BTC Capital Management, Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 8, 2025), BTC Capital Management, Inc. reported 202 stock positions worth $1.1 billion. Its top holding was Vanguard Total Bond Market (BND) at 5.0% of the portfolio, followed by Apple (AAPL, 4.3%) and Microsoft (MSFT, 3.8%). Compared with Q4 2024, it opened 10 new positions, sold out of 7, added to 115 and reduced 61. The biggest buy was Vanguard S&P 500 ETF (VOO, shares +130%) and the biggest sale an exit from Pultegroup (PHM).
- Most Recent 13F
- Q2 2026
- Location
- DES MOINES, IA
- CIK
- 0001611848
- Portfolio Value
- $1.1B (Q1 2025)
- SEC Filing
- 0001085146-25-001923 ↗ filed Apr 8, 2025
Holdings Value
Holdings 202 stocks · $1.1B
| BND Vanguard Total Bond Market | 4.96% | 738,625 | $54.3M | Add +3.2% |
| AAPL Apple Inc. | 4.33% | 213,256 | $47.4M | Add +4.3% |
| MSFT Microsoft Corp. | 3.77% | 109,670 | $41.2M | Add +4.7% |
| EFA iShares MSCI Eafe ETF | 3.63% | 485,124 | $39.7M | Add +6.3% |
| NVDA Nvidia Corp. | 3.27% | 330,176 | $35.8M | Add +2.3% |
| IWF iShares Russell 1000 Growth | 2.84% | 85,943 | $31.0M | Add +1.7% |
| GOOGL Alphabet Inc. Class A | 2.30% | 162,964 | $25.2M | Add +4.6% |
| AMZN Amazon.com Inc. | 2.27% | 130,424 | $24.8M | Add +6.0% |
| VUG Vanguard Mrngstar GR ETF-Sui | 2.07% | 61,169 | $22.7M | Add +43.7% |
| IWB iShares Russell 1000 ETF | 1.97% | 70,313 | $21.6M | Reduce -8.5% |
| AVGO Broadcom Inc. | 1.96% | 128,227 | $21.5M | Add +10.4% |
| IWD iShares Russell 1000 Value E | 1.85% | 107,407 | $20.2M | Add +10.7% |
| WMT Walmart Inc. | 1.84% | 229,538 | $20.2M | Add +2.8% |
| XOM Exxon Mobil Corp. | 1.83% | 168,232 | $20.0M | Add +1.3% |
| JPM JPMorgan Chase & Co. | 1.67% | 74,342 | $18.2M | Add +1.5% |
| META Meta Platforms Inc. Class A | 1.66% | 31,580 | $18.2M | Add +3.9% |
| VWO Vanguard Ftse Emerging Marke | 1.34% | 322,960 | $14.6M | Add +1.8% |
| IWM iShares Russell 2000 ETF | 1.33% | 73,161 | $14.6M | Add +6.3% |
| IVV iShares Core S&P 500 ETF | 1.33% | 25,934 | $14.6M | Add +0.2% |
| JNJ Johnson & Johnson | 1.27% | 83,775 | $13.9M | Add +1.3% |
| MA Mastercard Inc. Class A | 1.25% | 24,894 | $13.6M | Add +0.2% |
| CRWD CrowdStrike Holdings Inc. Class A | 1.25% | 38,611 | $13.6M | Add +21.9% |
| PG The Procter & Gamble Co. | 1.23% | 79,089 | $13.5M | Add +4.2% |
| ABBV Abbvie Inc. | 1.19% | 62,082 | $13.0M | Reduce -4.1% |
| MS Morgan Stanley | 1.17% | 109,339 | $12.8M | Add +8.1% |
| WFC Wells Fargo & Co. | 1.08% | 164,530 | $11.8M | Reduce -2.8% |
| FAST Fastenal Co. | 1.06% | 149,006 | $11.6M | Add +5.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.03% | 92,093 | $11.2M | Add +4.3% |
| FISV Fiserv Inc. | 1.02% | 50,454 | $11.1M | Reduce -0.8% |
| ORCL Oracle Corp. | 0.95% | 74,621 | $10.4M | Add +3.7% |
| ORLY O'reilly Automotive Inc. | 0.95% | 7,276 | $10.4M | Reduce -1.3% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.93% | 59,063 | $10.2M | Reduce -1.0% |
| VOO Vanguard S&P 500 ETF | 0.92% | 19,522 | $10.0M | Add +129.7% |
| DE Deere & Co. | 0.91% | 21,273 | $10.0M | Add +0.8% |
| STLD Steel Dynamics Inc. | 0.87% | 75,903 | $9.5M | Add +2.1% |
| ICE Intercontinental Exchange Inc. | 0.83% | 52,490 | $9.1M | Add +0.7% |
| NSC Norfolk Southern Corp. | 0.82% | 37,995 | $9.0M | Add +2.5% |
| LLY Eli Lilly & Co. | 0.79% | 10,502 | $8.7M | Add +13.7% |
| TMUS T-Mobile US Inc. | 0.79% | 32,414 | $8.6M | Reduce -1.0% |
| PEP Pepsico Inc. | 0.74% | 53,989 | $8.1M | Add +5.0% |
| NEE Nextera Energy Inc. | 0.74% | 113,508 | $8.0M | Add +4.4% |
| UNH Unitedhealth Group Inc. | 0.71% | 14,815 | $7.8M | Reduce -2.9% |
| XEL Xcel Energy Inc. | 0.70% | 108,730 | $7.7M | Add +0.8% |
| INTU Intuit Inc. | 0.69% | 12,333 | $7.6M | Reduce -5.5% |
| PLD Prologis Inc. | 0.68% | 66,492 | $7.4M | Reduce -0.9% |
| ETN Eaton Corp. PLC | 0.66% | 26,486 | $7.2M | Add +1.3% |
| LOW Lowe's Cos Inc. | 0.66% | 30,833 | $7.2M | Add +1.4% |
| MAR Marriott International Class A | 0.64% | 29,487 | $7.0M | Reduce -1.1% |
| MRK Merck & Co. Inc. | 0.60% | 72,868 | $6.5M | Reduce -0.8% |
| MUB iShares National Muni Bond E | 0.60% | 61,725 | $6.5M | Reduce -0.3% |
| TMO Thermo Fisher Scientific Inc. | 0.59% | 12,920 | $6.4M | Add +0.5% |
| ALL Allstate Corp. | 0.59% | 30,985 | $6.4M | Add +0.4% |
| LHX L3HARRIS Technologies Inc. | 0.57% | 30,031 | $6.3M | Reduce -0.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.57% | 11,227 | $6.3M | Reduce -1.3% |
| FDX FedEx Corp. | 0.57% | 25,745 | $6.3M | Add +1.4% |
| JAZZ Jazz Pharmaceuticals PLC | 0.56% | 49,353 | $6.1M | Reduce -0.6% |
| QQQ Invesco QQQ Trust Series 1 | 0.55% | 12,800 | $6.0M | No change |
| ADBE Adobe Inc. | 0.55% | 15,612 | $6.0M | Reduce -5.3% |
| OTIS Otis Worldwide Corp. | 0.55% | 57,791 | $6.0M | Add +0.8% |
| GM General Motors Co. | 0.53% | 123,321 | $5.8M | Add +1.6% |
| SPGI S&P Global Inc. | 0.53% | 11,366 | $5.8M | Add +1.4% |
| IWV iShares Russell 3000 ETF | 0.53% | 18,150 | $5.8M | Add +3.3% |
| UNM Unum Group | 0.51% | 68,437 | $5.6M | Add +20.0% |
| RF Regions Financial Corp. | 0.50% | 253,307 | $5.5M | Add +0.1% |
| VRTX Vertex Pharmaceuticals Inc. | 0.50% | 11,339 | $5.5M | Add +2.8% |
| PH Parker Hannifin Corp. | 0.49% | 8,822 | $5.4M | Add +1.1% |
| DHR Danaher Corp. | 0.49% | 25,993 | $5.3M | Add +0.2% |
| GILD Gilead Sciences Inc. | 0.49% | 47,330 | $5.3M | Reduce -11.8% |
| VTI VG Morningstar TS MKT ETF-US | 0.46% | 18,383 | $5.1M | New |
| TSLA Tesla Inc. | 0.45% | 18,837 | $4.9M | Add +386.0% |
| IVW iShares S&P 500 Growth ETF | 0.43% | 50,178 | $4.7M | Reduce -0.9% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.39% | 45,896 | $4.2M | New |
| MDT Medtronic PLC | 0.37% | 45,127 | $4.1M | Add +9.7% |
| AMP Ameriprise Financial Inc. | 0.37% | 8,340 | $4.0M | Add +14.8% |
| HD Home Depot Inc. | 0.36% | 10,717 | $3.9M | Add +18.6% |
| IWR iShares Russell Mid-Cap ETF | 0.35% | 45,078 | $3.8M | Reduce -0.7% |
| IVE iShares S&P 500 Value ETF | 0.33% | 19,037 | $3.6M | Reduce -1.2% |
| SYF Synchrony Financial | 0.32% | 65,835 | $3.5M | Add +25.9% |
| SNA Snap-on Inc. | 0.32% | 10,320 | $3.5M | Add +14.2% |
| HON Honeywell International Inc. | 0.32% | 16,351 | $3.5M | Add +11.1% |
| EQH Equitable Holdings Inc. | 0.32% | 66,217 | $3.4M | Add +20.4% |
| STX Seagate Technology Holdings | 0.31% | 40,240 | $3.4M | Add +43.4% |
| SSNC Ss&c Technologies Holdings | 0.31% | 40,058 | $3.3M | Add +29.1% |
| ETR Entergy Corp. | 0.26% | 33,801 | $2.9M | Reduce -4.3% |
| VEA Vanguard Ftse Developed ETF | 0.26% | 56,608 | $2.9M | Add +5.7% |
| VGK Vanguard Ftse Europe ETF | 0.25% | 39,460 | $2.8M | Reduce -0.9% |
| CWI State Street SPDR MSCI Acwi | 0.24% | 89,586 | $2.6M | No change |
| VNQ Vanguard Real Estate ETF | 0.24% | 28,609 | $2.6M | No change |
| SMFG Sumitomo Mitsui-Spons ADR | 0.22% | 159,010 | $2.5M | Add +4.2% |
| BNL Broadstone Net Lease Inc. | 0.22% | 143,971 | $2.5M | Add +29.5% |
| UL Unilever PLC | 0.22% | 40,837 | $2.4M | Add +7.6% |
| TTE Totalenergies SE -Spon ADR | 0.22% | 37,591 | $2.4M | Add +3.5% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.22% | 3 | $2.4M | No change |
| VB Vanguard Most SM-Cap ETF-Usd | 0.21% | 10,526 | $2.3M | Add +0.3% |
| SONY Sony Group Corp. - SP ADR | 0.20% | 87,867 | $2.2M | Add +45.5% |
| INVH Invitation Homes Inc. | 0.20% | 62,033 | $2.2M | Add +24.2% |
| D Dominion Energy Inc. | 0.19% | 37,243 | $2.1M | Add +14.0% |
| RSP Invesco S&P 500 Equal Weight | 0.19% | 12,000 | $2.1M | No change |
| AMGN Amgen Inc. | 0.19% | 6,672 | $2.1M | Add +7.8% |
| IX Orix - Sponsored ADR filed as ORIX CORP | 0.19% | 97,618 | $2.0M | Add +17.3% |
Portfolio Sells Q4 2024 → Q1 2025
| PHM Pultegroup Inc. | Sold out | 0.00% | −0.63 |
| OMC Omnicom Group | Sold out | 0.00% | −0.43 |
| IWB iShares Russell 1000 ETF | Reduce -8.5% | 1.97% | −0.32 |
| VTEB Vanguard Tax-Exempt Bond ETF | Sold out | 0.00% | −0.21 |
| SUB iShares Short-Term National | Reduce -55.7% | 0.12% | −0.16 |
| ADBE Adobe Inc. | Reduce -5.3% | 0.55% | −0.13 |
| UPS United Parcel Service Class B | Sold out | 0.00% | −0.13 |
| MAR Marriott International Class A | Reduce -1.1% | 0.64% | −0.13 |
| MRK Merck & Co. Inc. | Reduce -0.8% | 0.60% | −0.08 |
| INTU Intuit Inc. | Reduce -5.5% | 0.69% | −0.07 |
| IVW iShares S&P 500 Growth ETF | Reduce -0.9% | 0.43% | −0.05 |
| HEES H&E Equipment Services Inc. | Sold out | 0.00% | −0.05 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -1.3% | 0.57% | −0.04 |
| WING Wingstop Inc. | Sold out | 0.00% | −0.04 |
| MGA Magna International Inc. | Reduce -12.4% | 0.07% | −0.03 |
| DAL Delta Air Lines Inc. | Reduce -8.2% | 0.05% | −0.03 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | Reduce -0.7% | 0.17% | −0.02 |
| JHG Janus Henderson Group PLC | Reduce -8.9% | 0.07% | −0.02 |
| ABG Asbury Automotive Group | Sold out | 0.00% | −0.02 |
| IWR iShares Russell Mid-Cap ETF | Reduce -0.7% | 0.35% | −0.02 |
| ISRG Intuitive Surgical Inc. | Reduce -11.6% | 0.10% | −0.02 |
| WFC Wells Fargo & Co. | Reduce -2.8% | 1.08% | −0.02 |
| IWO iShares Russell 2000 Growth | Reduce -0.6% | 0.13% | −0.02 |
| PRGS Progress Software Corp. | Reduce -17.6% | 0.03% | −0.02 |
| MUB iShares National Muni Bond E | Reduce -0.3% | 0.60% | −0.02 |
| CACI Caci International Inc. Class A | Reduce -24.5% | 0.03% | −0.02 |
| LHX L3HARRIS Technologies Inc. | Reduce -0.8% | 0.57% | −0.01 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -1.0% | 0.17% | −0.01 |
| HQY Healthequity Inc. | Reduce -14.6% | 0.05% | −0.01 |
| HMC Honda Motor Co. Ltd.-Spons ADR | Reduce -3.6% | 0.11% | −0.01 |
| EMR Emerson Electric Co. | Reduce -18.9% | 0.02% | −0.01 |
| IVE iShares S&P 500 Value ETF | Reduce -1.2% | 0.33% | −0.01 |
| AMAT Applied Materials Inc. | Reduce -0.1% | 0.06% | −0.01 |
| IJR iShares Core S&P Small-Cap E | Reduce -6.3% | 0.04% | −0.01 |
| HCC Warrior Met Coal Inc. | Reduce -3.1% | 0.04% | −0.01 |
| MLI Mueller Industries Inc. | Reduce -7.4% | 0.05% | −0.01 |
| JAZZ Jazz Pharmaceuticals PLC | Reduce -0.6% | 0.56% | −0.01 |
| SNX TD Synnex Corp. | Reduce -7.3% | 0.03% | −0.01 |
| AXP American Express Co. | Reduce -0.3% | 0.03% | −0.01 |
| UNH Unitedhealth Group Inc. | Reduce -2.9% | 0.71% | −0.00 |
| LOPE Grand Canyon Education Inc. | Reduce -14.8% | 0.04% | −0.00 |
| ANIP Ani Pharmaceuticals Inc. | Reduce -22.3% | 0.05% | −0.00 |
| EXEL Exelixis Inc. | Reduce -17.0% | 0.04% | −0.00 |
| LGND Ligand Pharmaceuticals | Reduce -6.3% | 0.03% | −0.00 |
| SNEX Stonex Group Inc. | Reduce -20.2% | 0.04% | −0.00 |
| AGG iShares Core U.S. Aggregate | Reduce -2.5% | 0.09% | −0.00 |
| SNY Sanofi-ADR | Reduce -13.0% | 0.12% | −0.00 |
| HOMB Home Bancshares Inc. | Reduce -1.5% | 0.04% | −0.00 |
| ICF iShares Select U.S. REIT ETF | Reduce -1.4% | 0.08% | −0.00 |
| PATK Patrick Industries Inc. | Reduce -2.4% | 0.02% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| VOO Vanguard S&P 500 ETF | Add +129.7% | 0.92% | +0.49 |
| VTI VG Morningstar TS MKT ETF-US | New | 0.46% | +0.46 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +43.7% | 2.07% | +0.46 |
| EFA iShares MSCI Eafe ETF | Add +6.3% | 3.63% | +0.43 |
| BIL SS SPDR BB 1-3M T-Bill ETF | New | 0.39% | +0.39 |
| TSLA Tesla Inc. | Add +386.0% | 0.45% | +0.30 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +21.9% | 1.25% | +0.24 |
| BND Vanguard Total Bond Market | Add +3.2% | 4.96% | +0.19 |
| IWD iShares Russell 1000 Value E | Add +10.7% | 1.85% | +0.18 |
| XOM Exxon Mobil Corp. | Add +1.3% | 1.83% | +0.18 |
| CNH CNH Industrial NV | New | 0.18% | +0.18 |
| JNJ Johnson & Johnson | Add +1.3% | 1.27% | +0.16 |
| LLY Eli Lilly & Co. | Add +13.7% | 0.79% | +0.13 |
| UNM Unum Group | Add +20.0% | 0.51% | +0.12 |
| FAST Fastenal Co. | Add +5.2% | 1.06% | +0.11 |
| ICE Intercontinental Exchange Inc. | Add +0.7% | 0.83% | +0.11 |
| VRTX Vertex Pharmaceuticals Inc. | Add +2.8% | 0.50% | +0.09 |
| SSNC Ss&c Technologies Holdings | Add +29.1% | 0.31% | +0.09 |
| STX Seagate Technology Holdings | Add +43.4% | 0.31% | +0.09 |
| DE Deere & Co. | Add +0.8% | 0.91% | +0.09 |
| SONY Sony Group Corp. - SP ADR | Add +45.5% | 0.20% | +0.09 |
| STLD Steel Dynamics Inc. | Add +2.1% | 0.87% | +0.08 |
| EQH Equitable Holdings Inc. | Add +20.4% | 0.32% | +0.07 |
| MDT Medtronic PLC | Add +9.7% | 0.37% | +0.07 |
| BNL Broadstone Net Lease Inc. | Add +29.5% | 0.22% | +0.06 |
| PG The Procter & Gamble Co. | Add +4.2% | 1.23% | +0.05 |
| OTIS Otis Worldwide Corp. | Add +0.8% | 0.55% | +0.05 |
| NICE Nice Ltd. - Spon ADR | Add +92.3% | 0.12% | +0.05 |
| INVH Invitation Homes Inc. | Add +24.2% | 0.20% | +0.05 |
| APH Amphenol Corp. Class A | New | 0.05% | +0.05 |
| NFLX Netflix Inc. | New | 0.05% | +0.05 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | New | 0.04% | +0.04 |
| VWO Vanguard Ftse Emerging Marke | Add +1.8% | 1.34% | +0.04 |
| AMGN Amgen Inc. | Add +7.8% | 0.19% | +0.04 |
| JPM JPMorgan Chase & Co. | Add +1.5% | 1.67% | +0.04 |
| TTE Totalenergies SE -Spon ADR | Add +3.5% | 0.22% | +0.04 |
| EMN Eastman Chemical Co. | Add +35.3% | 0.17% | +0.04 |
| GD General Dynamics Corp. | Add +23.6% | 0.18% | +0.04 |
| TJX TJX Companies Inc. | Add +4.3% | 1.03% | +0.04 |
| MA Mastercard Inc. Class A | Add +0.2% | 1.25% | +0.04 |
| ALL Allstate Corp. | Add +0.4% | 0.59% | +0.04 |
| HALO Halozyme Therapeutics Inc. | New | 0.03% | +0.03 |
| SNA Snap-on Inc. | Add +14.2% | 0.32% | +0.03 |
| HD Home Depot Inc. | Add +18.6% | 0.36% | +0.03 |
| XEL Xcel Energy Inc. | Add +0.8% | 0.70% | +0.03 |
| SHEL Shell PLC-ADR | Add +5.0% | 0.16% | +0.03 |
| GNL Global Net Lease Inc. | New | 0.03% | +0.03 |
| D Dominion Energy Inc. | Add +14.0% | 0.19% | +0.03 |
| XLE SS Energy Select Sector | New | 0.03% | +0.03 |
| VEA Vanguard Ftse Developed ETF | Add +5.7% | 0.26% | +0.03 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 207 | $1.6B | NVDA, BND, AAPL, MSFT, GOOGL |
| Q1 2026 | 207 | $1.5B | BND, NVDA, AAPL, GOOGL, MSFT |
| Q4 2025 | 207 | $1.4B | NVDA, BND, MSFT, AAPL, GOOGL |
| Q3 2025 | 202 | $1.4B | NVDA, BND, MSFT, AAPL, WMT |
| Q2 2025 | 201 | $1.2B | BND, MSFT, NVDA, EFA, AAPL |
| Q1 2025 | 202 | $1.1B | BND, AAPL, MSFT, EFA, NVDA |
| Q4 2024 | 199 | $1.1B | BND, AAPL, MSFT, NVDA, EFA |
| Q3 2024 | 210 | $1.1B | BND, AAPL, MSFT, NVDA, EFA |
| Q2 2024 | 210 | $1.1B | BND, MSFT, AAPL, NVDA, IWF |
| Q1 2024 | 225 | $1.1B | BND, MSFT, AAPL, EFA, IWF |