BTC Capital Management, Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 6, 2025), BTC Capital Management, Inc. reported 202 stock positions worth $1.4 billion. Its top holding was Nvidia (NVDA) at 4.5% of the portfolio, followed by Vanguard Total Bond Market (BND, 4.2%) and Microsoft (MSFT, 4.1%). Compared with Q2 2025, it opened 15 new positions, sold out of 14, added to 122 and reduced 33. The biggest buy was Walmart (WMT, shares +119%) and the biggest sale Fiserv (FISV, shares −92%).
- Most Recent 13F
- Q2 2026
- Location
- DES MOINES, IA
- CIK
- 0001611848
- Portfolio Value
- $1.4B (Q3 2025)
- SEC Filing
- 0001611848-25-000008 ↗ filed Nov 6, 2025
Holdings Value
Holdings 202 stocks · $1.4B
| NVDA Nvidia Corp. | 4.51% | 350,248 | $65.4M | Add +7.8% |
| BND Vanguard Total Bond Market | 4.21% | 821,602 | $61.1M | Add +6.5% |
| MSFT Microsoft Corp. | 4.12% | 115,263 | $59.7M | Add +4.1% |
| AAPL Apple Inc. | 3.72% | 211,684 | $53.9M | Add +1.0% |
| WMT Walmart Inc. | 3.58% | 502,736 | $51.8M | Add +119.2% |
| EFA iShares MSCI Eafe ETF | 3.19% | 494,921 | $46.2M | Add +0.4% |
| IWF iShares Russell 1000 Growth | 2.88% | 89,042 | $41.7M | Add +1.4% |
| GOOGL Alphabet Inc. Class A | 2.52% | 150,169 | $36.5M | Reduce -8.1% |
| AVGO Broadcom Inc. | 2.46% | 108,134 | $35.7M | Reduce -12.1% |
| META Meta Platforms Inc. Class A | 2.42% | 47,778 | $35.1M | Add +26.0% |
| AMZN Amazon.com Inc. | 2.12% | 139,817 | $30.7M | Add +3.9% |
| VUG Vanguard Mrngstar GR ETF-Sui | 1.99% | 59,930 | $28.8M | Reduce -0.6% |
| IWB iShares Russell 1000 ETF | 1.85% | 73,305 | $26.8M | Add +2.5% |
| JPM JPMorgan Chase & Co. | 1.71% | 78,416 | $24.7M | Add +5.3% |
| WFC Wells Fargo & Co. | 1.68% | 290,907 | $24.4M | Add +88.3% |
| XOM Exxon Mobil Corp. | 1.68% | 215,804 | $24.3M | Add +11.6% |
| CRWD CrowdStrike Holdings Inc. Class A | 1.38% | 40,884 | $20.1M | Add +21.4% |
| VWO Vanguard Ftse Emerging Marke | 1.35% | 361,698 | $19.6M | Add +5.7% |
| IWD iShares Russell 1000 Value E | 1.34% | 95,180 | $19.4M | Reduce -16.4% |
| IWM iShares Russell 2000 ETF | 1.29% | 77,457 | $18.7M | Add +1.9% |
| IVV iShares Core S&P 500 ETF | 1.24% | 26,762 | $17.9M | Add +3.3% |
| JNJ Johnson & Johnson | 1.23% | 96,284 | $17.9M | Add +5.9% |
| MS Morgan Stanley | 1.22% | 111,087 | $17.7M | Add +1.9% |
| XEL Xcel Energy Inc. | 1.20% | 215,470 | $17.4M | Add +104.4% |
| ABBV Abbvie Inc. | 1.16% | 72,706 | $16.8M | Add +5.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.13% | 113,215 | $16.4M | Add +9.5% |
| FAST Fastenal Co. | 1.02% | 300,082 | $14.7M | Add +0.2% |
| MA Mastercard Inc. Class A | 1.01% | 25,730 | $14.6M | Add +1.3% |
| PG The Procter & Gamble Co. | 0.92% | 86,776 | $13.3M | Add +24.4% |
| GILD Gilead Sciences Inc. | 0.91% | 118,862 | $13.2M | Add +119.3% |
| TSLA Tesla Inc. | 0.89% | 28,906 | $12.9M | Reduce -4.1% |
| ORLY O'reilly Automotive Inc. | 0.88% | 118,371 | $12.8M | Add +9.6% |
| ORCL Oracle Corp. | 0.88% | 45,327 | $12.7M | Reduce -36.3% |
| STLD Steel Dynamics Inc. | 0.85% | 88,448 | $12.3M | Add +5.5% |
| NSC Norfolk Southern Corp. | 0.83% | 40,034 | $12.0M | Add +4.4% |
| VOO Vanguard S&P 500 ETF | 0.82% | 19,522 | $12.0M | Reduce -0.3% |
| WM Waste Management Inc. | 0.80% | 52,290 | $11.5M | Add +117.1% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.74% | 57,115 | $10.7M | Reduce -1.1% |
| INTU Intuit Inc. | 0.73% | 15,460 | $10.6M | Add +15.7% |
| DE Deere & Co. | 0.71% | 22,517 | $10.3M | Add +10.7% |
| ETN Eaton Corp. PLC | 0.69% | 26,748 | $10.0M | Add +1.7% |
| NEE Nextera Energy Inc. | 0.66% | 126,547 | $9.6M | Add +9.7% |
| LHX L3HARRIS Technologies Inc. | 0.63% | 29,818 | $9.1M | Add +0.5% |
| LLY Eli Lilly & Co. | 0.61% | 11,580 | $8.8M | Add +5.3% |
| MUB iShares National Muni Bond E | 0.60% | 81,962 | $8.7M | Add +11.0% |
| ICE Intercontinental Exchange Inc. | 0.60% | 51,556 | $8.7M | Add +2.6% |
| TMUS T-Mobile US Inc. | 0.57% | 34,662 | $8.3M | Add +5.6% |
| PLD Prologis Inc. | 0.57% | 71,609 | $8.2M | Add +9.1% |
| QQQ Invesco QQQ Trust Series 1 | 0.53% | 12,800 | $7.7M | No change |
| LOW Lowe's Cos Inc. | 0.53% | 30,305 | $7.6M | Reduce -8.4% |
| NFLX Netflix Inc. | 0.52% | 6,253 | $7.5M | Add +14.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.52% | 11,227 | $7.5M | No change |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.51% | 81,044 | $7.4M | Add +18.1% |
| MAR Marriott International Class A | 0.51% | 28,414 | $7.4M | Reduce -3.5% |
| GS Goldman Sachs Group Inc. | 0.51% | 9,287 | $7.4M | Reduce -0.7% |
| GM General Motors Co. | 0.50% | 119,327 | $7.3M | Reduce -2.0% |
| JAZZ Jazz Pharmaceuticals PLC | 0.47% | 51,721 | $6.8M | Add +2.5% |
| PH Parker Hannifin Corp. | 0.46% | 8,812 | $6.7M | Reduce -0.0% |
| IWV iShares Russell 3000 ETF | 0.46% | 17,567 | $6.7M | No change |
| BN Brookfield Corp. | 0.45% | 96,104 | $6.6M | Add +4.2% |
| ALL Allstate Corp. | 0.45% | 30,296 | $6.5M | Add +2.2% |
| IVW iShares S&P 500 Growth ETF | 0.45% | 53,720 | $6.5M | Add +7.1% |
| STX Seagate Technology Holdings | 0.45% | 27,396 | $6.5M | Reduce -14.7% |
| COF Capital One Financial Corp. | 0.44% | 30,303 | $6.4M | Add +1.8% |
| ADBE Adobe Inc. | 0.44% | 18,189 | $6.4M | Add +21.5% |
| OTIS Otis Worldwide Corp. | 0.44% | 69,682 | $6.4M | Add +19.8% |
| UNM Unum Group | 0.43% | 80,980 | $6.3M | Add +12.7% |
| SPGI S&P Global Inc. | 0.43% | 12,913 | $6.3M | Add +15.8% |
| LDOS Leidos Holdings Inc. | 0.43% | 33,139 | $6.3M | New |
| HD Home Depot Inc. | 0.41% | 14,838 | $6.0M | Add +18.4% |
| PINS Pinterest Inc. Class A | 0.41% | 185,977 | $6.0M | New |
| COST Costco Wholesale Corp. | 0.39% | 6,118 | $5.7M | Add +7.2% |
| BSX Boston Scientific Corp. | 0.39% | 57,498 | $5.6M | Add +5.7% |
| AMP Ameriprise Financial Inc. | 0.39% | 11,410 | $5.6M | Add +26.6% |
| VTI VG Morningstar TS MKT ETF-US | 0.38% | 16,958 | $5.6M | No change |
| SYF Synchrony Financial | 0.37% | 75,720 | $5.4M | Add +17.7% |
| SNA Snap-on Inc. | 0.36% | 15,186 | $5.3M | Add +22.3% |
| VZ Verizon Communications Inc. | 0.36% | 117,790 | $5.2M | Add +147.5% |
| SSNC Ss&c Technologies Holdings | 0.35% | 57,108 | $5.1M | Add +22.8% |
| MDT Medtronic PLC | 0.34% | 51,190 | $4.9M | Add +0.9% |
| HON Honeywell International Inc. | 0.31% | 21,343 | $4.5M | Add +22.5% |
| IWR iShares Russell Mid-Cap ETF | 0.30% | 45,756 | $4.4M | Add +1.6% |
| CFG Citizens Financial Group | 0.30% | 80,721 | $4.3M | Add +51.8% |
| ETR Entergy Corp. | 0.29% | 44,874 | $4.2M | Add +21.9% |
| BNL Broadstone Net Lease Inc. | 0.28% | 223,881 | $4.0M | Add +41.4% |
| IVE iShares S&P 500 Value ETF | 0.27% | 19,037 | $3.9M | No change |
| INVH Invitation Homes Inc. | 0.27% | 132,310 | $3.9M | Add +95.6% |
| EQH Equitable Holdings Inc. | 0.26% | 73,678 | $3.7M | Add +5.1% |
| GD General Dynamics Corp. | 0.26% | 10,929 | $3.7M | Add +48.3% |
| UHS Universal Health Services-B | 0.23% | 16,152 | $3.3M | Add +29.0% |
| VEA Vanguard Ftse Developed ETF | 0.22% | 53,551 | $3.2M | No change |
| CWI State Street SPDR MSCI Acwi | 0.22% | 89,586 | $3.1M | No change |
| AMGN Amgen Inc. | 0.21% | 11,008 | $3.1M | Add +36.9% |
| SMFG Sumitomo Mitsui-Spons ADR | 0.21% | 184,917 | $3.1M | Add +11.4% |
| D Dominion Energy Inc. | 0.21% | 49,869 | $3.0M | Add +23.1% |
| UL Unilever PLC | 0.21% | 51,338 | $3.0M | Add +23.4% |
| STT State Street Corp. | 0.21% | 25,971 | $3.0M | New |
| IX Orix - Sponsored ADR filed as ORIX CORP | 0.20% | 109,131 | $2.8M | Add +7.5% |
| CNH CNH Industrial NV | 0.20% | 262,047 | $2.8M | Add +58.8% |
| CTRA Coterra Energy Inc. | 0.20% | 120,002 | $2.8M | New |
Portfolio Sells Q2 2025 → Q3 2025
| FISV Fiserv Inc. | Reduce -91.9% | 0.03% | −0.52 |
| IWD iShares Russell 1000 Value E | Reduce -16.4% | 1.34% | −0.46 |
| DHR Danaher Corp. | Sold out | 0.00% | −0.45 |
| VRTX Vertex Pharmaceuticals Inc. | Sold out | 0.00% | −0.43 |
| ORCL Oracle Corp. | Reduce -36.3% | 0.88% | −0.39 |
| AVGO Broadcom Inc. | Reduce -12.1% | 2.46% | −0.30 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -0.6% | 1.99% | −0.17 |
| MAR Marriott International Class A | Reduce -3.5% | 0.51% | −0.15 |
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −0.13 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -1.1% | 0.74% | −0.10 |
| VOO Vanguard S&P 500 ETF | Reduce -0.3% | 0.82% | −0.08 |
| BRK.A Berkshire Hathaway Inc. Class A | Reduce -25.0% | 0.16% | −0.08 |
| LOW Lowe's Cos Inc. | Reduce -8.4% | 0.53% | −0.07 |
| ISRG Intuitive Surgical Inc. | Reduce -33.1% | 0.06% | −0.06 |
| NVO Novo-Nordisk A/S-Spons ADR | Sold out | 0.00% | −0.06 |
| CMG Chipotle Mexican Grill Inc. | Sold out | 0.00% | −0.06 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.06 |
| SLB SLB Ltd. | Sold out | 0.00% | −0.06 |
| VGK Vanguard Ftse Europe ETF | Reduce -11.4% | 0.19% | −0.06 |
| NICE Nice Ltd. - Spon ADR | Reduce -18.0% | 0.07% | −0.05 |
| GVI iShares Intermediate Governm | Sold out | 0.00% | −0.05 |
| SYK Stryker Corp. | Reduce -29.0% | 0.06% | −0.05 |
| PNFP Pinnacle Financial Partners | Sold out | 0.00% | −0.04 |
| PH Parker Hannifin Corp. | Reduce -0.0% | 0.46% | −0.04 |
| MUSA Murphy USA Inc. | Sold out | 0.00% | −0.04 |
| PRGS Progress Software Corp. | Sold out | 0.00% | −0.03 |
| GS Goldman Sachs Group Inc. | Reduce -0.7% | 0.51% | −0.03 |
| PGR Progressive Corp. | Reduce -2.7% | 0.09% | −0.03 |
| HYBL SS Blackstone High Inc. ETF | Sold out | 0.00% | −0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.4% | 0.12% | −0.02 |
| SMBC Southern Missouri Bancorp | Reduce -19.8% | 0.03% | −0.02 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | Reduce -1.1% | 0.15% | −0.02 |
| MCO Moody's Corp. | Sold out | 0.00% | −0.02 |
| USFR Wisdomtree Floating Rate Tre | Sold out | 0.00% | −0.02 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -1.1% | 0.14% | −0.02 |
| PEP Pepsico Inc. | Reduce -29.1% | 0.02% | −0.01 |
| EME Emcor Group Inc. | Reduce -10.9% | 0.06% | −0.01 |
| IJR iShares Core S&P Small-Cap E | Reduce -1.7% | 0.03% | −0.00 |
| FIX Comfort Systems USA Inc. | Reduce -23.1% | 0.06% | +0.00 |
| URI United Rentals Inc. | Reduce -4.6% | 0.11% | +0.00 |
| HALO Halozyme Therapeutics Inc. | Reduce -4.3% | 0.03% | +0.00 |
| ANIP Ani Pharmaceuticals Inc. | Reduce -7.7% | 0.05% | +0.00 |
| LGND Ligand Pharmaceuticals | Reduce -12.5% | 0.04% | +0.00 |
| GM General Motors Co. | Reduce -2.0% | 0.50% | +0.01 |
| STX Seagate Technology Holdings | Reduce -14.7% | 0.45% | +0.07 |
| TSLA Tesla Inc. | Reduce -4.1% | 0.89% | +0.11 |
| GOOGL Alphabet Inc. Class A | Reduce -8.1% | 2.52% | +0.17 |
Portfolio Buys Q2 2025 → Q3 2025
| WMT Walmart Inc. | Add +119.2% | 3.58% | +1.75 |
| WFC Wells Fargo & Co. | Add +88.3% | 1.68% | +0.67 |
| XEL Xcel Energy Inc. | Add +104.4% | 1.20% | +0.62 |
| LDOS Leidos Holdings Inc. | New | 0.43% | +0.43 |
| GILD Gilead Sciences Inc. | Add +119.3% | 0.91% | +0.43 |
| PINS Pinterest Inc. Class A | New | 0.41% | +0.41 |
| WM Waste Management Inc. | Add +117.1% | 0.80% | +0.35 |
| NVDA Nvidia Corp. | Add +7.8% | 4.51% | +0.32 |
| AAPL Apple Inc. | Add +1.0% | 3.72% | +0.21 |
| STT State Street Corp. | New | 0.21% | +0.21 |
| CTRA Coterra Energy Inc. | New | 0.20% | +0.20 |
| VZ Verizon Communications Inc. | Add +147.5% | 0.36% | +0.19 |
| META Meta Platforms Inc. Class A | Add +26.0% | 2.42% | +0.14 |
| ABBV Abbvie Inc. | Add +5.4% | 1.16% | +0.12 |
| NWG Natwest Group PLC -Spon ADR | New | 0.11% | +0.11 |
| JNJ Johnson & Johnson | Add +5.9% | 1.23% | +0.10 |
| CFG Citizens Financial Group | Add +51.8% | 0.30% | +0.10 |
| TJX TJX Companies Inc. | Add +9.5% | 1.13% | +0.09 |
| INVH Invitation Homes Inc. | Add +95.6% | 0.27% | +0.09 |
| ORLY O'reilly Automotive Inc. | Add +9.6% | 0.88% | +0.09 |
| GD General Dynamics Corp. | Add +48.3% | 0.26% | +0.08 |
| VPL Vanguard Ftse Pacific ETF | Add +97.7% | 0.19% | +0.08 |
| BNL Broadstone Net Lease Inc. | Add +41.4% | 0.28% | +0.07 |
| CRM Salesforce Inc. | New | 0.06% | +0.06 |
| MELI MercadoLibre Inc. | New | 0.06% | +0.06 |
| HCC Warrior Met Coal Inc. | Add +110.0% | 0.09% | +0.05 |
| SNA Snap-on Inc. | Add +22.3% | 0.36% | +0.05 |
| UHS Universal Health Services-B | Add +29.0% | 0.23% | +0.05 |
| HD Home Depot Inc. | Add +18.4% | 0.41% | +0.04 |
| UBS UBS Group AG-Reg | Add +30.6% | 0.17% | +0.04 |
| ETR Entergy Corp. | Add +21.9% | 0.29% | +0.04 |
| SSNC Ss&c Technologies Holdings | Add +22.8% | 0.35% | +0.04 |
| JAZZ Jazz Pharmaceuticals PLC | Add +2.5% | 0.47% | +0.04 |
| AMGN Amgen Inc. | Add +36.9% | 0.21% | +0.03 |
| NSC Norfolk Southern Corp. | Add +4.4% | 0.83% | +0.03 |
| DLR Digital Realty Trust Inc. | New | 0.03% | +0.03 |
| D Dominion Energy Inc. | Add +23.1% | 0.21% | +0.03 |
| GNL Global Net Lease Inc. | Add +111.0% | 0.05% | +0.03 |
| SYF Synchrony Financial | Add +17.7% | 0.37% | +0.03 |
| CNH CNH Industrial NV | Add +58.8% | 0.20% | +0.02 |
| HIW Highwoods Properties Inc. | New | 0.02% | +0.02 |
| LHX L3HARRIS Technologies Inc. | Add +0.5% | 0.63% | +0.02 |
| IRM Iron Mountain Inc. | New | 0.02% | +0.02 |
| PG The Procter & Gamble Co. | Add +24.4% | 0.92% | +0.02 |
| CCI Crown Castle Inc. | New | 0.02% | +0.02 |
| SAP Sap SE-Sponsored ADR | Add +56.1% | 0.13% | +0.02 |
| CSR Centerspace | New | 0.02% | +0.02 |
| DOC Healthpeak Properties Inc. | New | 0.02% | +0.02 |
| STAG Stag Industrial Inc. | New | 0.02% | +0.02 |
| SNEX Stonex Group Inc. | Add +52.3% | 0.05% | +0.02 |
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 |