BTC Capital Management, Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 11, 2025), BTC Capital Management, Inc. reported 201 stock positions worth $1.2 billion. Its top holding was Vanguard Total Bond Market (BND) at 4.6% of the portfolio, followed by Microsoft (MSFT, 4.5%) and Nvidia (NVDA, 4.2%). Compared with Q1 2025, it opened 16 new positions, sold out of 17, added to 107 and reduced 56. The biggest buy was Microsoft (MSFT, shares +1%) and the biggest sale Apple (AAPL, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- DES MOINES, IA
- CIK
- 0001611848
- Portfolio Value
- $1.2B (Q2 2025)
- SEC Filing
- 0001085146-25-003740 ↗ filed Jul 11, 2025
Holdings Value
Holdings 201 stocks · $1.2B
| BND Vanguard Total Bond Market | 4.64% | 771,306 | $56.8M | Add +4.4% |
| MSFT Microsoft Corp. | 4.49% | 110,703 | $55.0M | Add +0.9% |
| NVDA Nvidia Corp. | 4.19% | 324,742 | $51.3M | Reduce -1.6% |
| EFA iShares MSCI Eafe ETF | 3.60% | 493,083 | $44.1M | Add +1.6% |
| AAPL Apple Inc. | 3.51% | 209,639 | $43.0M | Reduce -1.7% |
| IWF iShares Russell 1000 Growth | 3.04% | 87,812 | $37.3M | Add +2.2% |
| AVGO Broadcom Inc. | 2.76% | 123,079 | $33.8M | Reduce -4.0% |
| AMZN Amazon.com Inc. | 2.41% | 134,521 | $29.5M | Add +3.1% |
| GOOGL Alphabet Inc. Class A | 2.35% | 163,364 | $28.7M | Add +0.3% |
| META Meta Platforms Inc. Class A | 2.28% | 37,932 | $27.9M | Add +20.1% |
| VUG Vanguard Mrngstar GR ETF-Sui | 2.16% | 60,318 | $26.4M | Reduce -1.4% |
| IWB iShares Russell 1000 ETF | 1.98% | 71,519 | $24.3M | Add +1.7% |
| WMT Walmart Inc. | 1.82% | 229,341 | $22.3M | Reduce -0.1% |
| IWD iShares Russell 1000 Value E | 1.80% | 113,855 | $22.1M | Add +6.0% |
| JPM JPMorgan Chase & Co. | 1.76% | 74,464 | $21.5M | Add +0.2% |
| XOM Exxon Mobil Corp. | 1.69% | 193,444 | $20.8M | Add +15.0% |
| CRWD CrowdStrike Holdings Inc. Class A | 1.40% | 33,692 | $17.1M | Reduce -12.7% |
| VWO Vanguard Ftse Emerging Marke | 1.38% | 342,320 | $16.9M | Add +6.0% |
| IWM iShares Russell 2000 ETF | 1.34% | 76,046 | $16.4M | Add +3.9% |
| IVV iShares Core S&P 500 ETF | 1.31% | 25,909 | $16.1M | Reduce -0.1% |
| ORCL Oracle Corp. | 1.27% | 71,129 | $15.6M | Reduce -4.7% |
| MS Morgan Stanley | 1.25% | 109,031 | $15.3M | Reduce -0.3% |
| MA Mastercard Inc. Class A | 1.16% | 25,401 | $14.3M | Add +2.0% |
| JNJ Johnson & Johnson | 1.13% | 90,945 | $13.8M | Add +8.6% |
| ABBV Abbvie Inc. | 1.04% | 69,000 | $12.7M | Add +11.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.04% | 103,404 | $12.7M | Add +12.3% |
| FAST Fastenal Co. | 1.03% | 299,438 | $12.6M | Add +0.5% |
| WFC Wells Fargo & Co. | 1.01% | 154,523 | $12.4M | Reduce -6.1% |
| VOO Vanguard S&P 500 ETF | 0.91% | 19,570 | $11.1M | Add +0.3% |
| PG The Procter & Gamble Co. | 0.90% | 69,756 | $11.0M | Reduce -11.8% |
| STLD Steel Dynamics Inc. | 0.87% | 83,818 | $10.7M | Add +10.4% |
| INTU Intuit Inc. | 0.86% | 13,357 | $10.5M | Add +8.3% |
| DE Deere & Co. | 0.84% | 20,346 | $10.3M | Reduce -4.4% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.83% | 57,757 | $10.2M | Reduce -2.2% |
| NSC Norfolk Southern Corp. | 0.80% | 38,349 | $9.8M | Add +0.9% |
| ORLY O'reilly Automotive Inc. | 0.79% | 108,009 | $9.7M | Reduce -1.0% |
| TSLA Tesla Inc. | 0.78% | 30,132 | $9.5M | Add +60.0% |
| ETN Eaton Corp. PLC | 0.77% | 26,296 | $9.4M | Reduce -0.7% |
| ICE Intercontinental Exchange Inc. | 0.75% | 50,246 | $9.2M | Reduce -4.3% |
| LLY Eli Lilly & Co. | 0.70% | 10,998 | $8.6M | Add +4.7% |
| MAR Marriott International Class A | 0.66% | 29,447 | $8.0M | Reduce -0.1% |
| NEE Nextera Energy Inc. | 0.65% | 115,340 | $8.0M | Add +1.6% |
| TMUS T-Mobile US Inc. | 0.64% | 32,821 | $7.8M | Add +1.3% |
| MUB iShares National Muni Bond E | 0.63% | 73,831 | $7.7M | Add +19.6% |
| LHX L3HARRIS Technologies Inc. | 0.61% | 29,685 | $7.4M | Reduce -1.1% |
| LOW Lowe's Cos Inc. | 0.60% | 33,100 | $7.3M | Add +7.3% |
| NFLX Netflix Inc. | 0.60% | 5,480 | $7.3M | Add +876.8% |
| XEL Xcel Energy Inc. | 0.58% | 105,417 | $7.2M | Reduce -3.0% |
| QQQ Invesco QQQ Trust Series 1 | 0.58% | 12,800 | $7.1M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.57% | 11,227 | $6.9M | No change |
| PLD Prologis Inc. | 0.56% | 65,624 | $6.9M | Reduce -1.3% |
| FISV Fiserv Inc. | 0.55% | 39,033 | $6.7M | Reduce -22.6% |
| GS Goldman Sachs Group Inc. | 0.54% | 9,351 | $6.6M | New |
| COF Capital One Financial Corp. | 0.52% | 29,759 | $6.3M | New |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.51% | 68,631 | $6.2M | Add +49.5% |
| IWV iShares Russell 3000 ETF | 0.50% | 17,567 | $6.2M | Reduce -3.2% |
| PH Parker Hannifin Corp. | 0.50% | 8,814 | $6.2M | Reduce -0.1% |
| GM General Motors Co. | 0.49% | 121,726 | $6.0M | Reduce -1.3% |
| ALL Allstate Corp. | 0.49% | 29,637 | $6.0M | Reduce -4.3% |
| GILD Gilead Sciences Inc. | 0.48% | 54,194 | $5.9M | Add +14.5% |
| SPGI S&P Global Inc. | 0.48% | 11,152 | $5.9M | Reduce -1.9% |
| BSX Boston Scientific Corp. | 0.48% | 54,418 | $5.8M | New |
| ADBE Adobe Inc. | 0.47% | 14,965 | $5.8M | Reduce -4.1% |
| OTIS Otis Worldwide Corp. | 0.47% | 58,158 | $5.8M | Add +0.6% |
| UNM Unum Group | 0.47% | 71,836 | $5.7M | Add +5.0% |
| BN Brookfield Corp. | 0.47% | 92,246 | $5.7M | New |
| COST Costco Wholesale Corp. | 0.46% | 5,705 | $5.6M | New |
| DHR Danaher Corp. | 0.45% | 28,037 | $5.5M | Add +7.9% |
| IVW iShares S&P 500 Growth ETF | 0.45% | 50,178 | $5.5M | No change |
| WM Waste Management Inc. | 0.45% | 24,083 | $5.5M | New |
| JAZZ Jazz Pharmaceuticals PLC | 0.44% | 50,478 | $5.3M | Add +2.3% |
| VRTX Vertex Pharmaceuticals Inc. | 0.43% | 11,928 | $5.3M | Add +5.2% |
| VTI VG Morningstar TS MKT ETF-US | 0.42% | 16,958 | $5.2M | Reduce -7.8% |
| AMP Ameriprise Financial Inc. | 0.39% | 9,011 | $4.7M | Add +8.1% |
| STX Seagate Technology Holdings | 0.37% | 32,098 | $4.6M | Reduce -20.2% |
| HD Home Depot Inc. | 0.37% | 12,534 | $4.5M | Add +16.9% |
| MDT Medtronic PLC | 0.36% | 50,717 | $4.4M | Add +12.4% |
| SYF Synchrony Financial | 0.35% | 64,318 | $4.2M | Reduce -2.3% |
| IWR iShares Russell Mid-Cap ETF | 0.34% | 45,028 | $4.1M | Reduce -0.1% |
| HON Honeywell International Inc. | 0.33% | 17,420 | $4.0M | Add +6.5% |
| EQH Equitable Holdings Inc. | 0.32% | 70,116 | $3.9M | Add +5.9% |
| SNA Snap-on Inc. | 0.31% | 12,418 | $3.8M | Add +20.3% |
| SSNC Ss&c Technologies Holdings | 0.31% | 46,490 | $3.8M | Add +16.1% |
| IVE iShares S&P 500 Value ETF | 0.30% | 19,037 | $3.7M | No change |
| VEA Vanguard Ftse Developed ETF | 0.25% | 53,551 | $3.1M | Reduce -5.4% |
| ETR Entergy Corp. | 0.25% | 36,828 | $3.0M | Add +9.0% |
| VGK Vanguard Ftse Europe ETF | 0.24% | 38,443 | $3.0M | Reduce -2.6% |
| CWI State Street SPDR MSCI Acwi | 0.24% | 89,586 | $2.9M | No change |
| BRK.A Berkshire Hathaway Inc. Class A | 0.24% | 4 | $2.9M | Add +33.3% |
| VNQ Vanguard Real Estate ETF | 0.21% | 28,609 | $2.5M | No change |
| UL Unilever PLC | 0.21% | 41,591 | $2.5M | Add +1.9% |
| SMFG Sumitomo Mitsui-Spons ADR | 0.20% | 166,010 | $2.5M | Add +4.4% |
| BNL Broadstone Net Lease Inc. | 0.20% | 158,289 | $2.5M | Add +9.9% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.20% | 10,526 | $2.5M | No change |
| TTE Totalenergies SE -Spon ADR | 0.19% | 38,486 | $2.4M | Add +2.4% |
| CFG Citizens Financial Group | 0.19% | 53,167 | $2.3M | Add +10.3% |
| SONY Sony Group Corp. - SP ADR | 0.19% | 89,408 | $2.3M | Add +1.8% |
| IX Orix - Sponsored ADR filed as ORIX CORP | 0.19% | 101,497 | $2.3M | Add +4.0% |
| D Dominion Energy Inc. | 0.18% | 40,506 | $2.3M | Add +8.8% |
| UHS Universal Health Services-B | 0.18% | 12,517 | $2.2M | New |
Portfolio Sells Q1 2025 → Q2 2025
| AAPL Apple Inc. | Reduce -1.7% | 3.51% | −0.83 |
| PEP Pepsico Inc. | Reduce -95.8% | 0.02% | −0.72 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.71 |
| MRK Merck & Co. Inc. | Sold out | 0.00% | −0.60 |
| TMO Thermo Fisher Scientific Inc. | Sold out | 0.00% | −0.59 |
| FDX FedEx Corp. | Sold out | 0.00% | −0.57 |
| RF Regions Financial Corp. | Sold out | 0.00% | −0.50 |
| FISV Fiserv Inc. | Reduce -22.6% | 0.55% | −0.47 |
| PG The Procter & Gamble Co. | Reduce -11.8% | 0.90% | −0.33 |
| EMN Eastman Chemical Co. | Sold out | 0.00% | −0.17 |
| HST Host Hotels & Resorts Inc. | Sold out | 0.00% | −0.16 |
| ORLY O'reilly Automotive Inc. | Reduce -1.0% | 0.79% | −0.16 |
| SUB iShares Short-Term National | Sold out | 0.00% | −0.12 |
| XEL Xcel Energy Inc. | Reduce -3.0% | 0.58% | −0.12 |
| PLD Prologis Inc. | Reduce -1.3% | 0.56% | −0.12 |
| TKC Turkcell Iletisim Hizmet-ADR | Sold out | 0.00% | −0.12 |
| ALL Allstate Corp. | Reduce -4.3% | 0.49% | −0.10 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -2.2% | 0.83% | −0.10 |
| ICE Intercontinental Exchange Inc. | Reduce -4.3% | 0.75% | −0.08 |
| ADBE Adobe Inc. | Reduce -4.1% | 0.47% | −0.08 |
| JHG Janus Henderson Group PLC | Sold out | 0.00% | −0.07 |
| MGA Magna International Inc. | Sold out | 0.00% | −0.07 |
| DE Deere & Co. | Reduce -4.4% | 0.84% | −0.07 |
| WFC Wells Fargo & Co. | Reduce -6.1% | 1.01% | −0.07 |
| DIS The Walt Disney Co. | Sold out | 0.00% | −0.05 |
| SPGI S&P Global Inc. | Reduce -1.9% | 0.48% | −0.05 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Sold out | 0.00% | −0.04 |
| GM General Motors Co. | Reduce -1.3% | 0.49% | −0.04 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -7.8% | 0.42% | −0.04 |
| BLDR Builders Firstsource Inc. | Sold out | 0.00% | −0.04 |
| XLE SS Energy Select Sector | Sold out | 0.00% | −0.03 |
| CCOI Cogent Communications Holdin | Sold out | 0.00% | −0.03 |
| BXC Bluelinx Holdings Inc. | Sold out | 0.00% | −0.03 |
| IWV iShares Russell 3000 ETF | Reduce -3.2% | 0.50% | −0.02 |
| WMT Walmart Inc. | Reduce -0.1% | 1.82% | −0.02 |
| IVV iShares Core S&P 500 ETF | Reduce -0.1% | 1.31% | −0.02 |
| IJH iShares Core S&P Midcap ETF | Reduce -48.5% | 0.02% | −0.02 |
| MCD McDonald's Corp. | Reduce -22.6% | 0.03% | −0.02 |
| VEA Vanguard Ftse Developed ETF | Reduce -5.4% | 0.25% | −0.01 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -1.1% | 0.16% | −0.01 |
| IWR iShares Russell Mid-Cap ETF | Reduce -0.1% | 0.34% | −0.01 |
| GD General Dynamics Corp. | Reduce -0.5% | 0.17% | −0.01 |
| IJR iShares Core S&P Small-Cap E | Reduce -20.1% | 0.03% | −0.01 |
| VGK Vanguard Ftse Europe ETF | Reduce -2.6% | 0.24% | −0.01 |
| AGG iShares Core U.S. Aggregate | Reduce -0.2% | 0.08% | −0.01 |
| CPRX Catalyst Pharmaceuticals Inc. | Reduce -6.7% | 0.03% | −0.01 |
| ICF iShares Select U.S. REIT ETF | Reduce -0.1% | 0.07% | −0.01 |
| UNP Union Pacific Corp. | Reduce -3.1% | 0.04% | −0.01 |
| CVX Chevron Corp. | Reduce -0.8% | 0.02% | −0.01 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | Reduce -1.9% | 0.17% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| MSFT Microsoft Corp. | Add +0.9% | 4.49% | +0.72 |
| META Meta Platforms Inc. Class A | Add +20.1% | 2.28% | +0.61 |
| NFLX Netflix Inc. | Add +876.8% | 0.60% | +0.55 |
| GS Goldman Sachs Group Inc. | New | 0.54% | +0.54 |
| COF Capital One Financial Corp. | New | 0.52% | +0.52 |
| BSX Boston Scientific Corp. | New | 0.48% | +0.48 |
| BN Brookfield Corp. | New | 0.47% | +0.47 |
| COST Costco Wholesale Corp. | New | 0.46% | +0.46 |
| WM Waste Management Inc. | New | 0.45% | +0.45 |
| TSLA Tesla Inc. | Add +60.0% | 0.78% | +0.33 |
| IWF iShares Russell 1000 Growth | Add +2.2% | 3.04% | +0.21 |
| UHS Universal Health Services-B | New | 0.18% | +0.18 |
| INTU Intuit Inc. | Add +8.3% | 0.86% | +0.17 |
| AMZN Amazon.com Inc. | Add +3.1% | 2.41% | +0.14 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +49.5% | 0.51% | +0.12 |
| IBN Icici Bank Ltd.-Spon ADR | New | 0.11% | +0.11 |
| SAP Sap SE-Sponsored ADR | New | 0.11% | +0.11 |
| V Visa Inc. Class A | New | 0.09% | +0.09 |
| JPM JPMorgan Chase & Co. | Add +0.2% | 1.76% | +0.09 |
| GVI iShares Intermediate Governm | New | 0.05% | +0.05 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +88.0% | 0.13% | +0.05 |
| VWO Vanguard Ftse Emerging Marke | Add +6.0% | 1.38% | +0.04 |
| GOOGL Alphabet Inc. Class A | Add +0.3% | 2.35% | +0.04 |
| MUB iShares National Muni Bond E | Add +19.6% | 0.63% | +0.03 |
| KD Kyndryl Holdings Inc. | New | 0.03% | +0.03 |
| NOW ServiceNow Inc. | Add +11.1% | 0.12% | +0.03 |
| UBER Uber Technologies Inc. | Add +15.1% | 0.10% | +0.02 |
| HYBL SS Blackstone High Inc. ETF | New | 0.02% | +0.02 |
| ISRG Intuitive Surgical Inc. | Add +25.4% | 0.12% | +0.02 |
| URI United Rentals Inc. | Add +17.3% | 0.11% | +0.02 |
| IAU iShares Gold Trust | New | 0.02% | +0.02 |
| ALLY Ally Financial Inc. | Add +53.3% | 0.06% | +0.02 |
| BRK.A Berkshire Hathaway Inc. Class A | Add +33.3% | 0.24% | +0.02 |
| AMP Ameriprise Financial Inc. | Add +8.1% | 0.39% | +0.02 |
| MCO Moody's Corp. | New | 0.02% | +0.02 |
| USFR Wisdomtree Floating Rate Tre | New | 0.02% | +0.02 |
| PGR Progressive Corp. | Add +36.2% | 0.12% | +0.01 |
| SYK Stryker Corp. | Add +20.9% | 0.11% | +0.01 |
| CFG Citizens Financial Group | Add +10.3% | 0.19% | +0.01 |
| HD Home Depot Inc. | Add +16.9% | 0.37% | +0.01 |
| CMG Chipotle Mexican Grill Inc. | Add +21.7% | 0.06% | +0.01 |
| DAL Delta Air Lines Inc. | Add +20.5% | 0.06% | +0.01 |
| HON Honeywell International Inc. | Add +6.5% | 0.33% | +0.01 |
| IWB iShares Russell 1000 ETF | Add +1.7% | 1.98% | +0.01 |
| LYV Live Nation Entertainment Inc. | Add +15.2% | 0.06% | +0.01 |
| TJX TJX Companies Inc. | Add +12.3% | 1.04% | +0.01 |
| ANSS Ansys Inc. | Add +18.7% | 0.06% | +0.01 |
| ASML ASML Holding NV-NY Reg SHS | Add +3.9% | 0.08% | +0.01 |
| SNX TD Synnex Corp. | Add +6.1% | 0.03% | +0.01 |
| STLD Steel Dynamics Inc. | Add +10.4% | 0.87% | +0.00 |
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 |