions Inc. | Reduce -11.9% | 0.06% | −0.02 |
| AVGO Broadcom Inc. | Reduce -3.7% | 1.02% | −0.02 |
| EOG EOG Resources Inc. | Reduce -12.8% | 0.08% | −0.02 |
| DXCM Dexcom Inc. | Reduce -36.1% | 0.03% | −0.02 |
| EFX Equifax Inc. | Reduce -18.6% | 0.04% | −0.02 |
| RMD Resmed Inc. | Reduce -17.8% | 0.05% | −0.02 |
| NCLH Norwegian Cruise Line Holdin | Sold out | 0.00% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| WFC Wells Fargo & Co. | Add +36.4% | 0.81% | +0.26 |
| AAPL Apple Inc. | Add +1.4% | 4.19% | +0.20 |
| VGSH Vanguard Short-Term Treasury | Add +33.8% | 0.82% | +0.19 |
| PH Parker Hannifin Corp. | Add +3.5% | 1.32% | +0.18 |
| VEA Vanguard Ftse Developed ETF | Add +8.7% | 1.96% | +0.18 |
| VCIT Vanguard Int-Term Corporate | Add +32.8% | 0.78% | +0.17 |
| IVV iShares Core S&P 500 ETF | Add +18.2% | 1.01% | +0.15 |
| LLY Eli Lilly & Co. | Add +7.5% | 0.46% | +0.15 |
| JNJ Johnson & Johnson | Add +2.2% | 1.41% | +0.13 |
| DHR Danaher Corp. | Add +3.7% | 0.73% | +0.10 |
| EXPD Expeditors Intl Wash Inc. | Add +3.5% | 0.48% | +0.09 |
| IWD iShares Russell 1000 Value E | Add +4.1% | 1.92% | +0.08 |
| AMZN Amazon.com Inc. | Add +3.2% | 1.54% | +0.08 |
| VYM Vanguard High DVD Yield ETF | Add +55.1% | 0.21% | +0.07 |
| BIV Vanguard Intermediate-Term B | Add +17.1% | 0.58% | +0.07 |
| MU Micron Technology Inc. | Add +15.8% | 0.13% | +0.06 |
| SCHW Schwab (charles) Corp. | Add +3.8% | 1.24% | +0.06 |
| GE General Electric | Add +4.5% | 1.71% | +0.06 |
| TJX TJX Companies Inc. | Add +2.9% | 0.99% | +0.06 |
| CW Curtiss-Wright Corp. | Add +317.5% | 0.07% | +0.06 |
| VOO Vanguard S&P 500 ETF | Add +6.6% | 0.86% | +0.05 |
| IJR iShares Core S&P Small-Cap E | Add +6.3% | 1.15% | +0.05 |
| ISRG Intuitive Surgical Inc. | Add +33.2% | 0.11% | +0.04 |
| TMO Thermo Fisher Scientific Inc. | Add +9.6% | 0.21% | +0.04 |
| CAT Caterpillar Inc. | Add +0.6% | 0.29% | +0.04 |
| MRK Merck & Co. Inc. | Add +2.3% | 0.21% | +0.04 |
| TEL Te Connectivity PLC | Add +3.6% | 1.06% | +0.04 |
| JPM JPMorgan Chase & Co. | Add +2.2% | 3.30% | +0.04 |
| WMT Walmart Inc. | Add +5.0% | 0.42% | +0.04 |
| VONV Vanguard Russell 1000 Value | Add +4438.2% | 0.04% | +0.04 |
| FICO Fair Isaac Corp. | Add +522.4% | 0.04% | +0.04 |
| LULU Lululemon Athletica Inc. | Add +44.3% | 0.09% | +0.04 |
| QQQ Invesco QQQ Trust Series 1 | Add +11.0% | 0.38% | +0.03 |
| VWO Vanguard Ftse Emerging Marke | Add +10.8% | 0.53% | +0.03 |
| VTI VG Morningstar TS MKT ETF-US | Add +8.4% | 0.46% | +0.03 |
| SPSB SS SPDR P St C Corp. ETF | Add +18.3% | 0.24% | +0.03 |
| KO The Coca-Cola Co. | Add +23.5% | 0.15% | +0.03 |
| FND Floor & Decor Holdings Inc. Class A | Add +6269.6% | 0.03% | +0.03 |
| SMTI Sanara Medtech Inc. | New | 0.03% | +0.03 |
| IEFA iShares Core MSCI Eafe ETF | Add +4.2% | 0.82% | +0.03 |
| EME Emcor Group Inc. | Add +509.2% | 0.03% | +0.03 |
| CME Cme Group Inc. | Add +48.6% | 0.08% | +0.03 |
| VEU Vanguard Ftse All-World Ex-U | Add +6.9% | 0.39% | +0.03 |
| IUSV iShares Core S&P U.S. Value | Add +114.4% | 0.05% | +0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +4.4% | 0.69% | +0.02 |
| MMM 3M Co. | Add +59.8% | 0.06% | +0.02 |
| BAC Bank of America Corp. | Add +0.7% | 0.57% | +0.02 |
| NUE Nucor Corp. | Add +31.6% | 0.06% | +0.02 |
| PYPL PayPal Holdings Inc. | Add +246.8% | 0.03% | +0.02 |
| TEAM Atlassian Corp. Class A | Add +27.3% | 0.10% | +0.02 |
Notes & Other Activity Q3 2025 → Q4 2025
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Add +6.5% | 5,728 | $6.9M |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Add +2.6% | 948 | $1.2M |
| STRATEGY INC (MSTR 8 PERP) | SERIES A PERP PF | New | 9,300 | $732K |
| ISLWF Israel Acquisitions Corp.-28 | *W EXP 99/99/999 | Sold out | 500,000 | $91Kbefore exit |
| COHEN & STEERS INFRASTRU | RIGHT 10/16/2025 | Sold out | 12,619 | $984before exit |
| BLACKROCK INCOME TR-RT | RIGHT 10/20/2025 | Sold out | 10,703 | $631before exit |
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 |